From health to economics, 2020 saw the world upended. Our latest data however, suggests prime property markets were largely resilient. A year ago, Knight Frank's Prime Global Cities Index, which tracks the movement in prime prices across 45 cities, was rising at a rate of 1.1% per anum, by the end of September 2020 the rate had climbed to 1.6%.
Underpinning the resilience of housing markets are the vast stimulus packages that governments and central banks have employed to support incomes and companies, whilst keeping borrowing costs near record lows. That said the responses of prime housing markets has not been uniform.
Some markets have had a helping hand from policymakers - London and Mumbai are enjoying stamp duty holidays, while others suchs as Vancouver and Miami are seeing a flurry of sales activity as residents reconsider their property requirements in light of the pandemic.
A lack of prime supply is cushioning prices in some markets (Singapore, Sydney and Los Angeles) whil others are benefitting from their safe haven credentials (geneva, Auckland).