Knight Frank Global House Price Index, Q4 2024

Global House Prices Show Modest Growth as Markets Await Rate Cuts

Knight Frank’s latest Global House Price Index Q4 2024 shows a slight acceleration in house price growth across 55 countries, with an average annual increase of 2.6%. Although still well below the long-term trend of 4.8%, this uptick suggests growing stability in global housing markets. As inflation pressures ease and further interest rate cuts are expected in 2025, momentum may continue to build in the second half of the year.

Key Findings:

• Global house prices rose 2.6% annually, well below the 4.8% long-term trend, with further gains dependent on rate cuts.
• Turkey saw 29.4% growth, but real prices fell 10.4%. Bulgaria, Poland, and Portugal led Europe, while China and Hong Kong saw >8% declines.
• Adjusted for inflation, global house prices dropped 3.6% since 2022, marking the biggest decline since the financial crisis.
• Further interest rate reductions in 2025 are expected to boost growth, especially in Europe and North America.

Liam Bailey, global head of research at Knight Frank, says: "Global house prices are currently rising, albeit modestly. The boost to growth from last year's rate cuts has dissipated to an extent, and a further round of cuts is required to enable an increase in the current below-trend growth rate."

Bringing the focus to our area, Málaga province stood out in Q4 2024 with a strong annual increase in residential property prices. According to official figures from the Land Registrars Association, the average price of registered homes reached €2,750 per square metre, up 10.8% year-on-year—well above the national average of €2,164 (+2.4%). This performance not only exceeds global and national growth rates but also reflects the momentum seen in several high-growth European markets.

Read the full report: Knight Frank Global House Price Index Q4 2024.

Pia Arrieta, 10 Apr 2025 - News