Global cities experienced only modest growth in home values from April through June, as much of the world faced some form of economic lockdown, according to new data.
House prices in 150 urban centers rose by an average of 3.4% in the second quarter of 2020 compared to the same period last year, according to Knight Frank’s Global Residential Cities Index, published on Thursday. While it marked a very slight downtick from the 3.6% annual growth recorded in the first three months of the year, the massive economic disruption caused by the pandemic appears not to have had an immediate impact on city home prices.
Indeed, there were still pockets of extreme growth even in the face of uncertainty, particularly in Turkey, where astronomical price growth in three cities led the entire index. The Turkish port Izmir, the country’s third most populous city, saw home prices shoot up 28.1% in