a
Print
version

Global Property Guide Has Published a Rating of Countries With the Biggest Growth of Housing Prices

  • 6
Price growth accelerated in many countries in Europe, Asia, the United States and Canada. The scale of this boom is unprecedented.

According to the Global Property Guide, in the first quarter of 2021, the growth of housing prices around the world has significantly accelerated. The reasons for this are low interest rates and monetary easing. Residential property prices increased in 43 of the 57 countries analyzed.

Leaders. By the end of the first quarter of 2021, housing prices rose the most in Montenegro (+28.7%), Puerto Rico (+23.68%), Egypt (+22.61%), New Zealand (+22.39%) and Sri Lanka (+15.93%).

At the moment Montenegro has the strongest real estate market. And it is especially noticeable in comparison to a previous year, when the price fall was 8,2% y-o-y. For Puerto Rico it is also a sharp change after a decline of 3,28% in the first quarter of 2020. Egypt when through a harsh decline of 34,14% last year, so it is a big comeback for the market. Finally, New Zealand and Sri Lanka both skyrocketed after the fall in 2020, with serious compensation of the past results.

Also read: News Digest. Real Estate Prices Are Growing

Outsiders. The largest declines compared to the same period last year were in the central business district of Makati, the Philippines (-23.59%), Saudi Arabia (-4.68%), Phnom Penh, Cambodia (-3.76%), Romania (-3.28%) and Qatar (-2.94%).

With the outsiders the picture looks opposite. Romania experiences a good y-o-y growth with 9,51% last year, yet this time house prices fell q-o-q. Though the forecast isn't that bad due to predicted economic growth. The Philippines performed the worst at the moment. The average price on a luxury apartment fell by 23,59% and it seems to get lower in the nearest future. Both Qatar's and Saudi Arabia's markets are struggling. The fall is not too big to be worried of and on the basis of q-o-q they got slightly bigger. Soon we will be able to estimate how serious the situation will turn out to be.

Housing price changes in popular countries (First quarter 2020 - first quarter 2021)*:

  • Turkey +13.59%
  • Spain +0.14%
  • Germany +9.59%
  • Italy +0.34%
  • Finland +1.38%
  • Montenegro +28.7%
  • Portugal +6.27%
  • United Arab Emirates (Dubai) -0.48%
  • Egypt +22.61%
  • Thailand +2.10%
  • Latvia (Riga) -0.66%
  • Poland (Warsaw) -1.42%
  • Israel +1.80%
  • Malta +2.28%
  • United Kingdom +5.33%
  • US $ +10.54%
  • Canada +8.39%

* All price changes are adjusted for inflation

Quoting conditions of Prian.info materials

Share the link:
Tags: Market Analysis, Real Estate, The cost of living

Read also

House prices in Sweden are rising for the third month in a row
This is mainly due to the rise in prices of detached houses.
Knight Frank has named the countries with the fastest growth in real estate prices.
High interest rates will continue to curb price growth in 2024.
French Senator Calls for a Special Visa for Foreign Homeowners
She has already submitted an amendment that proposes to amend the immigration bill.
More than 1 mln property owners in Greece will be exempted from paying the Single Property Tax (ENFIA) this year
The average ENFIA tax payment decreased by 31% from €489 in 2018 to €368 in 2023.
The most promising European countries for purchasing real estate in 2024 – a forecast from Prian
The editorial team of Prian has analyzed the key indicators of European real estate markets. We...
Spain may limit short-term rentals across the whole country
Left wing party Unidas podemos will submit the corresponding amendment to the housing law this week.

Interesting to read