The report tracks the movement in mainstream residential prices across more than 50 countries and territories worldwide using official statistics.
Singapore is placed 48th in the world for house price growth as the city-state saw home prices inch up by only 0.4% year-on-year during the second quarter of 2020, revealed Knight Frank’s Global House Price Index Q2 2020 report. Private residential prices in Singapore fell by 0.6% from Q4 2019 to Q2 2020, before it increased by 0.4% in Q2 2020 from the first quarter of 2020.
The report tracks the movement in mainstream residential prices across more than 50 countries and territories worldwide using official statistics.
European countries snagged eight of the top 10 rankings, with Turkey taking the top spot as house prices there rose 25.7% year-on-year in Q2 2020 and 11.2% in last three months (Q1 2020 to Q2 2020).
It is followed by Luxembourg, Lithuania, Estonia and Poland, which saw private residential prices increase by 13.9%, 12.4%, 11.5% and 11.3% respectively. Others in the top 10 include Slovakia (11.2%), Ukraine (11.2%), Czech Republic (9.5%), Latvia (9.1%) and Croatia (9.1%).
The report showed that New Zealand, South Korea and Germany – three countries that were initially thought to have dealt with the COVID-19 pandemic most effectively posted mixed results.
“Germany has yet to report Q2 figures, New Zealand slumped from second to 11th place in the rankings between March and June – although it still recorded 9% annual price growth – and South Korea, where price growth was anaemic at 0.1% in Q1 has seen annual price growth pick up to 1.3%,” said the report.
In fact, 29 of the 56 countries and territories tracked by Knight Frank “are yet to report their figures for Q2 2020” as a direct result of the pandemic and operational challenges.
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Despite the delay in reporting, Knight Frank said the data “still offers a glimpse into the impact of COVID-19 with the number of countries and territories seeing a decline in prices on the rise again”.
The trends indicate that the impact of the COVID-19 pandemic on global housing markets is “likely to be inconsistent and irregular”, it said.
“Much will depend on the state of the housing market prior to the pandemic, the length and severity of the lockdown and each country or territory’s reliance on international demand which has dried up in recent months due to travel restrictions,” added Knight Frank.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
