Global Residential Cities Index, Q3 2020
January 4, 2021
How did city house prices around the world perform in Q3 2020?
Knight Frank’s Global Residential Cities Index tracks the movement in average prices across 150 cities worldwide. The index’s annual rate of growth increased by 4.7% in the year to Q3 2020, up from 4.1% in the 12 months to Q2 2020.
After the hiatus in Q2 when transactions were halted in many markets, urban house prices increased in 85% of the cities tracked in Q3 2020 on an annual basis.
Record low interest rates, huge fiscal stimulus measures as well as a release of pent up demand post-lockdown are behind the uptick in price growth, and with travel restrictions during this period buyer demand was largely domestic in nature.
Key findings:
- The Index’s annual rate of growth increased between Q2 and Q3 2020, from 4.1% to 4.7%. Record low interest rates, huge fiscal stimulus measures as well as a release of pent up demand in Q3 are behind the uptick in price growth.
- 15% of cities registered a decline in annual prices in the year to Q3 2020, down from 18% in Q2 2020
- Eighteen cities saw prices rise by more than 10% year-on-year, up from 16 in Q2 2020.
- Manila and the three Turkish cities of Izmir, Ankara and Istanbul lead the index, all registering annual price growth above 25%
- Canadian cities have risen up the annual rankings with four now sitting in the top 20 – Ottawa, Halifax, Montreal and Hamilton
Written By:
Kate Everett-Allen, Knight Frank
You May Also Enjoy
UK First Time Buyers better off than many other global nations
Is it really that bad being a first-time buyer? UK better off than many other global nations when it comes to affordability The latest market analysis from Yopa, the full-service estate agents, reveals that first-time buyers (FTBs) in the UK may be paying 63% more to get a foot on the property ladder than they…
Read More 
Building Safety Regulator Reform
The Government has announced reforms to the Building Safety Regulator, including leadership, process and investment. The changes are hoped to deliver 1.5 million homes. The reforms pave the way for creation of a single construction safety regulator, as recommended by the Grenfell Tower enquiry. David Smith, property litigation partner at London law firm Spector Constant…
Read More 
New anti-money laundering rules now in effect: what landlords need to know
New anti-money laundering (AML) rules came into effect this month, marking a significant change for landlords and the lettings industry as a whole. The new rules mean financial sanctions checks are now required for all lettings, regardless of how much rent is charged. Here, Steve Bond, managing director of residential lettings for Beresfords, explains what…
Read More 
What landlords need to know about the upcoming Renters Rights Bill
The government’s long-awaited Renters Rights Bill is one of the most significant overhauls of the private rental sector in decades. While it has not yet received royal assent, the legislation is expected to come into effect late this year, or early in 2026. With the bill moving closer to becoming law, Steven Bond, managing director…
Read More 
Mortgage approvals bounce back in May
The latest figures show that: – Mortgage approvals on house purchases for May sat at 63,032 up 3.9% from 60,656 in April. The monthly increase seen in May marks the end of four months of previous decline, with approval levels having fallen each month since January of this year. Approvals are also 2.5% higher than…
Read More 
Money and Credit – May 2025
Key points: Net borrowing of mortgage debt by individuals increased by £2.8 billion to £2.1 billion in May, following a large decrease in net borrowing of £13.8 billion to -£0.8 billion in April. Net mortgage approvals for house purchases increased by 2,400 to 63,000 in May. Approvals for remortgaging also increased by 6,200 to 41,500…
Read More