Turkey top the annual rankings, according to Knight Frank's newest Global House Price Index for Q2, 2020, with prices up 25% year-on-year. However, it's worth remembering that inflation is now hovering about 12%. This quarter, European countries account for eight of the top ten rankings, with Baltic and Central and Eastern European countries prominently represented.the pearl qatar restaurants
Three countries that were regarded to have dealt with the pandemic most efficiently, New Zealand, Germany, and South Korea, had mixed results. Germany has yet to release its Q2 figures, while New Zealand dropped from second to eleventh place in the rankings between March and June despite still recording 9% annual price growth, and South Korea, whose annual price growth was anemic at 0.1 percent in Q1, has seen annual price growth pick up to 1.3 percent.
The average annual change in prices across 56 countries and territories is 4.7 percent, according to the Global Index.
In the year leading up to Q2 2020, Turkey tops the annual rankings.
In the top ten annual rankings, eight European countries appear.
In terms of annual price increases, New Zealand is Asia-best Pacific's performer.
In Q2 2020, yearly price reductions were recorded in 9% of nations and territories.
According to Knight Frank, these trends indicate that the pandemic's influence on global property markets will be erratic and irregular. The health of the housing market prior to the epidemic, the length and intensity of the lockdown, and each country's or territory's reliance on overseas demand, which has dried up in recent months due to travel restrictions, will all play a role.
In Q3 2020, keep an eye out for any signs of a link between the length and severity of lockdowns and price performance.
If national statistics offices increase their reporting rates as the number of national lockdowns decreases, or if indices are paused owing to a lack of transactions,
If tourism-dependent markets with a large share of second houses see slower price increase,
In Q3, global home price growth slowed to a six-year low.
Hungary, Luxembourg, and Croatia have the highest yearly housing price increases.
Home prices are rising at an annual rate of 3.7 percent on average across 56 nations and territories, according to global real estate expert Knight Frank. This is the index's slowest growth rate in more than six years. This trend may be seen in both the mainstream and prime divisions of Knight Frank's other global city indices.
Hungary leads the index this quarter with 15.4 percent annual price rise, backed by a strong economy (4.9 percent GDP growth predicted in 2019*), low mortgage rates, high salary growth, and a variety of government subsidy initiatives, according to the most recent available statistics.
Other past frontrunners over the prior two years, such as Slovenia (18th), Malta (22nd), and Iceland (26th), have cooled dramatically, either to poorer economic environments, affordability worries, or a drop in tourism.
Some countries and territories, on the other hand, are climbing the ranks. Greece was ranked 24th a year ago, with a price increase of 2.4 percent. Although prices are still 37% below their 2008 peak, they are presently rising at a 7.7% annual rate, putting Greece in 12th place out of 56 countries and territories.
This quarter, European countries account for seven of the top ten rankings, with the majority of them being in Central and Eastern Europe. Prices are rising from a low foundation, economies are improving, and borrowing costs are near historic lows.
On a global scale, Russia and the Commonwealth of Independent States (CIS) are at the top of the rankings, with an average annual growth rate of 5.7 percent - prices in Russia are up 8.1 percent over the past year, and Ukraine has risen from the bottom of the rankings to now have an annual growth rate of 3.3 percent.
Knight Frank provides two mainstream price indices: the Global Residential Cities Index (150 cities) and the Global House Price Index (country level). Two important trends emerge from a comparison of the two indices. First, how much national house prices lag city markets by about six months, and second, how much the performance gap between the two has shrunk since 2018.