UK Real Estate Firm: "Korean Housing Prices Up 2.9% in One Year... Ranked 39th Among Major Countries"

[Asia Economy Reporter Naju-seok] South Korea's housing price growth rate ranked 39th out of 56 major countries.

According to the 'Global House Price Index' by UK real estate information company Knight Frank on the 20th, South Korea's housing prices in the third quarter rose 2.9% compared to a year earlier. South Korea's housing prices increased by 0.1% year-on-year in the first quarter of this year, ranking 55th in growth speed, but rose 1.3% year-on-year (45th) in the second quarter. The growth rate accelerated further in the third quarter.

[Image source=Yonhap News]

The country with the highest increase in housing prices was Turkey, which rose by 27.3% over one year. New Zealand (15.4%) and Luxembourg (13.4%) ranked second and third respectively. Following them were Slovakia (11.8%), Poland (10.9%), Ukraine (10.3%), Austria (9.5%), Russia (9.2%), the Netherlands (8.5%), and Croatia (8.3%).

In nine countries including Morocco (-3.3%), Singapore (-0.8%), Malaysia (-0.8%), Hong Kong (-1.1%), and India (-2.4%), housing prices actually declined.

The average price increase rate among the 56 countries was 4.5%.

Knight Frank stated, "The impact of COVID-19 varied by country," adding, "Countries like New Zealand, the UK, and the US showed a rebound in the second quarter, whereas China, France, and Germany experienced only slight increases."

This content was produced with the assistance of AI translation services.