Residential property prices across the world increased on average by 4% in the 12 months to June 2016, with New Zealand, Turkey and Canada witnessing the biggest jump in house prices over the past year, according to a new global ranking.
Once again, Turkey topped Knight Frank’s Global House Price Index, with property price growth of 13.9% year-on-year, followed by 11.2% annual price growth in New Zealand, which is home to the world’s most frantic housing market at the moment, fuelled largely by a sharp rise in demand for property in Auckland where house prices have risen by 15.9% year-on-year.
Other strong performing markets include Canada, Chile and Sweden. Knight Frank found that property prices in the three countries grew between 8.8% and 9.4%.
Meanwhile, once booming property markets in the Far East are slowing rapidly, with China’s average annual growth of 5.9% hiding significant variations at a city level, while the key Asian markets of Hong Kong, Taiwan and Singapore occupy three of the bottom five rankings in the second quarter of the year.
Here are the world’s best and worst performing housing markets
New Zealand* 11.2%
Hong Kong -8.1%
Source: Knight Frank Research