Rating: Turkey, Ireland and other leaders of the property prices' growth

Sept. 17, 2014

Rating: Turkey, Ireland and other leaders of the property prices' growth

There are 12 of the 14 European countries with the annual decline in real estate prices, the ee24.com informs citing the Global House Price Index by Knight Frank. In Q2 2014, the negative dynamics were observed in Slovakia, France, Finland, Hungary, Croatia, Romania, Spain, Italy, Slovenia, Greece and Cyprus.

Half of the representatives of the top ten are European countries. A rapidly developing Turkey ranks second place (14%), followed by an unexpected leader in recent years Ireland (12.5%), which held the penultimate place in the same rating in Q3 2012, when Greece was the worst. Also a good price growth was in the UK (11.6%), Estonia (9.9%) and Iceland (8.4%). It's noteworthy that Dubai tops the list of Knight Frank for five consecutive quarters with a 24% increase in prices in Q2 2014.

The average annual property prices' growth in the world fell from 7.1% in March 2014 to 5.2% in June 2014, while the quarterly dynamics increased from 0.6% in Q1 2014 to 1.6% in Q2 2014, according to the survey.

Global House Price Index, Q2 2014

Country

Annual change, % Q2 2013 - Q2 2014

6-months change, % Q4 2013 - Q2 2014

Quarterly change, % Q1 2014 - Q2 2014

Data time (if not Q2 2014)

1

Dubai

24.0%

7.4%

3.9%

2

Turkey

14.0%

7.9%

4.7%

3

Ireland

12.5%

5.4%

6.8%

4

Columbia

12.3%

6.3%

4.6%

Q1 2014

5

UK

11.6%

5.8%

2.9%

6

Brazil¹

10.8%

4.0%

1.8%

7

Australia

10.1%

3.4%

1.8%

8

Estonia

9.9%

4.4%

-0.5%

9

Iceland

8.4%

3.2%

2.1%

10

Israel

8.2%

5.4%

2.5%

Q1 2014

11

Malaysia²

8.0%

0.9%

0.3%

Q1 2014

12

Indonesia

7.4%

3.2%

1.7%

13

Taiwan

6.9%

3.9%

2.4%

14

Poland

6.8%

-2.1%

0.3%

15

Malta

6.8%

5.7%

1.8%

Q1 2014

16

South Africa

6.7%

3.4%

0.5%

17

Sweden

6.6%

4.1%

2.5%

18

Lithuania

6.4%

16.7%

8.7%

Q1 2014

19

USA

6.2%

4.3%

3.1%

20

New Zealand

6.2%

1.7%

-1.3%

21

Latvia

6.0%

3.9%

1.4%

22

Austria

4.8%

4.2%

2.3%

23

Jersey

4.8%

6.4%

4.6%

24

Canada

4.4%

2.9%

2.2%

25

Luxembourg

4.3%

2.7%

0.0%

Q1 2014

26

China

4.3%

0.4%

-0.6%

27

India

3.8%

4.5%

2.1%

Q1 2014

28

Mexico

3.4%

2.4%

0.7%

29

Russia

3.2%

1.4%

2.0%

30

Hong Kong²

2.5%

0.9%

1.3%

31

Denmark

2.3%

0.6%

0.3%

Q1 2014

32

Netherlands

2.3%

1.1%

0.9%

33

Czech Republic

1.5%

0.7%

1.1%

Q1 2014

34

South Korea

1.5%

0.9%

0.3%

35

Switzerland

1.5%

-0.3%

0.7%

36

Norway

1.4%

6.1%

3.8%

37

Morocco

0.4%

-0.4%

-1.9%

Q3 2013

38

Bulgaria

0.3%

0.6%

0.3%

39

Germany

0.2%

1.6%

1.6%

40

Belgium

0.0%

-1.3%

0.2%

41

Portugal

-0.8%

-0.8%

1.3%

42

Japan

-1.1%

-0.5%

0.0%

43

Slovakia

-1.5%

-0.3%

-0.8%

44

France²

-1.6%

-2.1%

-1.0%

Q1 2014

45

Finland

-2.1%

0.7%

0.0%

46

Hungary

-2.4%

-1.6%

-1.0%

Q1 2014

47

Singapore³

-2.4%

-2.1%

-0.8%

48

Croatia

-2.9%

-2.2%

0.6%

49

Romania

-3.3%

-0.1%

0.6%

Q1 2014

50

Spain

-3.5%

-2.2%

-0.5%

Q1 2014

51

Italy

-4.6%

-2.5%

-0.7%

Q1 2014

52

Slovenia

-7.4%

-4.8%

-3.1%

Q1 2014

53

Greece

-7.9%

-3.1%

-1.4%

54

Cyprus

-9.2%

-4.6%

-2.0%

1 Asking price

2 Indicative data

3 The cost of real estate landless

Source: Knight Frank Residential Research, 2014