Manila tops cities with home price rise of 35% in 3Q2020

By
/ EdgeProp Singapore
|
January 12, 2021 5:18 PM SGT
SINGAPORE (EDGEPROP) - Residential homes in Manila experienced a price growth of 35% y-o-y in 3Q2020, beating other global cities, says Knight Frank.
manila - EDGEPROP SINGAPORE
Residential homes in Manila experienced a price growth of 35% y-o-y in 3Q2020
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.
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.
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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.