Global house prices continued to increase but the top performing markets are seeing a slowdown in the rate of price growth as major economic and political issues in Russia, China and Brazil, as well as the looming Brexit vote and US elections continue to have an adverse impact.
Once again, Turkey topped Knight Frank’s Q1 Global House Price Index - the fourth consecutive quarter - but annual growth slowed from 18% last quarter to 15%.
Strong performing markets in Australia and New Zealand also saw prices rise at a lower rate of growth.
The Index also revealed that property prices in the key Asian markets are struggling to find traction, while economic headwinds still persist in the Eurozone.
“Twelve of the bottom 20 rankings are occupied by European countries and of these, nine are members of the Eurozone,” said Kate Everett-Allen (right), of international residential research at Knight Frank.
Despite the sluggish nature of markets across much of Europe, Sweden is emerging as one of the index’s few engines of growth, with house prices up 12.8% year-on-year.
"Some Nordic countries, together with some Baltic states, stand out as rare hotspots," Everett-Allen added.
Russia/CIS is now the weakest performing region in the world.
Knight Frank Global House Price Index, Q1 2016
Ranked by annual % change
|Rank||Country||12-month change (Q1 15 - Q1 16)||
Quarterly direction of annual price growth