Knight Frank – Global residential cities index, 4Q 2023

Knight Frank's Global Residential Cities Index for the fourth quarter of 2023 shows a majority of cities experiencing rising house prices. Over 67% of markets saw price increases, a significant jump from earlier in the year. Most markets are seeing growth of up to 5%, with some surpassing 5%. Turkish cities like Ankara and Istanbul are leading in growth due to high inflation, while Australian markets are showing strong growth, especially in cities like Brisbane, Perth, and Sydney. In the United States, low housing stock is driving prices up in cities like Philadelphia, Los Angeles, and New York. On the other hand, weaker markets are mainly in Europe, with Luxembourg City and Lyon performing the worst. Only three non-European cities are among the lowest-ranked in the index. Despite this, with expected decreases in interest rates later in 2024, Knight Frank predicts continued price increases in most cities throughout 2025.