Real estate sector led the global upturn at the start of the third quarter, building on June's strong performance, according to PMI data from Markit.

The Global Real Estate Business Activity Index rose to a new record high of 61.5, and signalled stronger expansion than all other global sectors covered by PMI data. 

While, data at the broad sector level showed a further acceleration in growth in financials including real estate, banks, insurance and other financials which was the highest ranked among eight groups for the second month running in July.

The Global Financials Business Activity Index posted 59.2 in July, a record high since the series started in October 2009.

The surge in real estate business activity in July reflected June’s record gain in new business. Moreover, outstanding business rose for the third month running in July, the longest sequence in two years. That said, growth of new business slowed sharply in July, indicating that the rate of expansion in real estate activity may ease in August.

The rate of job creation meanwhile slowed to a three-month low in the latest period, but remained solid overall.