The Turkish cities of Ankara and Istanbul saw the highest house price growth in the world in the past year.
In Ankara, Turkiye’s capital, prices more than doubled by 102.7%, while they surged by 77.6% in Istanbul.
The analysis comes from the Knight Frank Global Residential Cities Index.
Turkiye is currently experiencing rapid inflation, which stood at 61.98% in November, and in that environment a number of Turks are looking to purchase real estate as a way to retain their wealth.
A number of foreigners are also drawn to Istanbul,particularly Russians.
Interest rates are now 42.5% in the country, suggesting many are buying with cash.
Outside Turkiye, Knight Frank said most cities are currently dealing with stretched affordability, while high mortgage costs are a challenge across the world.
London was ranked the 78th city out of 107 in terms of house price growth, as they fell by -1.2% in the UK capital.
Europe has struggled the most in the past year, with the three worst cities for house price falls being Stockholm, Sweden (-12%), Bratislava, Slovakia (-10.3%), and Frankfurt (-10.1%).
Source: propertywire