New global index ranks the city at 131 out 150 cities in annual price growth.
Residential property prices in Hong Kong dipped by -1.1%, according to Knight Frank Global Residential Cities Index in Q3 2020.
The index, which observed the YoY changes of residential property prices between Q3 2019 and Q3 2020, said residential property prices declined in the city despite an observed average annual rate growth of 4.7%.
Hong Kong is just one of the cities that registered annual price declines in the year up to Q3 2020. The index said that 15% of cities have recorded price declines.
Meanwhile, the index placed Philippines' capital Manila with the highest rate of price growth in the year at 34.9% because of strong demand for high-end projects and an increase in construction and labour costs.
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.
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