Saturday, February 29, 2020

House Prices Rise At Fastest Rate In Three Years

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Global house prices have gone up for the fourth quarter in a row, according to a new report.

Average increases have hit 6.5% – the highest level since the first quarter of 2014, says the Knight Frank Global House Price Index.

The statistics show 48 of the 55 countries monitored by the index showed a rise in prices, with more countries reporting double-digit price growth than in previous quarters.

In the three months to the end of June, 11 countries saw home values go up by between 10% and 17.8% compared to four a year ago.

The firm cites improving global economic growth as the main driver for increasing home prices, together with the ‘safe haven’ investment reputation of property and easier access to home loans in developing countries.

Prices not rising everywhere

Local factors are influencing prices. Iceland leads the rest as the country with the world’s largest home price inflation of 17.8% in a year, but this hot market is pushed along by a lack of properties for sale with 9,000 new apartments in the capital Reykjavik needed to keep up with demand.

Last year’s market leader China has slipped back in the rankings to growth of 10.3% despite tax and pricing measures designed to cool the market gripping 45 cities.

Prices have dropped in seven countries, with The Ukraine suffering the worst due to economic and political instability coming from the dispute over The Crimea with Russia, as the price of a home fell by 9.4% in the past 12 months.

“Europe’s top performers are an eclectic mix,” said researcher Kate Everett-Allen. “Economic expansion and the Individual Investor Programme explain Malta’s rise, whilst historically low interest rates, wage increases and rising foreign interest are strengthening demand in the remaining three.”

Global house price winners and losers

 

Rank Country 12 Month price increase
1 Iceland 17.8%
2 Hong Kong 14.4%
3 New Zealand 13.8%
4 Canada 13.5%
5 Turkey 13.3%
6 Malta 12.6%
7 Czech Republic 11.0%
8 Estonia 10.7%
9 Hungary 10.5%
10 China 10.3%
 
Rank Country 12 Month price change
46 Finland 0.6%
47 Brazil 0.5%
48 Italy 0.1%
49 Japan -0.2%
50 Morocco -1.2%
51 Cyprus -1.3%
52 Taiwan -1.7%
53 Greece -1.8%
54 Singapore -2.0%
55 Ukraine -9.4%

Source: Knight Frank

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