Turkey has the highest annual residential price growth in the world.

Global residential prices are climbing at their quickest rate in nearly three years, according to international property consultant Knight Frank. In 2020, prices are expected to rise by 5.6 percent on average, up from 5.3 percent in 2019. freelancer

In 2020, prices increased in 89 percent of nations and territories, with several emerging markets performing particularly well, including Turkey, which tops the index for the fourth quarter in a row.

The following are some of the key findings:

Turkey has the greatest annual price increase rate in the year leading up to Q4 2020.

The average price change across the 56 nations and territories studied was 5.6 percent.

New Zealand is the best-performing country in APAC, with annual price rise of 19 percent.

The last time the index's annual growth exceeded 5.6 percent was in Q1 2018.

India is the worst-performing country in the year leading up to Q4 2020, with a -3.6 percent performance.

Several markets, notably New Zealand (19%), Russia (14%), the United States (10%), Canada and the United Kingdom (both 9%), have risen in the ranks in the last three months.

Low borrowing rates are fueling demand, while inventory levels are low in some regions, with sellers hesitant to sell until they have found their next home.

Due to the travel prohibitions, demand is coming from domestic buyers who have reviewed their lifestyles since the pandemic struck, with many now wanting home offices and outdoor space.

However, not all markets are improving; Europe is one location where a chasm is forming. Austria (ten percent), Germany (eight percent), and France (six percent) are gaining ground on Italy (one percent) and Spain (two percent) (-2 percent ). Strict price controls, rising unemployment, and a supply surplus in some regions are causing price inflation in several Southern European economies to slow.

Given its relatively effective handling of the epidemic, Asia Pacific's performance remains disappointingly low. Despite the fact that New Zealand is in second place, Japan (5 percent) is in 27th place in the area. In Asia, housing demand and price growth are concentrated in cities rather than across the country.

Annual price increase in Hong Kong and Malaysia both fell into negative territory, and even Singapore's pace of growth was limited at 2.5 percent.

The pace with which the vaccination is implemented and economies reopen will have a direct impact on housing market performance in 2021. Prices may decrease as officials withdraw stimulus measures, leaving employment and mortgages vulnerable, although the lifting of travel limitations may help to mitigate some of this impact.