Turkey took the first place in terms of housing price growth and the amount of real estate accumulated by foreigners. These are the data of the global house price index presented in the study of the Knight Frank group for the third quarter of 2022. The study looks at how much house prices rose between the third quarter of 2021 and 2022, before and after inflation.
According to the study, Turkey ranks first among the 56 countries included in the report. Here, the price increase was 189%. Others lag significantly behind: Estonia ranks second with 27%. They are followed by Hungary, the Czech Republic, and Iceland with 23%.
At the opposite pole, by the way, is South Korea, where prices fell by 8%. Also in the negative, housing prices in Peru and New Zealand are unlikely to be affordable for many people willing to move.
The expert also calculated the real increase in prices adjusted for inflation. In the third quarter of 2022, the annual real growth of housing prices in Turkey amounted to 58%, they assure. Israel is in second place with 13%. At the same time, accurate housing prices fell in 33 out of 56 countries. For example, in Finland, they decreased by 8% taking into account inflation, and in Germany by 2%.
In cities, Turkey also excelled – it owns three of the 10 cities in the world where housing prices have increased the most over the past year. These are Izmir, Istanbul and Ankara. Izmir is in second place with a growth of 30%, Istanbul is in ninth place with 26.4%, and Ankara is in 10th place with 25.8%. Among the cities where foreigners buy housing, Istanbul is definitely in the lead; Antalya is in second place. For 9.5 years covering the period 2013-2022, foreigners bought 125,179 houses in Istanbul. In Antalya, this number was 7,465.