Global house prices shrug off COVID-19 impact

Lisa Smith, BA (Hons), CeFA
By

The COVID-19 pandemic plunged many global housing markets into chaos as sellers and movers were forced into lockdown – but house prices are still increasing in many cities at the same rate as in previous years.

Coronavirus has hit many markets – fewer cities are reporting double digit price rises and the number with falling property values has slightly increased, says monitor Knight Frank’s Global Residential Cities Index for Q2 2020.

Strong demand and a weakening currency have put three Turkish cities – Izmir, Ankara and Istanbul – at the top of the listing for the first time with house prices rising between 20% and 28%.

Several European cities have slipped down the rankings and real estate prices in the USA have echoed the collapse.

The cities with the biggest price drops are in the United Arab Emirates, when property values fell 6.6% in Dubai and 8.3% in Abu Dhabi.

Many of the 150 cities listed are favoured destinations for expats who can see how local property markets are performing before moving.

Read the full report

Global Residential Cities Index Q2 2020

RankCityCountryYearly price change
1IzmirTurkey28.10%
2AnkaraTurkey26.40%
3IstanbulTurkey20.20%
4ManilaPhilippines18.30%
5St PetersburgRussia16.20%
6SeoulSouth Korea15.20%
7LuxembourgLuxembourg13.90%
8OttawaCanada13.00%
9ZagrebCroatia12 .6%
10HalifaxCanada11.80%
11KievUkraine11.20%
12LyonFrance10.90%
13HobartAustralia10.80%
14MilanItaly10.80%
15AthensGreece10.50%
16MontrealCanada10.30%
17BudapestHungary9.80%
18BratislavaSlovakia9.70%
19BucharestRomania9.60%
20SydneyAustralia9.40%
21TorontoCanada9.10%
22WuxiChina9.00%
23PhoenixUSA9.00%
24UtrechtNetherlands9.00%
25WarsawPoland8.90%
26HamiltonCanada8.40%
27TallinnEstonia7.90%
28WuhanChina7.80%
29RotterdamNetherlands7.80%
30Xi’anChina7.80%
31MarseilleFrance7.80%
32VeniceItaly7.80%
33TriesteItaly7.80%
34WellingtonNew Zealand7.30%
35VilniusLithuania7.00%
36HyderabadIndia6.90%
37MelbourneAustralia6.80%
38ParisFrance6.80%
39CanberraAustralia6.70%
40SantiagoChile6.70%
41SeattleUSA6.50%
42MalmoSweden6.30%
43SofiaBulgaria6.20%
44StockholmSweden6.10%
45NanjingChina6.00%
46GenevaChina6.00%
47NingboChina6.00%
48PortoPortugal6.00%
49EdinburghUK5.80%
50AucklandNew Zealand5.80%
51ThessalonikiGreece5.50%
52ZurichChina5.50%
53ChangshaChina5.40%
54MinneapolisUSA5.40%
55AmsterdamNetherlands5.30%
56ShenzhenChina5.30%
57Mexico cityMexico5.30%
58HangzhouChina5.20%
59ChongqingChina5.20%
60WinnipegCanada5.10%
61San DiegoUSA5.00%
62BerlinGermany4.90%
63LilleFrance4.90%
64BristolUK4.60%
65ReykjavikIceland4.40%
66LondonUK4.30%
67AtlantaUSA4.20%
68HamburgGermany4.20%
69ViennaAustria4.10%
70BogotaColombia4.10%
71MiamiUSA4.00%
72DenverUSA4.00%
73Los AngelesUSA3.90%
74GothenburgSweden3.80%
75ShanghaiChina3.70%
76FrankfurtGermany3.60%
77BeijingChina3.60%
78BrusselsBelgium3.60%
79WashingtonUSA3.50%
80BostonUSA3.50%
81DetroitUSA3.30%
82BengaluruIndia3.30%
83TokyoJapan3.20%
84CopenhagenDenmark3.10%
85DallasUSA3.10%
86MunichGermany3.00%
87OsakaJapan3.00%
88QingdaoChina2.50%
89Sao PauloBrazil2.50%
90BernSwitzerland2.40%
91GlasgowUK2.40%
92MoscowRussia2.40%
93LisbonPortugal2.20%
94OsloNorway2.20%
95AdelaideAustralia2.20%
96LimassolCyprus1.90%
97ManchesterUK1.80%
98New YorkUSA1.70%
99Tel AvivIsrael1.70%
100JakartaIndonesia1.50%
101San FranciscoUSA1.50%
102NagoyaJapan1.40%
103SkopjeMacedonia1.40%
104LjubljanaSlovenia1.40%
105NicosiaCyprus1.20%
106SingaporeSingapore1.20%
107VancouverCanada1.10%
108ExeterUK1.00%
109HelsinkiFinland1.00%
110FlorenceItaly0.90%
11 1SevillaSpain0.80%
112NapoliItaly0.80%
113RomeItaly0.80%
114JerusalemIsrael0.70%
115ChicagoUSA0.60%
116BrisbaneAustralia0.50%
117GuangzhouChina0.50%
118Taipei cityTaiwan0.40%
119BirminghamUK0.30%
120HaifaIsrael0.30%
121RigaLatvia0.10%
122QuebecCanada0.00%
123TianjinChina-0.10%
124LimaPeru-0.10%
125MalagaSpain-0.20%
126ZhengzhouChina-0.40%
127DublinIreland-0.50%
128TurinItaly-0.60%
129MadridSpain-0.80%
130Kuala LumpurMalaysia-1.20%
131PerthAustralia-1.20%
132CalgaryCanada-1.30%
133Rio de JaneiroBrazil-1.30%
134PalermoItaly-1.40%
135OxfordUK-1.80%
136AhmedabadIndia-1.90%
137BarcelonaSpain-2 .1%
138EdmontonCanada-2 .4%
139GenoaItaly-2 .5%
140ValenciaSpain-2 .7%
141Hong KongHong Kong-2 .7%
142MumbaiIndia-3.20%
143KolkataIndia-3.70%
144DarwinAustralia-5.10%
145PuneIndia– 5. 4%
146ChennaiIndia-5.50%
147AberdeenUK-5.70%
148DelhiIndia-5.80%
149DubaiUAE-6.60%
150Abu DhabiUAE-8.30%
Source: Knight Frank

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