Home Prices Double in Turkey’s Capital, Leading the World in the Third Quarter – Mansion Global

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Across some of the largest global real estate markets, prices are rising most in Ankara, the capital of Turkey, according to a third-quarter report released Wednesday by Knight Frank. 

Home prices in the city, which has a population of 5.1 million, were up a whopping 102.7% in the third quarter compared to the same time last year, the property consultant and estate agency said. 

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Recording annual price growth of 77.6%, Istanbul, the largest city in Turkey with over 15 million residents, placed second in the ranking of 107 cities worldwide. 

Dubai secured the third position, with annual gains of 18%, while Zagreb, the capital of Croatia, and Athens, the capital and the largest city in Greece, rounded out the top five, with annual property price appreciation of 14% and 12%, respectively. 

As a whole, global housing markets “continue to display healthy price growth, despite the record rise in interest rates since late 2021,” the report said. 

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Average annual price growth across all the cities collectively increased 2.3% annually in the third quarter, and 72 markets saw prices increase over the 12-months to September. 

“The fundamental pillars supporting these prices remain: low stock availability, above-inflation wage growth, elevated household savings and limited new-build construction,” the report said. 

Notably, Philadelphia was the highest appreciating U.S. city on the list at No. 10, with price gains of 8.6%; Perth was the best-performing Australian city with values up 9.7% and Glasgow was the top-performing U.K. city with price gains of 4.3%.  

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