Manila is World's Top Housing Market for Price Appreciation at 22 Percent Annually

The average annual price appreciation for all 150 cities tracked by the latest Global Residential Cities Index was 4.3 percent

According to international property consultant Knight Frank's latest Global Residential Cities Index, Manila leads the annual world rankings for the second consecutive quarter with price growth of 22% in the year to March 2020. Budapest continues to lead European cities with growth of 16%. Zagreb and Warsaw make up the trio of Central and Eastern European cities in the top ten.

Aside from Manila, Seoul and Melbourne are Asia Pacific's top performers, both with annual growth of 13%. Overall, the index increased by 4.3% in the 12 months to March, its highest annual rate of growth since Q3 2017. Of the 150 cities tracked, 85% saw prices increase over the year to March.

A look at the 15 cities with largest GDP across China and the US, underlines the extent of the slowdown in China in the first quarter of 2020 with average price growth reaching just 0.4%, the lowest average quarterly rate of growth for the 15 cities since Q1 2008.