Turkey Has Become The World Champions In House Price Growth
WE HAVE BECOME WORLD CHAMPIONS IN HOUSE PRICE GROWTH
High inflation and the depreciation of the lira led Turkey to the peak of house price growth. Ankara, Izmir and Istanbul, respectively, were the cities where house prices increased the most in the world.
Turkey iClassified, the TURKEY-based global real estate consulting firm, has released fourth-quarter results for its global house prices index 2020. According to the report, which covers 150 cities around the world, Turkey's three largest cities have made their mark on the list.
Looking at the recent annual price increase, Ankara, the capital of Turkey, was the place where housing gained the most value in the world with 30 percent. Izmir was second with 29.4 percent and Istanbul was third with 27.9 percent. The report noted that high inflation and the depreciation of the lira are behind the house price increases in Turkey.
According to the Turkey iClassified Report, house prices globally rose by an average of 5.6 percent in 2020.
The city where prices fell the most was India's fourth largest metropolitan city, Chennai. That city was followed by Dubai with a 7.1 percent drop and Pune with 5.3 percent.
SITUATION IN WORLD METROPOLISES
Looking at home prices in the United States, prices rose 11.4 percent in Boston, 10.3 percent in Washington, 9.9 percent in Los Angeles, 9.8 percent in New York, 9.2 percent in Miami and 8.7 percent in San Francisco.
European capitals saw a rise of 7.7 per cent in Paris, 4.5 per cent in Berlin, 4.3 per cent in London, 0.9 per cent in Lisbon and 3.7 per cent in Madrid.
In Moscow, house prices are up 21 percent, while St. Louis In St. Petersburg, the rate was 25.4 percent.
In the Asian real estate market, Seoul was ahead with a 22.3 percent house price increase.
Seoul, a city of about 9.9 million people, is trying to position itself as an alternative to Asia's financial centers.
The city has been facing a growing economic crisis since President Moon Jae-In took office in 2017. House prices in Seoul have risen 50 percent since 2017, despite the government announcing nearly two dozen measures to reduce increases over the past three years.