Singapore ranks low in residential price growth amongst 150 countries

New global index placed Singapore at 123 out of 150 countries.

Residential property prices have steadily increased in Singapore in 2020 compared to 2019, but the country still ranks low in the Knight Frank Global Residential Cities Index.

According to Knight Frank Research, Singapore recorded only 0.7% price growth for residential property in Q3 2020 compared to the same period in 2019. Meanwhile, Philippines' capital Manila grabbed the top spot for YoY price growth with 34.9%.

The index placed the annual growth rate for 150 cities at an average of 4.7% in Q3 compared to 4.1% in Q2. According to Knight Frank Research, Q4 data may see greater regional variations emerge with Europe moderating price growth due to recent lockdowns before a further release of pent up demand in Q1 2021, whilst sales and prices in some parts of Asia may start to gain traction.