48 out of 56 countries tracked in the worldwide index saw prices rise annually
Despite the economic turmoil throughout the world in 2022—whether it be in the form of soaring interest rates, inflation or changing governments—property prices are still rising at a rate of 8.8% per year, according to Knight Frank’s most recent global house price index, released Wednesday
The third-quarter figure is in nominal terms—that is, not adjusted for inflation—and is down from its peak of close to 11% registered during the first quarter of 2022, the brokerage and property consultant said in its analysis of 56 countries and territories around the world.
Technically, Turkey led the third-quarter ranking with gains of 189.2%, “but its phenomenal growth can largely be discounted due to rampant inflation,” wrote Kate Everett-Allen, Knight Frank’s head of international residential research.
It was followed by Estonia, Hungary, the Czech Republic, Iceland, Slovakia and North Macedonia, strong performing Northern and Central European markets that all registered annual price growth above 16%.
Property markets that are slipping down the table are those that have seen the most significant interest rate hikes, the report said.
In the past three months, Canada has moved from 10th to 34th place in the rankings, and Australia from 28th to 47th.
And “at 11%, annual price growth in the U.S. may seem robust,” Ms. Everett-Allen wrote. “But it has dipped from a peak of 21% in March 2022.”
Across the pond, the U.K. logged annual gains of 10% “but with house prices falling month on month in September, they look to have peaked,” she continued.
All in all, 48 of the 56 countries and territories tracked by the firm registered annual price growth in the third quarter, and 21 of those saw values swell by double digits.
There were only six spots where home prices dropped in the year to the third quarter: South Korea, Hong Kong, Peru, mainland China, New Zealand and Morocco.
In the past three months, Canada has moved from 10th to 34th place in the rankings, and Australia from 28th to 47th.
And “at 11%, annual price growth in the U.S. may seem robust,” Ms. Everett-Allen wrote. “But it has dipped from a peak of 21% in March 2022.”
Across the pond, the U.K. logged annual gains of 10% “but with house prices falling month on month in September, they look to have peaked,” she continued.
All in all, 48 of the 56 countries and territories tracked by the firm registered annual price growth in the third quarter, and 21 of those saw values swell by double digits.
There were only six spots where home prices dropped in the year to the third quarter: South Korea, Hong Kong, Peru, mainland China, New Zealand and Morocco.
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