The recent Global Residential Cities Index found that the average yearly price increase for all 150 cities was 4.3 percent.
Manila top the yearly world rankings for the second straight quarter, according to worldwide property consultant Knight Frank's latest Global Residential Cities Index, with price rise of 22% in the year to March 2020. Budapest continues to be the fastest-growing city in Europe, with a 16 percent increase. The trio of Central and Eastern European cities in the top ten includes Zagreb and Warsaw. houses for sale
Apart from Manila, the best achievers in Asia Pacific are Seoul and Melbourne, both with annual growth rates of 13%. In the 12 months to March, the index climbed by 4.3 percent, the greatest annual rate of growth since Q3 2017. Over the course of the year, 85 percent of the 150 cities studied saw their costs rise.
A look at the 15 cities in China and the United States with the highest GDP highlights the severity of China's recession in the first quarter of 2020, with average price increase of only 0.4 percent, the lowest average quarterly rate of growth for the 15 cities since Q1 2008.
The top five most significant rental declines from Q1 2020
1. Compared to the previous quarter, rental costs in Florence have dropped the most. Single rooms have decreased by -9.6% to EUR 415 per month, studios by -6.1% to EUR 649, while one-bedroom flats have decreased by -6.9% to EUR 918 per month.
2. Milan is the second Italian city in the top five, with a -9.1 percent drop in single rooms to EUR 580, a -5.5% drop in studios to EUR 859, and a -7.8% drop in one-bedroom apartment rental costs to an average of EUR 1,096 a month.
3. Rental prices for rooms, studios, and flats are all reducing by 5% in Berlin. The travel ban had a significant impact on the city, which is a popular tourist destination for overseas visitors. At the same time, rents have been falling since the Mietendeckel (rent cap) went into effect in February.
4. In comparison to the previous quarter, Madrid's single room rental rates fell by -5.8%, resulting in an average monthly rental price of EUR 514. Rental costs for studios fell by 1% to EUR 837 per month, while rates for one-bedroom flats fell by 2.3 percent to EUR 1123 per month.
5. Rental costs for single rooms in Valencia fell by -4.9 percent in the third quarter, to an average of EUR 319 per month. Studio apartment rental prices fell by -1.4 percent to EUR 592, while one-bedroom apartment rental prices fell by -2.4 percent to EUR 878.
Top 5 most significant rental hikes in Q2 2019
1. In Q2 of 2020, Vienna experienced the highest overall year-over-year increase in rental prices: 9.5 percent for apartments, bringing monthly rent to an average of EUR 1052, 3.1 percent for studios, bringing monthly rent to EUR 814, and 0.9 percent for single rooms, bringing monthly rent to EUR 478. In line with our previous study, Vienna is the city with the highest rental price increase. This is a direct result of the city's shifting market, as zoning laws force short-term suppliers to move to long-term renting. As a result, supply in the higher price range has increased significantly. Rental costs began to fall in mid-March, and this pattern persisted until the end of May, when Austria's borders reopened. Rental costs in Vienna are currently back to where they were in January.
2. Munich saw the second-highest year-over-year increase in rent prices. The price of an apartment climbed by 2.7 percent to EUR 1,523. Studio rooms increased by 1.4 percent to EUR 1,031 while single rooms increased by 3.7 percent to EUR 686. This city, which is notorious for its high rental prices and scarcity of housing, remains one of the most costly in the Rent Index.
3. Reykjavik is in third position, with a 3.6 percent increase in one-bedroom apartment rental costs to EUR 1,081 and a 14 percent increase in studio pricing to EUR 902. In comparison to previous year, the average rental price for a single room grew by 1.7 percent to EUR 625.
4. In Rotterdam, the average monthly rental price for a one-bedroom flat increased by 1.2 percent to EUR 1,302. Prices for studios grew by 2.4 percent to EUR 803, while single rooms jumped by 2.2 percent to EUR 559 a month on average. Rotterdam appears on the list of cities with the highest rental price rises for the second time. However, beginning the third quarter of 2019, the rate of price rise has slowed.
5. Apartment rental costs in Brussels increased by 1.1 percent to EUR 962. The cost of a studio room has climbed by 2% to EUR 690, and the cost of a single room has climbed by 2% to EUR 582. Apartment rental increases in Brussels were low in 2019, ranging from 3.9 percent to 5.4 percent. The increase in rental costs for one-bedroom apartments in Brussels approached 7% toward the end of 2019 and in the first quarter of 2020.