Knight Frank launches Global House Price Index Q4 2020
Knight Frank, the independent global property consultancy, today launches the Global House Price Index for Q4 2020. The index tracks the movement in mainstream residential prices across 56 countries and territories worldwide.
Residential prices are rising at their fastest rate globally in nearly three years. Prices increased by 5.6% on average in 2020, up from 5.3% in 2019. Some 89% of countries and territories saw prices increase in 2020, with several emerging markets performing strongly including Turkey which leads the index for the fourth consecutive quarter.
- Turkey is the country with the highest rate of annual price growth in the year to Q4 2020
- 5.6% is the average change in prices across the 56 countries and territories analysed
- New Zealand is APAC’s top-performing country with 19% annual price growth
- Q1 2018 is the last time the index’s annual growth exceeded 5.6%
- At -3.6%, India is the weakest performing country in the year to Q4 2020
- The residential price in Hong Kong dropped 0.1% in on an annual basis, but narrowing from the drops in the previous two quarters.
Martin Wong, Associate Director of Research & Consultancy, Greater China said, "Despite the negative price growth, there are signs that the Hong Kong residential property market is turning a corner. Market sentiment is improving as we have seen positive results coming out from the recent government land auctions as well as some record-breaking transactions being closed. Demand remains robust from both investors and end-users amid the low interest rate environment, the stock market rally and lower future supply. With some negative factors remaining, we are cautiously optimistic on the residential market and we believe the price growth would return to the positive territory if COVID situation is well under control."