Knight Frank Has Named Cities With the Fastest Growth in Realty Prices

Knight Frank has published the Global Residential Cities Index for the third quarter of 2020, a study in which experts track the dynamics of real estate prices in 150 cities around the world based on official statistics.

The Top-10 cities in the world with the most significant growth in housing prices (third quarter 2019 – third quarter 2020):

1. Manila, Philippines +34.9%
2. Izmir, Turkey +27.8%
3. Ankara, Turkey +27.2%
4. Istanbul, Turkey +25.7%
5. Saint Petersburg, Russia +18.6%
6. Seoul, South Korea +14.7%
7. Ottawa, Canada +14.3%
8. Hobart, Australia +13.6%
9. Luxembourg +13.4%
10. Milan, Italy +13.3%

On average, housing prices in 150 cities around the world increased by 4.7% year-on-year in the third quarter of 2020. This is 0.6% higher than the figure recorded in the second quarter of 2020.

In the third quarter of 2020, double-digit price growth was recorded in 18 cities around the world. Whereas a quarter earlier, the number was 16.

Demand for real estate has mostly come from local buyers, rather than foreigners, due to global border closures.
The decline in housing prices was recorded in 15% of the cities represented in the study.

The Top-5 outsiders were Dubai (-8.1%), Aberdeen (-7.9%), Chennai (-6.9%), Abu Dhabi (-5.6%) and Pune (-5.3%).

Quoting conditions of Prian.info materials