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Knight Frank Global house price index

The Knight Frank Global House Price Index, which charts the growth and decline of house prices worldwide, lists Cyprus as one of the weakest housing markets above Hungary, Ukraine, Croatia and Greece.

house-price-index1KNIGHT Frank’s Global House Price Index rose by 8.4 percent in 2013 compared with 4.6 percent in 2012, reflecting the upturn in the global economy.

Dubai, China and Taiwan recorded the largest annual increases in mainstream house prices ending the year 35%, 28% and 15% higher respectively.

However, despite Dubai’s outstanding performance in 2013, Knight Frank notes that mainstream prices remain 25% below their 2008 peak.

Thirty nine countries recorded a positive annual price growth in 2013, compared with twenty-seven a year ago.

Europe continues to dominate the lower half of the table but the rate of decline is slowing in countries such as France, Spain and the Netherlands.

Perhaps not surprisingly, the Cyprus housing market weakened 7.3% over the year placing it just outside the bottom four.

Knight Frank Global House Price Index

Rank
Country

12-month % change
(Q4 2012-Q4 2013)

6-month % change
(Q2 2013-Q4 2013)

3-month % change
(Q3 2013-Q4 2013)

Latest data
if not Q4
1Dubai34.8015.30NA
2China127.5010.805.00
3Taiwan15.102.902.00
4Estonia14.505.306.00
5Turkey13.805.702.90
6Brazil312.706.603.50
7Indonesia11.504.101.80
8Colombia11.505.601.90Q3
9United States11.302.80-0.30
10Poland10.209.006.40
11Malaysia210.105.101.30Q3
12Kazakhstan9.404.803.30
13Australia9.305.903.40
14New Zealand9.204.401.80
15Iceland8.705.103.20
16Israel8.602.700.70Q3
17Hong Kong27.700.70-0.20
18United Kingdom7.005.002.70
19Ireland6.406.702.60
20Luxembourg5.501.600.40Q3
21Switzerland4.601.801.20
22Russia4.201.800.50
23Austria4.100.60-0.50
24Sweden4.102.601.10
25Mexico4.100.900.10
26Canada3.801.500.10
27India3.403.402.40
28Latvia3.002.001.20
29South Africa2.802.301.40
30Denmark2.601.60-0.60Q3
31Germany2.50-1.402.10
32Singapore41.90-0.30-0.90
33Belgium1.802.302.10Q3
34Lithuania1.80-8.90-5.40Q3
35Malta1.100.502.00Q3
36Norway1.00-4.40-2.60
37Romania0.80-3.20-2.40Q3
38Morocco0.40-0.40-1.90Q3
39South Korea0.300.600.50
40Portugal-0.500.000.00
41Finland-0.60-3.80-2.70Q3
42Czech Republic-0.90-0.10-0.70Q3
43Bulgaria-1.20-0.20-0.10
44France2-1.400.10-0.70
45Japan-1.60-0.600.00
46Slovenia-2.300.700.10Q3
47Slovakia-2.60-1.30-0.40
48Jersey-2.70-1.50-4.80
49The Netherlands-3.701.200.00
50Spain-4.00-2.20-1.80
51Italy-5.30-1.80-1.20Q3
52Cyprus-7.30-4.80-2.40Q3
53Hungary-7.60-4.90-3.50Q3
54Greece-9.30-4.30-3.00
55Croatia-14.40-0.800.00
56Ukraine-25.90-0.30-2.90
1 Based on Beijing & Shanghai 2 Provisional data 3 Asking prices 4 Island-wide price index for non-landed properties

Established in 2006, the Knight Frank Global House Price Index is the definitive means for investors and developers to monitor and compare the performance of mainstream residential markets across the world. The index is compiled on a quarterly basis using official government statistics or central bank data where available.

Readers' comments

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  • Pippa says:

    Who in their right minds will buy a property in a country which has corrupt lawyers, devious developers, suspect property laws and does not give buyers who have paid in full for their property the title deeds? Until these issues are addressed, and action taken then Cyprus will never restore any confidence in the property market. But the question is does anyone in this or any other government care?

  • Richard says:

    I’m not sure with everything now going on across the entire western banking system & all the impending politics that entails – that these stats are really that valid any longer. Anybody investing now in something that’s risen by over a third in a year smacks of ‘over-heated’ market?

    What’s more important is long-term trending – based on such issues as real drivers for sustained supply and demand, corruption levels and economic/currency strength predictions over at least a decade.

    Pundits and egg-heads have been getting it wrong forever – all of which opens the door to the unscrupulous ‘experts’ who ponce off these indices and predictions to build a ‘pot of gold’ (or should that be a crock of something else) strategy at the end of false rainbows…

  • Costas Apacket says:

    Yeah, I’m absolutely sure that the masters of the dark arts in the LRO’s will use this factual data in their upcoming property revaluation process for future IPT and Title Deed transfer tax calculations.

    Look up, there’s that pig again!

  • Mike says:

    As reported “not surprisingly”, my only surprise is that the market only weakened by 7.3% over the year. I wonder what 2014 will reveal.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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