Turkey ranks first in global house prices index
According to the Knight Frank Global House Prices Index Q3 report, Turkey ranks first in global house price index with 18.9% annual growth. Strong levels of foreign investment, an expanding population and a slowdown in construction explain the upward pressure on prices, said Knight Frank in the report.Hong Kong ranks second with 16,7 percent price increase.
Of the 55 housing markets tracked by the index, 45 (82%) recorded positive annual price growth in the year to September, an increase from 41 (75%) last quarter.
Overall, Europe presents a mixed picture.Housing markets which saw a significant decline in prices post 2008 are now recording some of the strongest rates of growth. Ireland, Hungary and Estonia recorded annual growth of 9.5%, 9.1% and 8.1% respectively in the year to September yet both Ireland and Hungary remain some way off their pre-crisis peaks.
Sweden was Europe’s strongest-performing housing market in the year to September.