Almost nine out of ten of countries saw positive annual price growth in the third quarter, while Europe recorded a rise of 5.6% to September.
According to analysis from Knight Frank’s Global House Price Index looking at 56 countries across the world, the growth seen across Europe was up from 2.3% three years ago. Meanwhile, Greece saw a 0.7% increase, raising its chances of finally reaching positive territory over the next quarter after nine years of shrinking prices.
The UK came 42nd in the rankings, with 2.6% house price growth in Q3, just a 1% change from the previous quarter.
Almost 90% of countries tracked by Knight Frank’s index recorded positive annual price growth in the year to September 2017 – but nearly half saw their rate of annual growth slump compared with the previous quarter.
Shrinking markets
The change was most noticeable at the top of the rankings table. “Thirteen of the 15 strongest-performing housing markets around the world registered a slowdown in their rate of annual growth in the year to September,” said Kate Everett-Allen, International Residential Research at Knight Frank.
Iceland maintains its position at the top of the rankings table, with the country’s average prices ending the year to September 20.4% higher, down from 23.2% last quarter.
Hong Kong has also maintained its position of second on the table, but data from the Hong Kong Ratings and Valuation Department shows price growth equated to only 1.7% in the third quarter of this year.
China has slipped from 12th to 19th position in the rankings. Chinese property prices are now rising at their slowest rate for five quarters, up by 6.5% on an annual basis according to the National Bureau of Statistics.
