The prime housing market in Singapore, Asia, has seen house prices decline by -6.1%, the biggest fall of all the cities analysed by the Knight Frank Prime Global Cities Index.
Bankgok, Thailand, also saw the prices deflate by -6.0%, followed by Hong Kong (-5.4%).
The city with the most growth was Auckland in Australia, with prices rising by 12.9% year-on-year. There were also strong rises in Manila in the Philippines (10.2%) and Shenzhen in China (8.9%).
Some 62% of the 45 cities tracked registered flat or positive annual price growth in the year to Q3 2020.
Knight Frank wrote in its commentary: “In an age of uncertainty, buyers are looking more favourably at luxury property, mirroring what we saw in 2008.
“With equity markets volatile, Brexit looming large, the repercussions from the US presidential election expected to rumble on, and further waves of the pandemic hitting Europe and the US, property’s credentials as a safe and tangible asset class are rising to the fore.”
This post has originally been featured in Property Wire.