Tokyo ranked first in the world in terms of the rate of growth in luxury housing prices in the first quarter of 2026, according to Knight Frank’s Prime Global Cities Index.
Over the past 12 months, luxury housing in the Japanese capital has risen in price by 44.4%. However, compared to the previous quarter, prices fell by 8.6%, marking the weakest quarterly performance among the cities tracked.
Manila took second place, where the cost of premium housing rose by 19.9% year-over-year and by 3.3% quarter-over-quarter.
Dubai ranked third with year-over-year growth of 13%. However, prices in the emirate fell by 0.8% in the first quarter.
Next were Seoul with an 11.3% increase, Singapore with 9.8%, Mumbai with 8.2%, Nairobi with 7.1%, Perth with 6.2%, Bangalore with 5.2%, and Zurich with 4.8%.
Seoul showed the strongest quarterly performance, with luxury housing prices rising by 5.4% over three months. Prices rose by 5% in San Francisco, 3.3% in Manila, and 3% in Bangalore and Miami.
Asian cities took five of the top six spots in the ranking, reflecting stable demand for premium real estate from affluent local and international buyers.
Dubai remains the leader in the longer term as well. Over five years, from the first quarter of 2021 to the first quarter of 2026, prices for premium housing in the emirate rose by 180.7%. In Tokyo, the increase was 126.4%; in Manila, 91.8%; in Seoul, 71.5%; and in Miami, 64.4%.
Kyiv and other Ukrainian cities are not included in the study.
Over the most recent available period—from October 2025 to March 2026—approximately 15,800 housing purchase and sale agreements were concluded in Kyiv, according to data from the National Bank of Ukraine, citing the National Information Systems. This is the highest figure among the country’s regions.
By comparison, approximately 19,100 transactions were registered in the capital from January through September 2025. In the Kyiv region, 17,000 contracts were signed during this period; in the Dnipropetrovsk region, 16,800; and in the Kharkiv region, 14,000.
The NBU notes that in the fourth quarter of 2025, overall activity in Ukraine’s housing market was the highest since 2022; however, in the first quarter of 2026, the number of transactions declined significantly. Cumulatively over the last four quarters, housing sales increased by 11% year-over-year.
The NBU’s figures cover housing purchase and sale agreements in both the primary and secondary markets; therefore, they should not be equated solely with sales of apartments in new construction projects.
New York has retained the top spot among 69 cities worldwide in terms of rental costs for both one-bedroom and three-bedroom apartments, according to data from the Deutsche Bank Research Institute.
In the ranking of three-bedroom apartment rents, Zurich, San Francisco, Boston, and Singapore follow New York. London ranked eighth, Paris 21st, Frankfurt 30th, Tokyo 40th, and Seoul 44th.
The authors of the study point out that a high nominal salary does not always translate to high disposable income. New York ranks among the top five cities globally in terms of net wages, yet a significant portion of residents’ income is consumed by housing costs.
The contrast with Tokyo is particularly striking: renting a three-bedroom apartment in the Japanese capital costs about four times less than in New York.
Data from Deutsche Bank show that housing costs are becoming one of the main factors driving differences in real living standards among the world’s largest financial centers.
In 2026, Hong Kong remained the world’s most expensive city for purchasing a downtown apartment, according to the Deutsche Bank Research Institute’s study “Mapping the World’s Prices 2026.”
The average cost of housing in the city’s central districts is estimated at $27,753 per square meter. Zurich, Seoul, Singapore, and Geneva follow in the ranking. Despite a price decline of approximately 10% compared to pre-pandemic levels, Hong Kong retained its top spot.
Compared to the previous edition of the study, the average price per square meter in Hong Kong rose from $26,749 to $27,753. High real estate prices remain one of the main factors limiting housing affordability, even for city residents with relatively high incomes.
High real estate prices also affected Hong Kong’s ranking in the quality of life index. The city dropped from 48th to 55th place out of 69. Among other negative factors, the study’s authors cite air pollution and long commutes to work.
The Polish government has approved a bill requiring the mandatory registration of apartments and houses rented to tourists for short periods. Rentals lasting up to 30 days will officially be classified as hotel services.
The bill must still be reviewed by parliament and signed by the president. Most of the new rules are set to take effect 14 days after the adopted law is published in the official gazette.
A central element of the reform will be the creation of a nationwide registry of tourist accommodations—the Centralny Wykaz Turystycznych Obiektów Noclegowych. This registry will include not only hotels and guesthouses but also private apartments offered through Airbnb, Booking.com, and other platforms.
Each property will be assigned a unique identification number. Owners will be required to include this number in all listings. Online platforms will be required to verify the presence of a registration number and provide booking information to government authorities.
