Turkey Leads House Price Rises During The Pandemic With +29%, While Spain And India Are The Only Markets To Record Declines

spain housing market special

Home sales in Spain rose by +22.9% year-on-year in July to 64,039 units, while the average price per m2 stood at €1,475, up +2.2% yearly, according to the General Council of Notaries.

On the other hand, according to the consultancy firm Knight Frank, which in its Global House Price Index has analysed the evolution of prices in 55 countries from 1Q20 to last spring 2021, in the USA, New Zealand, Canada, Australia, Luxembourg and Sweden housing has risen by more than +15%, above the average (+9.2%). Turkey leads the ranking with an increase of +29%, while India and Spain are the only ones to register decreases, although not reaching -1%.

In fact, Spain is the market with the biggest fall in the global ranking, with a decrease of 0.9%. India is the other lagging country in the list, with a 0.5% decline.

In Europe, Germany ranked seventeenth in the world, with a year-on-year increase of 10.9%, while France recorded a 5.8% increase in house prices, ranking 34th. Italy recorded a 1.7% increase in house prices, while Portugal rebounded by 8.6%.

Although the consultancy firm points to a “real estate boom”, the study also states that the price escalation seems to be coming to an end.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.