The Global Property Guide portal has carried out a new study ranking the countries with the fastest growth in property prices.
Data for the second quarter of 2024 from 74 countries around the world were used for the analysis.
As a result, the strongest annual growth in inflation-adjusted house prices was recorded in Egypt (+16.74%), the UAE (+16.75%) and Montenegro (+16.59%). The top ten also included:
- Israel (+12.94%)
- Georgia (+12.49%)
- Bulgaria (+12.30%)
- Poland (+11.61%)
- Hungary (+9.86%)
- Russia (+9.81%)
- Taiwan (+9.21%)
On the contrary, the largest year-on-year falls in property prices were recorded in countries such as:
- Argentina (-71.61%)
- Jamaica (-16.12%)
- Turkey (-14.69%)
- Hong Kong (-14.12%)
- Macau (-13.62%)
- Luxembourg (-13.43%)
Global Property Guide found that house prices rose in 39 countries and fell in 35 countries that published housing statistics in the second quarter of 2024. Looking more closely at the cost of 1 m2 of housing by city, the places in the list were distributed as follows
- Zurich - 17 284 euros
- Luxembourg - 11 322 euros
- London - 9 540 euros
- Paris - 9 430 euros
- Amsterdam - 8 384 euros
- Oslo - 7 935 euros
- Vienna - 7 555 euros
- Stockholm - 7 220 euros
- Copenhagen - €7 014
- Milan - €5,433
- Dublin - €5,346
- Verona - €5,039
- Helsinki - €4,993
- Prague - €4,987
- Madrid - €4,684
Interestingly, despite the rapid growth in property values in recent years, house prices in Cyprus remain very competitive. According to Global Property Guide, the average cost of 1m2 of property in Nicosia was €2,735 in the second quarter of 2024. This is significantly lower than in other cities in Europe and even the world.
Cheaper apartments can only be bought in Budapest (€2,716 per 1m2), Vilnius (€2,614 per 1m2), Riga (€2,264 per 1m2), Athens (€2,120 per 1m2) or Portugal (€1,763 per 1m2).