The latest data reveals that the prices of homes for sale in the 56 countries analysed have accelerated again, having risen by 3.3% in the last 12 months to June. Portugal was the 16th country where houses became more expensive with Spain sitting at 21st

The vast majority of the 56 countries that make up Knight Frank’s Global House Price Index recorded increases in house prices in the last year ending in the second quarter of 2024. And homes for sale have become 1.9% more expensive in just the last three months. This fact points to the global strengthening of the sector, with 74% of markets registering price increases in the last three months, the highest in two years

Lower interest rates are supporting rising house prices around the world

Data from Knight Frank’s Global House Price Index shows that it is in Turkey where housing prices have grown the most in the last year (+46.4%). But as the Turkish economy is experiencing a second round of high inflation, prices are falling by around 14% per year in real terms, adjusted for inflation, they further analyse.

Completing the top 5 of the biggest house price rises worldwide is Poland (+18%), followed by Bulgaria (+15.1%), Taiwan (+11.9%) and North Macedonia (+11. 5%). In the case of Poland and Bulgaria, the consultancy admits that the significant growth in housing costs reflects the demographic increase in these two countries and the demand for houses.

Portugal is in the top 20 of countries where house prices rise the most, occupying 16th place, ahead of countries such as Singapore, Brazil, Spain, Japan or the USA. In Portugal, the price of houses for sale grew on average, 6.6% in one year, 5.3% in six months and 2.4% in the last three months.

Spain is 21st in the list of countries where house prices rise the most. In Spain, the price of houses for sale grew on average, 5.7% in one year, 2.9% in six months and 1.6% in the last three months.

The UK is 37th in the list. In the UK, the price of houses for sale grew on average, 1.5% in one year, 3.3% in six months and 1.9% in the last three months.

The price growth in Portugal and Spain shows that the national markets remain attractive for foreign investments

At the end of the list are the 13 countries where homes for sale became cheaper in the last year. Hong Kong leads the countries where prices fell the most (12.7% in one year), followed by Luxembourg (10.9%).

If you are looking to buy a property in Spain or Portugal and need a mortgage, email mark@vci-network.com for the latest criteria