Turkey's biggest cities leading in Global House Price Index

The Knight Frank real estate agency has published the list of cities with the highest rate of annual house price growth that included 150 cities of the world.

Report informs, citing Forbes, that Turkey's three cities - Ankara (+30.2% a year), Izmir (+29.4% a year), Istanbul (+27.4% a year) - are leading among the top ten cities, which posted the highest growth in house prices in Q4, 2020. According to Knight Frank, the price hike in the country is fuelled by high inflation and depreciating national currency.

The rest cities in the top ten are outside of Europe and include Oakland and Wellington (New Zealand), Seoul (South Korea), Ottawa and Galifax (Canada), Moscow, and St.Petersburg (Russia).

Europe has seen a gap between French and German cities on the one hand and Spanish and Italian cities on the other hand. According to Knight Frank's calculations, while the former post a 7-10% growth, Madrid saw a 3.7% decrease. Milan has been an exception, where the prices showed a 6.7% growth.