Major Countries' Housing Prices See Largest Increase in 14 Years... "Korea Ranks 29th"

[Asia Economy Reporter Naju-seok] Housing prices in major countries around the world have shown the largest increase in 14 years.

On the 3rd, Bloomberg News cited the 'Q1 Global House Price Index' by real estate information company Knight Frank to report this. Housing prices in 46 surveyed countries in March this year rose by an average of 7.3% compared to the same month last year. This is the largest annual increase since Q4 2006.

By country, Turkey recorded 32%, New Zealand 22.1%, Luxembourg 16.6%, Slovakia 15.5%, the United States 13.2%, Sweden 13%, Austria 12.3%, and the Netherlands 11.3% in order.

Korea, which recorded the second highest increase rate in Asia, rose by 5.8%, ranking 29th among the surveyed countries. Singapore showed the largest increase in Asia at 6.1%, while Japan (5.7%) and China (4.3%) also showed high growth rates.

Bloomberg News pointed out that the rise in asset values due to large-scale fiscal and monetary policies implemented by countries after COVID-19 is a major background for the increase in housing prices. In addition, some countries such as New Zealand were analyzed to have been influenced by measures such as real estate taxation and loan regulations.