The most recent data from Knight Frank show that house
prices in the main cities of the world are rising at an average pace of less
than 10% in the summer of 2022 compared to the same period of the previous
year. But Lisbon and Porto are exceptions to the rule: in the Portuguese
capital, houses were 11.4% more expensive and in Porto, they rose by 15.7%.
House prices rose in the vast majority of the 150 cities
analyzed in the Global Residential Cities Index, having recorded an average
increase of 9% in the third quarter of 2022 compared to the same period last
year.
The Turkish cities of Istanbul, Ankara and Izmir saw prices
rise between +186% and 212%. Completing the top 5 of the biggest
increases in house prices are Miami (USA) and Riyadh (Saudi Arabia), registering
increases of 28.6% and 25.0%, respectively, reveals the Knight Frank index.
Several European cities also registered increases in housing
prices during this period, as is the case of:
- Vilnius (Lithuania): house prices rose by 25.0%;
- Tallinn (Estonia): +23.0%;
- Reykjavik (Iceland): +20.7%;
- Bratislava (Slovakia): +19.3%;
- Prague (Czech Republic): +18.5%
- Sofia (Bulgaria): +17.3%.
Houses also became more expensive in the Portuguese cities
included in this ranking. In Porto, prices rose 15.7%, placing Porto in 22nd
position. In Lisbon, buying a house was 11.4% more expensive between the summer
of 2021 and the same period of 2022.
Knight Frank's data also shows that house prices have fallen
in 16 cities around the world, four more than in the last quarter. The biggest
declines in house prices were registered in Wellington (-17.3%), Auckland (-11.2%), and Buenos Aires (-9.8%).