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Tuesday, May 28, 2024

Turkish house prices more than double after quakes

Property costs globally saw year-on-year growth of 3.6%, according to consultancy Knight Frank

Property prices in Türkiye saw a year-on-year increase of 132% in the first quarter of 2023, according to the Global House Price Index released by real estate consultancy Knight Frank.

House prices in Ankara, Izmir, and Istanbul grew by 135.3%, 133%, and 127.3% respectively, marking the biggest increases across the country.

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The sharp jump in property prices was recorded after a series of powerful earthquakes struck the Turkish-Syrian border region in February, killing more than 51,000 people in Türkiye alone. Ankara has estimated the cost of the damage to be more than $104 billion.

Türkiye topped the global rating of property price increases, followed by North Macedonia and Croatia, where prices surged by 18.8% and 16.6% respectively in the first three months of the year. Hungary (16.6%) and Lithuania (15.3%) rounded out the top five.

According to data tracked by Knight Frank, Greece, Iceland, and Mexico saw home prices increase by 14.5%, 13.4%, and 11.7% respectively, while Portugal (11.4%) and Singapore (11.3%) also made the top ten.

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The consultancy added that the global property market saw year-on-year price growth of 3.6% in January-March, down from a 5.7% increase in the previous quarter.

The Global House Price Index tracks the dynamics of average residential real estate prices in 56 countries around the world. Prices are given in nominal terms and are not adjusted for inflation.