Dubai, United Arab Emirates (CNN) – Knight Frank, the independent real estate consultancy firm, has released the PIRI 100 Index, which assesses the annual growth in residential prices across 100 cities around the world compared to the year the previous.
According to the index, housing unit prices performed better than expected in 2020, with a growth rate of 1.9% compared to 1.8% in 2019. The report shows that in 2020, 29% of cities witnessed a decrease in prices on an annual basis, which is an increase. By 21% from 2019. Conversely, 5 markets recorded a double rise in prices in 2020, compared to only two markets during the previous year.
Auckland, New Zealand, tops the index, with average prices ending the year up 18%. New Zealand’s handling of the Coronavirus crisis, its rapid economic recovery, extremely low mortgage rates, and a limited supply of high-quality stocks have had an effect on this increase. Asian cities occupy the following three places: Shenzhen (+ 13%), Seoul (+ 12%), and Manila (+ 10%). The speed with which some Asian cities, especially mainland Chinese markets, recovered, was pushed back in a surprising trend for 2020.
At the level of the Middle East region, Istanbul ranked 42, with an increase of 3%, followed by Abu Dhabi in 71st place, where the percentage did not change, then Riyadh ranked 85, down 3.3%, Dubai ranked 95, down by 5.9%, and Doha ranked 96. Down by 6%.
In the infographic, here is a look at 100 cities around the world, evaluated annually for the year 2020 according to the rate of growth in housing unit prices.