Turkey Is the Leader According to the Increase of House Prices
High inflation and depreciation of the vehicle at the peak of the housing price increases in Turkey pounds. Respectively, Ankara, Izmir, and Istanbul were the cities where housing prices increased the most in the world.
UK-based global real estate consultancy Knight Frank has published the global home prices index 2020 for the fourth quarter. According to the report, covering 150 cities globally, Turkey’s third-largest city has left its mark on the list.
When the last one-year price increases, the maximum value of houses globally won with 30% of Turkey’s capital, Ankara, was the location. Izmir ranked second with 29.4% and Istanbul third with 27.9%. The report underlines that high inflation and the lira’s depreciation caused an increased the house prices in Turkey.
As stated in the Knight Frank report, house prices increased by an average of 5.6 percent in 2020 throughout the world. The city where prices fell the most was Chennai, the fourth largest metropolitan city in India. Dubai followed Chennai with a decrease of 7.1%. And Pune with 5.3%.
Status in World Metropoles
Housing prices in the United States have also been examined in detail in Knight Frank’s report. First of all, there is an increase of 11.4% in Boston. Washington is second on the list with an increase of 10.3%. The list continues as; 9.9% in Los Angeles, in New York, it was 9.8%, 9.2% in Miami, and an 8.7% price increase was seen in San Francisco.
Knight Frank also takes a detailed look at the capitals of Europe. While there was an increase of 7.7% in Paris, 4.5% in Berlin, 4.3% in London, there was a 0.9% decrease in Lisbon and 3.7% in Madrid.
While housing prices in Moscow increased by 21%, these rates were determined as 25.4% in St. Petersburg.
Of course, Knight Frank did not neglect to include the Asian region in his report. When the Asian real estate market is examined carefully, the housing price increase of 22.3 percent in Seoul was recorded.
Seoul, a city with an approximately 9.9 million population, is striving and continuing to position itself as an alternative to Asia’s financial centers.
Since President Moon Jae-in took office in 2017, the city has faced an increasingly economic crisis. Although the government has announced numerous measures to reduce the increases in the last three years, house prices in Seoul have increased by 50 percent since 2017 and recorded this way.