SINGAPORE (EDGEPROP) - Residential homes in Manila experienced a price growth of 35% y-o-y in 3Q2020, beating other global cities, says Knight Frank.

This is followed by cities in Turkey, where Izmir (28%), Ankara (27%) and Istanbul (26%) occupied second, third and fourth places respectively. St Petersburg (19%) in Russia takes fifth place.

Read more: Mixed housing market in 3Q2020

Coming in sixth place is Seoul, South Korea’s capital city, where residential prices continued to register an annual price growth of 15% despite 20 rounds of cooling measures in the last few years. Prices were buoyed by the city’s quick economic rebound and speculative activity, notes Knight Frank.

In the Philippines, banks are reporting strong demand for high-end projects and an increase in construction and labour costs

Knight Frank attributes the uptick in residential price growth to record low interest rates, huge fiscal stimulus measures and pent-up demand. Due to travel restrictions, buyer demand was largely domestic, it adds.

Elsewhere, some 15% of cities experienced year-on-year price declines to 3Q2020. This includes cities in India, Spain and the UAE.