TAIPEI (Taiwan News) — In the latest global property price rankings, Taiwan was noted for the fourth-highest rise in home prices.
The international real estate consulting company Knight Frank on Monday (Oct. 7) released its “Global House Price Index” for the second quarter of 2024. Turkey ranked first in the world for housing price increases, with a national surge of 46.4% over the past year. Hong Kong experienced the largest drop in housing prices.
The index revealed that Taiwan's housing prices increased by about 3.6% in the second quarter of this year, with a year-over-year rise of around 11.9%, placing Taiwan fourth globally in terms of annual price growth. Over the first and second quarters combined, Taiwan's home prices rose by 7.2%.
The top five countries with the highest year-over-year increases in global housing prices in the second quarter were Turkey (46.4%), Poland (18%), Bulgaria (15.1%), Taiwan (11.9%), and North Macedonia (11.5%). Countries ranking sixth to 10th included Colombia (10.9%), New Zealand (9.8%), Mexico (9.4%), Greece (9.2%), and Croatia (9.1%).
The top five countries with the largest housing price declines over the past year were Hong Kong (-12.7%), Luxembourg (-10.9%), Jersey Island (-9%), Finland (-6.8%), and China (-5.2%).
Knight Frank said that most countries around the world are entering a cycle of interest rate cuts, which will stimulate the rise in housing prices but may lead to policy intervention. In addition, authorities in some countries have begun to play expansions of the housing supply to alleviate the rise in housing prices.
According to the consulting firm, the average global house price growth across the 56 markets it surveyed in the 12 months to the end of June was 3.3%. It said 74% of markets saw a rise in the second quarter, the highest highest such reading in two years.