While housing prices continued to rise in many countries during the third quarter this year, Korea turned out to be the country that posted the biggest fall globally in average housing prices during the period.
According to U.K.-headquartered real estate company Knight Frank’s quarterly “Global House Price Index” published for Q3 this year, Korea’s housing prices fell by 7.5 percent in nominal terms during the quarter, compared to a year ago. It is the largest loss ratio logged among 56 countries and territories that the real estate company surveyed.
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The Global House Price Index published quarterly by Knight Frank tracks the movement of mainstream residential prices across 56 countries and territories worldwide. The index tracks nominal prices of housing prices, using official statistics, in local currencies.Out of the 56 surveyed, only six countries and territories ― Korea, mainland China, Hong Kong, Peru, New Zealand and Morocco ― posted a nominal fall in their average housing prices during the third quarter, compared to 12 months earlier.
Twenty-one countries of the 56 surveyed logged double-digit growth in their average nominal housing prices. Turkey topped the chart with a 189.2 percent increase, followed by Estonia’s 27.3 percent jump, Hungary at 23.7 percent and both Czech Republic and Iceland at 22.6 percent.
Source:Korea Times
