Turkey was the country with the highest rate of annual house price growth in the third quarter of 2020, according to the latest Global House Price Index from Knight Frank.
Turkey topped the index for the third quarter in a row with annual price growth of 27.3%. However, in real terms once inflation of 14% is deducted, annual price growth sits closer to 13%, according to the report.
The growth can be put down to overseas interest from the Middle East and a buoyant economy bolstering prices, while GDP increased 16% in Q3 compared to Q2, Knight Frank found.
New Zealand came in at number two with annual price growth of 15.4%. New Zealand jumped from number 11 to second place between second and third quarters as the country experienced an increase in demand as coronavirus lockdowns lifted. Residential sales totalled 8,618 in Q3 2020, up 41% from 6,112 a year earlier.
Luxembourg was third in the ranking, seeing annual price growth of (13.4%), followed by Slovakia with (11.8%), Poland (10.9%), Ukraine (10.3%), Austria (9.5%), and Russia (9.2%).
The UK didn’t make it into the top 20, placing at number 22 with annual price growth of 4.7%.
The US was at number 14 in the ranking with annual price growth standing at 7% in the third quarter.
UK and US housing markets were frozen in Q2 due to the coronavirus pandemic and resulting lockdowns, but saw a “sharp rebound in sales and prices in Q3,” according to the report.
Some markets saw annual price growth move into negative territory. Morocco was at the bottom of the table with -3.3% annual price growth.
Ireland (-0.8%), Spain (-1.1%), Hong Kong (-1.1%), and India (-2.4%) are amongst those countries and territories that experienced the weakest price growth year on-year.
The Global House Price Index tracks the movement in mainstream residential prices across 56 countries and territories using official data from national statistics offices and central banks.
The 20 countries where house prices rose most in 2020 ranked by annual percentage change:
New Zealand (15.4%)
Czech Republic (7.7%)
United States (7%)
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