PIRI 100: The five residential markets to monitor in 2020

London

Tom Bill, Knight Frank UK

With the Conservative Party now holding a comfortable parliamentary majority and clarity emerging around Brexit, prime central London is likely to see sales volumes strengthen. How far this translates into price inflation will depend on the implementation of the Brexit deal, the wider economy and future tax changes. With prices down by more than 15% in locations such as Chelsea, Bayswater and Knightsbridge, and Crossrail set to reshape the commuting landscape in 2021, there are notable opportunities.

Singapore

Dr Lee Nai Jia, Knight Frank Singapore

A year ago, Singapore looked to be heading for a slowdown as non-residents and developers were hit by another hike in stamp duties. Twelve months on and the city-state is emerging as a regional safe haven, particularly for Asian buyers. Given the uncertain external environment, Singapore is back in the spotlight with many buyers willing to overlook higher purchase costs to take advantage of its political and economic stability and status as a regional commercial hub.

Houston

Chris Lollar, Douglas Elliman

Alongside its energy industry, Houston is home to 23 Fortune 500 companies and a burgeoning tech and innovation sector. With no state income tax and tax breaks for large corporations, the city ranks amongst the highest in the US for inward migration. A fast-growing economy, assisted by three interest rate cuts in 2019, is underpinning demand for homes in upmarket areas such as West University and River Oaks. Single family home sales increased by 4% in the year to November 2019 and luxury prices by 8% year-on-year.

Frankfurt

Till Brühöfener-McCourt, Ziegert Knight Frank

Germany’s financial hub and home to the European Central Bank, Frankfurt has, until recently, been predominantly a commercial centre. Now the area between Westend and the River Main is undergoing significant regeneration, attracting both local and overseas buyers. Frankfurt’s population has been growing on average by 11,000 per annum since 2013 and construction rates are lagging demand, fuelling prime price growth of around 10% per annum.

Sydney

Michelle Ciesielski, Knight Frank Australia

Three interest rate cuts in 2019, a resilient stock market and a constrained pipeline of new supply have resulted in annual prime price growth of 4% in 2019. Arguably unrivalled for lifestyle, Sydney combines all the first-class amenities of a tier-one city with an outdoor lifestyle in a waterfront location and although non-residents without an investor visa are restricted to new-build purchases only, prime demand remains robust.