How Housing Prices Are Rising Globally

Knight Frank has published a ranking of countries with the fastest-growing residential property prices in 2024. By the end of Q4 2024, the average global housing price increase was 2.6% year-over-year. This indicates a slowdown in growth amid expectations of further interest rate cuts.

The Global House Price Index report for Q4 2024, conducted by Knight Frank, showed that the rise in housing prices was below the long-term average of 4.8%. Nevertheless, 80% of the surveyed countries experienced price increases.

Liam Bailey, Head of Research at Knight Frank, noted that residential property prices continue to grow, although not as rapidly as anticipated. According to him, the stimulus fr om last year's interest rate cuts has weakened, and another reduction will be needed to maintain the current growth rate.

How the Research Was Conducted

The Global House Price Index tracks changes in average housing prices across 55 countries. The data is presented both in nominal terms (excluding inflation) and in real terms (adjusted for inflation).

Turkey topped the ranking, with housing prices rising by 29.4% over the year. However, after adjusting for inflation, real prices in the country actually declined by 10.4%.

Among the countries with the biggest price declines were China and Hong Kong, wh ere nominal prices fell by 8.6% and 8.2%, respectively.

Top 10 Countries by Annual Housing Price Growth (Nominal, Excluding Inflation):

1. Turkey +29.4%

2. Bulgaria +16.5%

3. Poland +14.4%

4. Portugal +13.7%

5. Croatia +12.3%

6. Hungary +12.3%

7. Netherlands +10.9%

8. North Macedonia +10.6%

9. Taiwan +10.4%

10. Colombia +9.1%

Top 10 Countries by Annual Housing Price Growth (Real, Adjusted for Inflation):

1. Bulgaria +15.2%

2. Croatia +10.5%

3. Portugal +10.4%

4. North Macedonia +9.7%

5. Hungary +9.0%

6. Poland +8.9%

7. Taiwan +8.2%

8. Ireland +7.3%

9. Slovenia +7.2%

10. Netherlands +6.6%

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