Inflation has sent Ankara’s market soaring, while Istanbul and Dubai followed in a global index of 72 major cities
Across some of the largest global real estate markets, prices are rising most in Ankara, the capital of Turkey, according to a third-quarter report released Wednesday by Knight Frank.
Home prices in the city, which has a population of 5.1 million, were up a whopping 102.7% in the third quarter compared to the same time last year, the property consultant and estate agency said.
Recording annual price growth of 77.6%, Istanbul, the largest city in Turkey with over 15 million residents, placed second in the ranking of 107 cities worldwide.
Dubai secured the third position, with annual gains of 18%, while Zagreb, the capital of Croatia, and Athens, the capital and the largest city in Greece, rounded out the top five, with annual property price appreciation of 14% and 12%, respectively.
As a whole, global housing markets “continue to display healthy price growth, despite the record rise in interest rates since late 2021,” the report said.
Average annual price growth across all the cities collectively increased 2.3% annually in the third quarter, and 72 markets saw prices increase over the 12-months to September.
“The fundamental pillars supporting these prices remain: low stock availability, above-inflation wage growth, elevated household savings and limited new-build construction,” the report said.
Notably, Philadelphia was the highest appreciating U.S. city on the list at No. 10, with price gains of 8.6%; Perth was the best-performing Australian city with values up 9.7% and Glasgow was the top-performing U.K. city with price gains of 4.3%.
