The biggest rise in prices since 2004: what is happening to real estate prices in the world

The biggest rise in prices since 2004: what is happening to real estate prices in the world

Over the year, house prices around the world rose by an average of 11.5%. Analysts emphasize that this is the fastest rate of appreciation since the third quarter of 2004.

 The biggest rise in prices since 2004: what is happening with real estate prices in the world

This is stated in the regular report of the Global Residential Cities Index, conducted by Knight Frank. The study includes 150 cities around the world and takes into account the dynamics of average housing prices, based on official statistics. However, prices are taken into account without the effect of inflation on the local currency.

The most expensive is in Turkey

According to the study, Turkish cities became the leaders of the list:

  • Istanbul (+122 %),
  • Ankara (+ 111.7%),
  • Izmir (+105.9%).< /li>

The biggest rise in prices since 2004: what is happening to real estate prices in the world

Price peaked in Istanbul/Screenshot of Channel 24

Citiesfrom Canada, the United States and Australia also made the top ten.

  • Halifax (+34.7%) ,
  • Phoenix (+32.9%),
  • Miami (+29.7%),
  • San Diego (+29.1%) ,
  • Dallas (+28.8%),
  • Hamilton (+28.5%),
  • Brisbane (+28.4%).

Because of the Russian attack, Knight Frank did not include Ukrainian cities in the list this quarter. However, the report includes countries where many citizens of Ukraine have resettled. In popular cities among them, prices have also increased:

  • Tallinn(+18%),
  • Warsaw (+ 11.8%),
  • Berlin (+12.6%),
  • Prague (+12.3% ),
  • Sofia (+9.1%),
  • Milan(+4.4%),
  • Paris (+3.6%).

The biggest rise in prices since 2004: what is happening to property prices in the world

Dynamics of real estate prices/Screenshot of Channel 24

Where prices are falling

The authors of the study emphasized that among the analyzed cities, an insignificant drop in prices is observed only in 9 cities. Among them:

  • Zhengzhou (China),
  • Turin (Italy),
  • Palermo (Italy),
  • Florence (Italy),
  • Lima (Peru) ,
  • Venice (Italy),
  • Genoa (Italy),
  • Works (Morocco).

Knight Frank specialists believe that the main markets for investments will be the USA, Great Britain, Germany and France.