Global House Price Index, Q1 2024

As debt costs slowly start to decline, and with limited stock available for sale, the average annual price growth across the 56 markets tracked by the Knight Frank Global House Price Index reached 3.6% in the twelve months leading up to March this year, an increase from 3.2% in the previous quarter.

The Spanish property market peforms positively with a year on year increase of 4.3% and an increase of 1.3% compared to the last quarter of 2023.

Key findings:

1. Turkey leads our index once again, it has seen a 9.9% increase in real annual price growth, despite 52% nominal growth
2. 82% of all global housing markets are seeing prices grow
3. 3.6% average annual price growth across our index in Q1 2024
4. 1.3% average quarterly price growth across our index in Q1 2024

Liam Bailey, global head of research at Knight Frank said: “House prices have ticked up over the past year in the majority of global markets. Many markets are suffering from a lack of properties to sell as well as slow new-build delivery, leading to relatively healthy demand pushing prices to new highs. In the longer term, however, only lower debt costs will sustain growth.”

The Costa del Sol continues to be a hotspot for real estate, experiencing notable price growth in Q1 2024. In the first quarter of 2024, the Marbella area saw an average of 2.5% rise in house prices with slower price increases for resale property vs new build property (according to Spanish property portal Idealista and the latest report by the Sociedad de Tasación) due to the surge in demand for the latter. This steady increase indicates a robust market with sustained demand.

Read the full report Knight Frank Global House Price Index Q1 2024

Pia Arrieta, 08 Jul 2024 - Intelligence