Homes within the postal district of the Etihad Stadium have risen by an average of 271% over the past decade, said the bank.
But the analysis done by Halifax directly contradicts research released last week by property website Zoopla which claimed property values around Manchester City’s stadium average just £98,088, leaving the defending champions third from bottom in the Property Premier League.
Halifax also ran a property Premier league and said homes in close vicinity to some of our most famous football stadiums have more than doubled in value over the past decade.
It said the average house price in the postal districts of the twenty Premier League football clubs kicking-off the 2012/13 season this weekend has increased by 137% (£209,975) over the past ten years from £152,891 in April 2002 to £362,866 in April 2012.
This is equivalent to a weekly rise of £404. Over the same period, house prices across England and Wales as a whole increased by 90%.
House prices in the Premier League postal districts have risen by an average of 1.3% over the past year. This compares to a 2.7% fall across England and Wales.
Homes near Manchester City's ground see the biggest price increase
The increase for homes near Ethiad is almost double the rise in prices close to Aston Villa's home ground (126%), the second best performing Premier League postal district.
Sunderland recorded the third biggest rise (125%), followed by Swansea City (115%). In contrast, Newcastle United finished rock bottom of the Premier League house price table with the value of properties close to St James Park dropping by 7% since 2002.
Premier League homes cost eleven times average earnings
Homebuyers must fork out almost eleven times average earnings to live near their team's Premier League ground.
The average Premier League house price of £362,866 in 2012 is, on average, 10.8 times higher than national average gross annual earnings. This is almost double the multiple of 6.0 in 2002.
Chelsea and Fulham is the least affordable Premier League postal district
All five of the least affordable Premier League postal districts are in the capital.
The London postal district (SW6) - home to both Chelsea and Fulham Football Clubs - is the least affordable Premier League postal district with the average property price of £749,530 over fourteen times (14.4) gross average earnings in the area.
Queen's Park Rangers (9.1) is the second least affordable postal district, followed by Tottenham Hotspur (6.5). West Bromwich Albion (4.9) is the least affordable Premier League postal district outside southern England.
In contrast, the Premier League postal district L4 - home to Liverpool and Everton Football Clubs - is the most affordable Premier League postal district, with the cost of the typical home just over double (2.3) gross annual average earnings.
Martin Ellis, housing economist at Halifax, said: "House prices close to the nation's most iconic football stadiums have risen substantially over the past decade, particularly in the areas near to some of the newest venues.
"This partly reflects the local regeneration that typically takes place alongside the building of modern sporting arenas, including improved transport links.
"The rise in property values does, however, come at a cost with home affordability deteriorating significantly over the last ten years for those hoping to live near their favourite football ground."
