Top three cities in the world with highest increase in housing prices are from Turkey

In the first quarter of 2023, the three cities with the highest increase in housing prices among 150 cities worldwide are Ankara, Izmir, and Istanbul, all of which are in Turkey.

According to a news article on int’l media, in the first quarter of 2023, housing prices in Turkey increased by 133% compared to the same period in 2022. In some countries, including Germany and Britain, housing prices have decreased.

As the crisis in the housing and rental market deepens in Turkey, the government is trying to alleviate the problem with new measures. During a period when official inflation exceeded 70%, the government’s imposition of a 25% limit on rent increases brought landlords and tenants into conflict.

According to the Global House Price Index by an international real estate consultancy firm which analyzed 56 countries and regions, housing prices in Turkey increased by 132.8% in the first quarter of 2023 compared to the same period in 2022.

After North Macedonia which is in the second place (18.8%), we can see Croatia (17.3%), Hungary (16.6%), and Lithuania (15.3%) follow in the ranking of highest increases.

Here are the growth rates in some other countries: Greece 14.5%; Bulgaria 9.5%; Japan 6.8%; France 2.7%; and the United States 0.7%. Housing prices have fallen in some regions, especially in European countries. While housing prices decreased by 1% in Germany, the rate was 3.1% in Britain and 8.8% in Sweden.

The index also examines price changes in 150 cities. Three major cities in Turkey are on the list. Ankara (135.3%), Izmir (133%), and Istanbul (127.3%) are the cities with the highest increase in housing prices among the 150 cities listed.

In fourth place, the increase in Zagreb was 22.5%. Housing prices in Tokyo increased by 7.5%, while the rate was 3.4% in New York, 1.4% in Barcelona and London, and 0.6% in Rome.