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Cities With the Fastest Growth in Residential Real Estate Prices

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The study includes 150 cities. The average annual price growth in them was 10.6%, which is the highest value in the last 17 years.

What happened? According to the results of Q3 2021, Izmir (+34.8%), Phoenix (+33.1%), and Halifax (+31.7%) became the leaders of the Knight Frank rating for the growth of housing prices in the Global Residential Cities Index. During the quarter, Moscow's position adjusted from fifth (+28.8% in the second quarter of 2021) to 20th place (+22.1% in the third quarter of 2021). A year ago, the Russian capital was only on the 68th line of the index (+5.1%). St. Petersburg also entered the Top 20, moving from eighth place (+26.7%) to 15th place (+24.5%) in the quarter. The average annual price increase in the 150 cities analyzed was 10.6%, which is the highest value in the last 17 years. 

How did you think? The residential real estate price growth index tracks the change in the average cost of housing in all segments in 150 cities around the world in local currency based on official statistics.

Top 20 cities in the world for real estate price growth (Q3 2020 - Q3 2021):

  1. Izmir, Turkey +34.8%
  2. Wellington, New Zealand +33.5%
  3. Phoenix, USA +33.1%
  4. Istanbul, Turkey +32.6%
  5. Seoul, South Korea +32.3%
  6. Halifax, Canada +31.7%
  7. Hobart, Australia +30.9%
  8. Ankara, Turkey +30.9%
  9. Darwin, Australia +30.4%
  10. Hamilton, Canada +28%
  11. Ottawa, Canada +25.5%
  12. Miami, USA +25.2%
  13. Dallas, USA +25%
  14. San Diego, USA +25%
  15. Saint Petersburg, Russia +24.5%
  16. Canberra, Australia +24.3%
  17. Stockholm, Sweden +23.8%
  18. Sydney, Australia +23.7%
  19. Seattle, USA +23.3%
  20. Moscow, Russia +22.1%

Also read:
Where the Money Goes. TOP 25 Cities For Investment
World's Most Expensive Cities for Expats
Picky Expats. Which Countries Immigrants Are Most Dissatisfied With 

Quote. Marina Shalayeva, Regional Director for Foreign Real Estate and Private Investments at Knight Frank: "Turkish cities (Izmir, Istanbul), as well as some American cities, occupy leading positions in the ranking. Turkey is increasingly attracting Russians due to the low exchange rate of the lira and the presence of a passport program that allows you to travel without a visa to more than 100 countries. In the US, the demand for real estate is growing due to the anti-pandemic measures and simplified air traffic rules. In general, prices on world markets have several stimuli such as government support measures, low mortgage interest rates, savings accumulation during quarantine, and reassessment of the need to improve the quality of life and living conditions in connection with the pandemic. Further forecasts of price dynamics will depend on a combination of factors, in particular the resumption of flights between countries, the pace of combating the pandemic (including the new omicron strain), changes in interest rates on loans, and inflation."

Source: Knight Frank Press Release

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Tags: Market Analysis, Real Estate, Rating

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