The Greatest Home Price Spikes Are Found In … – NMP Skip to main content

The Greatest Home Price Spikes Are Found In …

Phil Hall
Sep 07, 2016
When it comes to skyrocketing home prices, forget about the Bay Area or the Pacific Northwest

When it comes to skyrocketing home prices, forget about the Bay Area or the Pacific Northwest. Instead, the world leader in home price growth is a nation that is better known to Americans for its political tumult than its residential luxuries.

According to new data released by the London-based real estate brokerage Knight Frank, Turkey holds the distinction of having the greatest year-over-year home price increases, with a nearly 14 percent spike between the second quarter of 2015 and the second quarter of this year. However, the Turkish residential market has seen its price growth slipping—it was previously rising at a 19 percent pace.

In terms of steady home price growth, Knight Frank has crowned a Down Under nation as the top location for more expensive homeownership.

“If we consider real price growth, where inflation is stripped out, New Zealand finds itself in first place with 11 percent annual growth whilst Turkey—with inflation in excess of seven percent—is pushed down into 13th position,” observed Kate Everett-Allen, head of international residential research at Knight Frank.

In its unadjusted house price list, however, New Zealand comes behind Turkey in second, with Canada trailing in third with a 10 percent year-over-year home price increase. Other nations in this top 10 ranking are Chile (9.4 percent), Sweden (8.9 percent), Malta (8.8 percent), Austria (8.1 percent), Iceland (8.1 percent), Mexico (8.0 percent) and Germany (7.9 percent). In comparison, the U.S. ranks 25th at 5.1 percent, just behind the U.K. at 5.1 percent and further behind significantly smaller nations including Israel (7.8 percent), Ireland (6.6 percent) and Luxembourg (6.3 percent). But Everett-Allen predicted the possibility of dramatic near-future changes in the British and American markets.

“The outcome of the U.S. presidential election and the negotiations following the U.K.’s Brexit decision will ultimately determine the confidence of owner-occupiers and the flow of investor capital across a large part of the world in the short to medium term,” she said.

Published
Sep 07, 2016
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021
Servion Taps Sagent For Consumer-First Servicing Tech Stack

A 7-year deal between Servion Mortgage and Sagent will equip Servion with Sagent's tech stack for performing, non-performing, and consumer experience.

Tech
Nov 29, 2021
Guaranteed Rate's Banosian Funds $2B In Total Loan Volume

The mortgage industry shouldn't be surprised by Guaranteed Rate's top loan officer, Shant Banosian, funding $2 billion in total loan volume during a record-breaking year. After all, “The Billion Dollar Man” is one of the top 5 loan originators in the U.S.

Wholesale
Nov 29, 2021