{"id":4260,"date":"2016-12-12T10:10:18","date_gmt":"2016-12-12T18:10:18","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4260"},"modified":"2016-12-08T10:23:35","modified_gmt":"2016-12-08T18:23:35","slug":"house-prices-around-the-globe-up-5-3-year-on-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/12\/house-prices-around-the-globe-up-5-3-year-on-year\/","title":{"rendered":"House Prices Around the Globe Up 5.3% Year on Year"},"content":{"rendered":"

House prices in key locations around the world increased by 5.3% in the 12 months to September 2016 with turkey seeing the strongest growth, according to the latest global property index.<\/p>\n

Turkey saw property prices rise by 13.9% year on year, followed by New Zealand with growth of 13.5% and Iceland up 12.9%, the data from the Knight Frank index shows.<\/p>\n

Overall the index is at its highest rate for two years and prices have increased in 44 of the 55 countries tracked. But the rate of growth has slowed. Three years ago 22% of countries recorded double digit annual price growth but only 9% fall into this bracket today.<\/p>\n

The index report points out that British house prices have proved resilient following the vote to leave the European Union as lack of supply and low mortgage rates have underpinned price growth. It says that average house prices rose 1.3% in the three months after the referendum and 5.4% in the 12 months to September.<\/p>\n

In the United States average prices now exceed their pre-financial crisis peak in 2006. Indeed, the expected slowdown in US house prices in the run up to the Presidential election failed to materialise. The rise in September of 0.8% month on month was the largest monthly rise since August 2013 contributing to an annual increase of 5.5%.<\/p>\n

It also explains that resurgent house prices in China and Hong Kong have prompted new regulation and taxes to control price inflation. China\u2019s resurgent prices, up 9.3% year on year, are most evident in its largest cities where price inflation has been driven by supply shortages and pent-up demand. Since September more than 20 Chinese cities have introduced new tightening measures aimed at cooling price growth.<\/p>\n

Although house prices in Hong Kong are down 5.5% year on year they accelerated 4.8% between June and September. The report explains that affordability concerns prompted the authorities to act quickly, increasing stamp duty to 15% for residents and non-residents, excluding first time buyers.<\/p>\n

Looking ahead the report suggest that 2017 will be a bumpy ride both economically and politically, with stimulus coming in the form of fiscal rather than monetary policy. \u2018That said, low rates are likely to persist in Europe at least, but hikes in the US will result in a stronger dollar with implications for global capital flows and emerging markets,\u2019 said Kate Everett-Allen, head of international research at Knight Frank.<\/p>\n

House Prices Around the Globe Up 5.3% Year on Year<\/a> by Property Wire<\/p>\n","protected":false},"excerpt":{"rendered":"

House prices in key locations around the world increased by 5.3% in the 12 months to September 2016 with turkey seeing the strongest growth, according to the latest global property … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4260","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nHouse Prices Around the Globe Up 5.3% Year on Year • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/12\/house-prices-around-the-globe-up-5-3-year-on-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"House Prices 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