Average Increase Rate of 12% in 10 Advanced Countries... Overall Average 9.2%
US, Australia, New Zealand, and Canada All Exceed 15%
[Asia Economy Reporter Kim Suhwan] Amid a global trend of rising housing prices, South Korea's housing price increase rate showed a relatively stable pattern in the second quarter.
According to the 'Global House Price Index' by UK real estate information firm Knight Frank on the 19th, South Korea's housing prices in the second quarter rose 6.8% compared to a year earlier.
This increase ranks 31st among the 55 countries surveyed.
South Korea ranked 29th among 56 countries in the first quarter with a 5.8% increase, but its ranking dropped this time.
The overall average increase rate reached 9.2%.
Previously, massive liquidity was injected and low interest rates continued as economic stimulus measures in response to COVID-19, leading to rising real estate prices worldwide.
Turkey, where exchange rates and inflation are unstable, maintained the top spot for the sixth consecutive quarter with a housing price increase rate of 29.2%.
Advanced countries such as New Zealand (25.9%), the United States (18.6%), Australia (16.4%), and Canada (16.0%) led the housing price increase trend. The average increase rate among the 10 advanced countries reached 12%.
Among them, the United States rose 13.2% in the first quarter, marking the highest increase rate since the fourth quarter of 2005, and surged even further in the second quarter.
Australia also recorded its highest second-quarter increase rate since 2003.
This time, 18 countries recorded double-digit increase rates.
Only two countries, India (-0.5%) and Spain (-0.9%), saw housing prices decline in the second quarter.
Including South Korea, the average housing price increase rate of the 10 countries classified as developing countries by Knight Frank was 4.7%, showing relative stability.
Knight Frank reported that signs of weakening housing demand are emerging in some countries, such as a decline in mortgage applications in the United States, and that interest rate hike expectations in countries like New Zealand and the United Kingdom are pressuring buyer sentiment.
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