North America (18.6%) had the largest increase across regions, driven by increases in the US and Canada
The data for the first quarter of the housing price index from the real estate consultancy firm Knight Frank confirm a general increase of 10.2% year-on-year among the 56 countries analysed. In 25 of them there were double-digit increases, with Turkey (110%), triggered by inflation, well ahead of the Czech Republic (25.9%) and Slovakia (22.1%), and among them Portugal (12, 1%). On the contrary, only two countries presented decreases: Malaysia (-0.1%) and Morocco (-7.5%). Spain (4.4%) is among the countries with milder increases, below 5% as in Italy (4%) or Finland (2.1%).
The Global House Price Index of the real estate consulting firm Knight Frank confirms that prices in Europe continued to grow, rising by 11.6% year-on-year during the first quarter of the year. There are 1.4 percentage points above the global average.
Only the North American area (18.6%) had a higher increase than the Europeans, driven by increases in the US (18.8%) and Canada (18.4%). By contrast, the region where prices intensified the least was Asia-Pacific (6.4% year-on-year).
“Despite the increase in prices, the residential market continues at a good time”, according to the consultant. “The elimination of restrictions due to the pandemic has boosted the recovery in housing demand,” they highlight from Knight Frank.
Of the 56 countries analyzed, up to 25 of them, price growth exceeded double digits in their prices. The effects of inflation have shot up the value of houses in Turkey up to 110%, far from the increases, but also worrying in the Czech Republic (25.9%) and Slovakia (22.1%). Behind, the increases of more than 10% in the Netherlands (19.5%), Ireland (15.2%), Sweden (12.8%), Germany (12.5%) or Portugal (12 ,1%). Very close to arriving was the United Kingdom (9.8%), while France reached a rise of 7.1%.
Spain was positioned in the last places with an interannual increase of 4.4%, and occupying position 45 of the 56 countries analysed, similar to the values of Italy (4%) and somewhat higher than those of Finland (2.1%).
Spanish cities, far from the great world rises in the price of houses
On the other hand, the international consulting firm has also presented the Global Residential Price Index, which analyses 150 of the world’s main cities. Istanbul, Ankara, and Izmir occupy the top positions, boosted by Turkey’s 69% inflation, while North American cities occupy 12 of the top 20 positions.
The Canadian city of Halifax (34.7%) is behind the Turkish ones. Americans from Phoenix (32.9%), Miami (29.7%), San Diego (29.1%) and Dallas (28.8%) follow among the largest increases during the first quarter of 2022. The first European city is Bratislava, in thirteenth position, with a rise of 25.1%. The first Spanish city to appear is Madrid (87th place) after registering an increase of 7.2% year-on-year between January and March 2022.
“Madrid is a clearly booming market. With the disappearance of restrictions after the pandemic, the demand for housing in the capital has recovered strongly. The foreign buyer has also done so strongly, limited by the measures to reduce mobility due to Covid-19. Madrid is a city that offers high-level promotions, it is the economic engine of Spain and it has excellent international connections thanks to Barajas airport”, explains Carlos Zamora, director of the Knight Frank residential area in Spain.
Behind Madrid, Valencia (6.6%) and Malaga (6.1%) are also in the Top 100 most outstanding cities. Barcelona (4.3%) and Seville (3.9%) are left out of the hundred largest increases as well as London (4.7%), Milan (4.4%), Paris (3.6%) or Rome (0.8%).
Source: idealista.com
