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Inside the Market / Market Stats

Has France Outpaced Global House Price Growth this year?

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A study of global house price growth reveals whether France’s recent property boom is the norm, the exception, or nothing special at all. 

House prices in France have seen unexpectedly high price growth in the early part of this year. But how do the figures compare to 50 other countries around the world? Global real estate agency Knight Frank has looked at global house price growth over the last 3, 6 and 12 months.

While the recent price growth in France is good news it does not even hold a candle to the leaders of the pack. Eleven countries have seen above 10% growth, with Iceland (+17.8%), Hong Kong (+14.4%) and New Zealand (+13.8%). France’s figure is 2.9%, half of the average and 39th out of 50.

Of the 50 countries, the first quarter of 2017’s top growers looks a little different, with an East European renaissance. Estonia (+5.5%), Lithuania (+5.4%) and Russia (5.3%) lead the rankings for the January-February-March. France’s quarter growth is 1%, meaning it sits roughly in the middle of the rankings for this period as many countries have seen falls in 2017.

The average among the 50 countries looked at is 6.5% house price growth over the last 12 months. To explain this performance, Knight Frank cites low interest rates, strong economic growth and property becoming a more popular investment target.

See the full table of global house price growth below. Figures are to April 1, 2017.

Country12 month change6 month change3 month change
Iceland17.8%9.1%4.8%
Hong Kong14.4%8.9%2.6%
New Zealand13.8%3.5%0.4%
Canada13.5%3.2%2.3%
Turkey13.3%5.6%3.4%
Malta12.6%8.6%1.2%
Czech Republic11%7.4%4.7%
Estonia10.7%8.2%5.5%
Hungary10.5%6.9%4.5%
China10.3%3.2%1.3%
Norway10.1%3.8%3.8%
Ireland8.8%3.9%2.5%
India8.3%3.9%2.3%
Colombia8.3%3.6%1.4%
Sweden8.2%2.5%2.1%
Bulgaria8.1%4.0%2.4%
Lithuania8.0%8.4%5.4%
Romania8.0%1.4%1.9%
Latvia7.9%4.3%3.0%
Australia7.7%5.7%4.1%
Slovakia7.6%2.8%2.1%
Slovenia7.6%1.9%0.9%
Germany7.6%2.6%-0.2%
Luxembourg7.5%2.0%2.9%
Mexico7.4%2.4%0.3%
Netherlands7.2%3.1%2.4%
Israel6.4%2.9%0.1%
Poland5.9%--
United State5.8%1.5%1.2%
South Africa5.6%2.2%2.2%
Portugal5.6%2.9%0.6%
Malaysia5.5%1.9%-0.7%
Austria4.6%-0.5%0.4%
Russia4.6%4.9%5.3%
United Kingdom4.1%1.8%1.1%
Denmark3.7%0.5%-0.2%
Chile3.7%-1.2%-0.7%
Jersey3.2%-0.8%-2.5%
France2.9%0.3%1.0%
Indonesia2.6%1.6%1.2%
Belgium2.6%2.2%-0.4%
Switzerland2.4%1.8%1.0%
Spain2.2%1.7%0.9%
South Korea1.2%0.6%0.0%
Croatia0.8%0.5%-0.6%
Finland0.6%-1.8%-2.3%
Brazil0.5%0.5%0.2%
Italy0.1%0.1%0.0%
Japan-0.2%-0.2%-0.2%
Morocco-1.2%-1.8%-1.2%
Cyprus-1.3%-0.4%0.1%
Taiwan-1.7%0.9%2.6%
Greece-1.8%-0.3%-0.6%
Singapore-2.0%-0.8%0.0%
Ukraine-9.4%-4.9%-1.9%

Iceland’s recent decision to lift capital controls has spurred a flurry of foreign investment which partly explains its strong upward price trend. While France is some way behind other G7 countries, many have hopes pinned on  the new internationalist, pro-business president to undertake fundamental reforms to liberalize France’s struggling economy.

image © Pixabay

 

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