Price appreciation in the Philippine’s capital city of Manila lead the annual ranking of Knight Frank’s latest Global Residential Cities Index for the second year in a row with a 35 percent change between Q3 2019 and Q3 2020.
Globally, the annual rate of home price growth increased between Q2 and Q3 2020, from 4.1% to 4.7%, and 18 international cities saw prices rise by more than 10% year-on year, up from 16 in Q2 2020.
Four Canadian cities (Ottawa, Halifax Montreal and Hamilton) are in the top 20 with news that Canada is considering a countrywide foreign buyer tax. US cities have also risen up the rankings with three making it into the top 20 (Phoenix, Seattle and San Diego).
Some 15% of cities saw prices decline in the year to Q3 2020. Dubai ranked last in the index with a negative price appreciation of 8.1 percent.