For owners, this means that informal short-term rentals will become significantly riskier. Operating without registration, failing to include an identification number in a listing, or providing false information will result in administrative fines of up to 50,000 zlotys, which is approximately 11,600 euros.
Apartments for short-term rental will have to comply with health, building, and fire safety requirements. Each property must display the house rules, information on quiet hours, and contact information for the owner or manager. However, there are no plans to automatically subject residential buildings to the same fire safety requirements as full-fledged hotels.
Local authorities will be granted the right to designate zones where short-term rentals of private apartments will be restricted or completely prohibited. Such measures may be applied primarily in historic centers and the busiest tourist areas of Warsaw, Kraków, Gdańsk, Sopot, and other cities. The restrictions will not automatically apply to officially classified hotels, motels, and guesthouses.
Residents of apartment buildings, housing communities, and housing cooperatives will be granted additional powers. They will be able to request that the municipality inspect an apartment if tourists regularly disturb the peace, violate safety rules, or disrupt public order.
In the event of repeated violations, the property may be removed from the registry. In such a case, renting it to tourists will be prohibited, and the property may not be re-registered for at least one year. A property owner’s refusal to allow an inspection may also serve as grounds for removal.
Authorities explain the reform as necessary to reduce the informal sector, improve tourist safety, and ensure a level playing field for private landlords and the hotel industry. The Ministry of Sport and Tourism emphasizes that the government does not intend to completely ban affordable short-term rentals, which are used by many Polish families.
For investors, the changes mean higher costs for registering and maintaining properties. Owners will have to register each apartment, comply with safety requirements, and take into account the possibility of local restrictions. The reform may prove particularly challenging for owners of multiple apartments in popular tourist areas.
The reform is also linked to the implementation of EU Regulation 2024/1028 on the collection and exchange of data in the short-term rental market, which has been in effect in the European Union since May 20, 2026. The European rules provide for uniform registration mechanisms and the transfer of information by platforms to government agencies.
Thus, Poland is transitioning from a relatively unregulated model of daily rentals to a system similar to the regulation of the hotel industry. The final deadlines and wording will depend on the bill’s passage through parliament; however, property owners are already advised to prepare documentation for their properties and verify their compliance with health, building, and fire safety requirements.
According to Serbian Economist, Montenegro’s potential accession to the European Union by 2028 could become a new factor driving up real estate prices in the country, especially in the premium segment along the coast.
According to market experts, investors have about two years left to invest in Montenegrin properties before the country’s EU status ultimately locks in higher prices. Over the 20 years of Montenegro’s independence, the average cost of coastal real estate has risen from approximately 1,000 euros per square meter to 8,000–15,000 euros per square meter in premium branded residences.
Ana Zloković, sales director for the Luštica Bay complex, believes that, based on the experience of other countries in the region, potential EU accession could boost Montenegro’s real estate market by another 30% or so. According to her, the mere anticipation of membership is already driving up demand.
Kieran Kelleher, Managing Director of Savills Croatia & Montenegro, offers a more cautious assessment. He anticipates price increases of 30–40% for certain properties but warns that the era when investors could easily double their money in Montenegrin real estate is over. In his view, the market has already factored some of its future potential into current prices.
Experts cite not only the fact of European integration itself but also infrastructure modernization as the main driver of further growth. Montenegro is currently held back by poor roads, outdated airports, and overloaded border crossings, and resolving these issues could take at least five years. Improved transportation access is expected to increase tourist traffic and boost the value of resort real estate.
Analysts identify the “golden triangle” of Kotor–Tivat–Herceg Novi as the most promising area. In the Bay of Kotor, prices in the premium segment range from 4,000 to 15,000 euros per square meter. Stone houses in the Old Town of Kotor, a UNESCO World Heritage Site, are of particular interest: such properties are scarce, suitable for rental, and, according to experts, better protected against depreciation.
On the Budva Riviera, the price range is estimated at 3,000–12,000 euros per square meter; however, experts warn of the risks of market oversaturation and excessive development in Budva. Bar and Ulcinj remain more affordable destinations, with prices around 2,000–5,000 euros per square meter and potentially higher growth rates due to their low starting point.
The factor of European integration for Montenegro has indeed strengthened. According to the Council of the EU, the country applied for membership in 2008, received candidate status in 2010, and accession negotiations began in 2012. All 33 negotiation chapters have already been opened, 16 of which were provisionally closed as of mid-June 2026.
In addition, the 28th Intergovernmental Conference on Montenegro’s accession is scheduled to take place in Brussels on July 14, at which it is planned to provisionally close negotiations on Chapters 8—Competition—and 29—Customs Union. This confirms that Montenegro remains the most advanced candidate for EU accession among the countries of the Western Balkans.
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