Seoul’s house prices record growth of 22% y-o-y in 4Q2020

/ EdgeProp Singapore
April 13, 2021 4:44 PM SGT
SINGAPORE (EDGEPROP) - House prices in Seoul have seen the highest jump of all Asian cities, recording a price growth of 22% y-o-y in 4Q2020, according to a Knight Frank report.
The South Korean capital ranked sixth out of 150 urban cities tracked by Knight Frank, while Singapore took 108th place.
Overall, urban house prices rose 5.6% on average in 2020, up from 3.2% in 2019, the report highlights. However, the gap between the strongest and weakest performing cities has grown bigger to date, at 42 percentage points, up from 36 in June 2020.
While a number of North American, Australasian and European cities are seeing home prices recording stronger price growth, Asian cities are trailing behind. Knight Frank attributes this to the link between the length and stringency of lockdowns, with markets that are experiencing the strictest measures seeing strong pent-up demand for residential assets, which in turn is fuelling price inflation.
Chinese cities have slipped down the rankings, while of the 15 US cities tracked by the index, 14 now sit within the top third of the rankings table, recording an annual price growth above 7%. In contrast, only two US cities fell into the category a year ago.