In a recent interview, the Chief Executive of the Realty Intelligence Institute, He Shichang, highlighted significant findings from Knight Frank’s Global House Price Index for the second quarter of 2024. According to the report, Turkey has soared to the top of the list with an impressive annual increase of 46.4% in property prices, driven largely by severe inflation and currency depreciation. The report outlines that out of 44 countries, most are experiencing rising housing prices, while only 12 have seen declines.

He noted that the countries with the highest price increases over the past year include Poland at 18%, Bulgaria at 15.1%, Taiwan at 11.9%, and North Macedonia at 11.5%. Meanwhile, the latter part of the ranking lists Colombia (10.9%), New Zealand (9.8%), Mexico (9.4%), Greece (9.2%), and Croatia (9.1%).

He emphasized that the global trend of falling interest rates may be fueling this increase in housing prices, but he also cautioned that it might provoke governmental interventions. Additionally, some regulatory bodies are already planning to expand residential supply to help alleviate the rising prices.

On the flip side, He discussed the countries struggling with price declines, with Hong Kong leading the list at a staggering drop of 12.7% over the past year. Luxembourg and Jersey follow, with decreases of 10.9% and 9.0%, respectively. China ranks fifth with a decline of 5.2%, and it has also recorded a 2% drop in the last three months.

This confluence of factors in varied regions illustrates the complex landscape of the global real estate market today.