Property prices rise fastest in these countries

Dubai: For people with limited incomes, the real estate market in Dubai can be out of reach. After all, it is where a flat or a villa in a posh neighbourhood could cost more than a low-wage earner’s lifetime of savings

However, for those who are flush with cash, the property market may not be one of the costliest at the moment.

A new report indicates that judging by the pace of house price increases posted by prime properties around the world, housing costs in town aren’t something to despair about. In fact, among the 55 locations monitored by the Knight Frank Global House Price Index, Turkey is now one of the markets to reckon with.

Property prices in Turkey went up by 18 per cent in 2015, as more investors increasingly looked to the country’s realty as a “safe haven”. Prices also went up almost as fast in places like New Zealand (up 14.2 per cent), Sweden (12.3 per cent), Australia (10.7 per cent) and Luxembourg (9.2 per cent).

In contrast, sales prices in Dubai dropped by 11 per cent following a rapid rise between 2012 and 2014. According to Jones Lang La Salle in January, it looks like the market has stabilised after cooling down last year.

Source