{"id":363390,"date":"2020-01-04T09:00:50","date_gmt":"2020-01-04T07:00:50","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=363390"},"modified":"2020-01-03T14:05:07","modified_gmt":"2020-01-03T12:05:07","slug":"south-africas-house-price-increases-vs-other-major-countries","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/363390\/south-africas-house-price-increases-vs-other-major-countries\/","title":{"rendered":"South Africa’s house price increases vs other major countries"},"content":{"rendered":"

Knight Frank has published its Global House Price Index, showing that South Africa’s mainstream residential prices have increased slightly more than the global average over the past year.<\/p>\n

The index shows that prices across 56 countries and territories worldwide are rising at an annual rate of 3.7% on average, the slowest rate of growth for over six years.<\/p>\n

Analysis of the latest available data shows Hungary leads the index this quarter with 15.4% annual price growth, boosted by a robust economy (4.9% GDP growth forecast in 2019), low mortgage rates, high wage growth and a range of government subsidy measures.<\/p>\n

Previous frontrunners from the last two years – Slovenia (18th), Malta (22nd) and Iceland (26th)- have cooled significantly, either due to weaker economic landscapes, affordability concerns or a decline in tourism.<\/p>\n

Seven of the top 10 rankings this quarter are European countries and most are located within Central and Eastern Europe. Here, prices are rising albeit from a low base, economies are strengthening and borrowing costs are close to record lows.<\/p>\n

South Africa ranked 24th on the list of 56 countries with an average 12-month change of 3.8%.<\/p>\n

\"\"<\/a><\/p>\n

Recent data from analytics group Lightstone showed that 261,097 properties were sold in South Africa as of December 2019, totalling R210 billion.<\/p>\n

The town of Noordhoek, in the Western Cape, achieved the average highest transaction prices across the year at R4.5 million.<\/p>\n

The most expensive residential property sold in 2019 was R45.7 million, while the most expensive commercial property sold for R365.5 million.<\/p>\n

\n

Read: These are the top school suburbs in Joburg, Pretoria, Cape Town and Durban<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Knight Frank has published its Global House Price Index, showing that South Africa’s mainstream residential prices have increased slightly more than the global average over the past year.<\/p>\n","protected":false},"author":10,"featured_media":294086,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26,7585],"class_list":["post-363390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline","tag-knight-frank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/363390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=363390"}],"version-history":[{"count":11,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/363390\/revisions"}],"predecessor-version":[{"id":363994,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/363390\/revisions\/363994"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/294086"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=363390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=363390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=363390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}