Knight Frank – Global House Price Index 1Q 2024

Global house prices saw a boost in the first quarter of 2024, with annual growth reaching 3.6% across 56 markets tracked by Knight Frank. This increase from the previous quarter was fueled by declining debt costs and limited available stock. However, the growth remains below the 20-year long-run trend rate of 5.6%. Real house price growth is still negative in many markets due to elevated inflation levels. Turkey leads the index with significant domestic inflation affecting the housing market, while Bulgaria, Poland, Colombia, Taiwan, and Greece are also experiencing double-digit growth. The Australian market has seen a turnaround with 7.5% growth in the past 12 months, but prices fell by 1% in the last quarter. The US has shown strong growth at 6.5%, while the UK's growth slowed to 1.6% as high debt costs impact affordability. European markets are experiencing price falls, with France and Germany particularly affected by slower economic growth and high inflation. Hong Kong has seen a significant fall of 11.6% in prices due to a sluggish economy.