According to recent data from the Knight Frank Global Residential Cities Index, Turkish cities have dominated the global ranking of cities with rising residential property prices in the third quarter of 2020. When it comes to Italian cities, Milan in the top 10 global cities with rising property prices, with values rising by 13.3% annually.
Overall, the global residential price growth index rose from 4.1% to 4.7% between the second quarter of 2020 and the third quarter, with 18 cities seeing increases in property prices of more than 10% per year. Cities throughout the world have therefore not died as a consequence of the COVID-19 pandemic, but on the contrary have been quite resilient.
Low interest rates, fiscal stimulus, the fulfilment of pending applications in the months of the first coronavirus lockdown and a demand that, unable to move, has concentrated mainly on domestic markets have all contributed to driving demand and as a result, rising prices.
Manila, the capital of the Philippines, topped the list with a 35% increase in residential property prices, driven by strong demand for long-term projects that are increasing construction and labour costs. Turkish cities are also heavily represented: Izmir, Ankara and Istanbul saw increases of 28, 27 and 26% respectively, while in fifth place is St. Petersburg with a 19% rise.
Italian cities with rising residential property prices
As mentioned, Milan takes tenth place with a 13.3% increase in residential property values, but it is not the only Italian city: Turin, in 97th place, also saw house prices rise by 3.2%, as did Venice and Trieste, in 101st and 102nd place with prices up 2.9%. Florence, Rome and Naples are further down the list (positions 119, 121 and 122) with price increases of less than 1%. Palermo and Genoa, on the other hand, saw their residential prices fall by 2.2% and 3.1%, occupying positions 138 and 143 respectively.
The complete Knight Frank Global Residential Cities Index
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