Knight Frank – Global House Price Index, 2Q 2024

The global house price index for the second quarter of 2024 shows an annual growth rate of 3.3%, which is below the pre-Covid trend but has increased since the low in Q2 2023. 74% of markets saw price increases in the past three months, the highest in two years. Turkey leads with 46.4% annual growth, while Hong Kong is at the bottom with prices falling by 12.7%. The US market continues to show strong growth due to falling mortgage rates and limited housing supply. Government intervention in countries like China, Hong Kong, and Poland is becoming more active in boosting access to markets and increasing house building volumes. Rate cutting is supporting rising house prices globally, with the pace of growth limited by central bank activity and government intervention. Recovery in some markets like Shanghai is happening gradually, while others like Mainland China are struggling to achieve growth despite government support measures.