Manila has the most annual price appreciation of any housing market in the world, at 22%.

 

The recent Global Residential Cities Index found that the average yearly price increase for all 150 cities was 4.3 percent. Addhunters

Manila top the yearly world rankings for the second straight quarter, according to worldwide property consultant Knight Frank's latest Global Residential Cities Index, with price rise of 22% in the year to March 2020. Budapest continues to be the fastest-growing city in Europe, with a 16 percent increase. The trio of Central and Eastern European cities in the top ten includes Zagreb and Warsaw.

Apart from Manila, the best achievers in Asia Pacific are Seoul and Melbourne, both with annual growth rates of 13%. In the 12 months to March, the index climbed by 4.3 percent, the greatest annual rate of growth since Q3 2017. Over the course of the year, 85 percent of the 150 cities studied saw their costs rise.

A look at the 15 cities in China and the United States with the highest GDP highlights the severity of China's recession in the first quarter of 2020, with average price increase of only 0.4 percent, the lowest average quarterly rate of growth for the 15 cities since Q1 2008.

 

In the most recent Global House Price Index, Turkey was ranked first.

Turkey top the annual rankings, according to Knight Frank's newest Global House Price Index for Q2, 2020, with prices up 25% year-on-year. However, it's worth remembering that inflation is now hovering about 12%. This quarter, European countries account for eight of the top ten rankings, with Baltic and Central and Eastern European countries prominently represented.

Three countries that were regarded to have dealt with the pandemic most efficiently, New Zealand, Germany, and South Korea, had mixed results. Germany has yet to release its Q2 figures, while New Zealand dropped from second to eleventh place in the rankings between March and June despite still recording 9% annual price growth, and South Korea, whose annual price growth was anemic at 0.1 percent in Q1, has seen annual price growth pick up to 1.3 percent.

 

The following are some of the key findings from the Global Index:

The average annual change in prices across 56 countries and territories is 4.7 percent.

In the year leading up to Q2 2020, Turkey tops the annual rankings.

In the top ten annual rankings, eight European countries appear.

In terms of annual price increases, New Zealand is Asia-best Pacific's performer.

In Q2 2020, yearly price reductions were recorded in 9% of nations and territories.

 

According to Knight Frank, these trends indicate that the pandemic's influence on global property markets will be erratic and irregular. The health of the housing market prior to the epidemic, the length and intensity of the lockdown, and each country's or territory's reliance on overseas demand, which has dried up in recent months due to travel restrictions, will all play a role.

 

In Q3 2020, keep an eye out for any signs of a link between the length and severity of lockdowns and price performance.

If national statistics offices increase their reporting rates as the number of national lockdowns decreases, or if indices are paused owing to a lack of transactions,

If tourism-dependent markets with a large share of second houses see slower price increase,

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