Russia Entered Top 10 Countries With Highest Growth in Residential Real Estate Prices

Russia has taken the ninth position in the ranking of countries in terms of growth in residential property prices, TASS reports with reference to the report of the ‘Knight Frank’ International Consulting Group, which analyzed the situation in 56 countries and territories from the end of the Q1 of 2020 to the end of the Q1 of 2021. On average, the change in prices in the countries of the ranking was 7.3 per cent. 

It is noted that the cost of residential real estate in the Russian Federation for the specified period rose by 11.1 per cent. Turkey became the leader of the list, where the cost of housing rose by 32 per cent. It was followed by New Zealand (22.1 per cent). The third place went to Luxembourg (16.6 per cent). Also in the top ten were Slovakia with a 15.5 per cent price change, the United States (13.2 per cent), Sweden (13 per cent), Austria (12.3 per cent), the Netherlands (11.3 per cent), and Norway (10.9 per cent).

Besides, 13 countries recorded double-digit price increases in the Q1 of 2021. The authorities of some countries have already begun to take measures aimed at containing house prices. For example, in New Zealand, China, and Ireland, governments have tightened lending rules, as well as increased stamp duty on second and subsequent real estate purchases.

Ru-Main, 02.06.2021 

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