Turkey led the way with home prices swelling nearly +60% annually in Q4 2021.
Property Price Growth in Turkey Outpaced 55 Countries and Territories during Q4 2021
Turkey dominated residential property price growth around the world during Q4 2021, according to Knight Frank’s latest Global House Price Index (GHPI).
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Basing its findings in nominal terms (not adjusted for inflation), the Knight Frank GHPI indicated that price growth in Q4 2021 for residential property in Turkey hit close to +60%.
Take a look at the top 10 of 56 countries included among Knight Frank’s Q4 2021 rankings:
Knight Frank Global House Price Index Q4 2021
Country/Territory Nominal Price Growth
- Turkey +59.6% y/y
- New Zealand +22.6% y/y
- Czech Republic +22.1% y/y
- Slovakia +22.1% y/y
- Australia +21.8% y/y
- Netherlands +20.3% y/y
- United States +18.8% y/y
- South Korea +18.4%
- Jersey +18.4%
- Estonia +17.3%
According to Kate Everett-Allen, head of international residential research with Knight Frank, “The 10 markets that have witnessed the strong increase in house prices since the start of the pandemic are largely developed markets where governments stepped in to support economies, and in some cases, housing markets via mortgage holidays or subsidy programs.”
The average price growth across all 56 markets came in at 10.3% during Q4 2021. Only three markets, Malaysia, Malta and Morocco, saw home prices decline.
Going forward?
Knight Frank indicated that “more muted” home price growth is on the horizon.
Everett-Allen said, “The crisis in Ukraine will lead to weaker global economic growth, tempering our outlook for international home prices. On the other hand, it may also reduce the number and speed of interest rate hikes that some central banks were pricing in only a few weeks ago.”
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