Home prices in Seoul rose by 22% last year, the biggest increase in any major city in Asia
- The average home price in
Seoul, South Korea, rose by 22% year over year in 2020.
- That's the biggest price increase of any major city in Asia, per a new report from Knight Frank.
- Home prices in New Zealand, Turkey, and Russia also saw major increases.
Home prices in Seoul are taking off.
The South Korean city saw a 22% increase in home prices from Q4 2019 through Q4 2020, according to a new report from global wealth consultancy Knight Frank.It's the biggest price increase among all major cities in Asia, and it far eclipses the next-highest price change amongst cities in the region. No other Asian city tracked a greater than 10% increase in the same time period.
The city has faced an increasingly dire affordability crisis since President Moon Jae-in took office in 2017. Despite the government announcing nearly two dozen measures to curb increases over the past three years, home prices in Seoul have risen by 50% since 2017, per a Reuters report.
Skyrocketing home prices in cities across New Zealand and RussiaUrban home prices globally increased by an average of 5.6% in 2020, Knight Frank reported. That's up from 2019, when home prices saw a 3.2% increase.
In a press release, Victoria Garrett, head of residential, Asia-Pacific, for the firm said buyer confidence is expected to grow with vaccine rollout and addressed fears of a
New Zealand's home prices are also taking off, with two major cities - Auckland at a 26.4% increase and Wellington at 18.4% - ranking among the top 10 cities globally. Bloomberg recently reported that the housing market in New Zealand is "brutal," citing a dilapidated bungalow in an Auckland suburb that sold for NZ$1.81 million and a national median home price that's 6.7 times higher than the average annual income.
Russian cities, too, made appearances in the report's top ten rankings with St. Petersburg (25.4% increase) and Moscow (21.2% increase) at No. 5 and No. 7 respectively.For its global residential cities index, Knight Frank tracks the movement in mainstream residential prices across 150 cities worldwide.
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