Home prices in cities across the globe continue to climb, with an average annual price increase of 11.5% across 150 cities studied in
Global Residential Cities Index Q1 2022, released Monday. That number represents the highest rate of growth since the third quarter of 2004.
Overall, 43% of cities studied saw price growth above 10% in the first quarter, with Istanbul seeing the steepest increases, at 122%. Halifax, Canada, saw the strongest year-over-year performance of any North American city, with annual price growth of 34.7%, according to the report.
The data from cities mirrored broader global trends, with Turkey seeing annual price growth of 110%, the highest of any country, according to Knight Frank’s Global House Price Index Q1 2022, also released Monday. Across 56 countries studied, the average annual price increase was 10.2%, and in North America, prices increased by an average of 18.6% in the first quarter.
In spite of migration to rural and suburban areas since the start of the Covid-19 pandemic, 94% of cities studied saw price increases in the first quarter, with urban price growth generally outpacing growth in national markets.
In the U.S., Phoenix (32.9%); Miami (29.7%); San Diego, California, (29.1%). and Dallas (28.8%) saw the steepest price increases.
Globally, only nine cities saw price reductions in the first three months of the year, including Turin, Palermo, Florence and Genoa in Italy, and Lima in Peru. South Korea saw the most dramatic slowdown in its rate of price growth in the past six months, dropping from approximately 25% to 11.1%.
While interest rates are expected to continue rising in markets across the globe, most will experience a “soft landing,” according to the report, with housing supply remaining low and homeowners still willing and able to spend greater amounts on housing than they were pre-pandemic.
This article originally appeared on Mansion Global.