Residential property prices in Singapore climbed by just 0.7% year-on-year in the third quarter of 2020. The Philippines topped the ranking, with its capital, Manila, posting a 34.9% year-on-year increase in residential property prices.
Singapore has been ranked 123rd out of 150 countries as residential property prices in the city-state climbed by just 0.7% year-on-year in the third quarter of 2020, showed Knight Frank Global Residential Cities Index.
The Philippines topped the ranking, with its capital, Manila, posting a 34.9% year-on-year increase in residential property prices.
Recommended read: Singapore Property Market Index Q4 2020
Turkish cities Izmir (28%), Ankara (27%) and Istanbul (26%) occupied the second, third and fourth places, respectively, while Russia’s St Petersburg (19%) completed the top five.
The index’s annual growth rate increased between Q2 2020 and Q3 2020, from 4.1% to 4.7%, with 18 cities posting price hikes of over 10% year-on-year, compared to 16 in Q2 2020.
“All eyes are now on Q4 data when we may see greater regional variations emerge,” said Knight Frank Research.
“Europe may see price growth moderate in Q4 due to recent lockdowns, before a further release of pent up demand in Q1 2021, whilst sales and prices in some parts of Asia may start to gain traction.”
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