Romania has advanced from 31st to 15th place in real estate consultancy Knight Frank’s global house price growth.
The residential evolution in Romania has registered a twofold increase in 2016 year-on-year, to 7.8 percent from 3.6 percent and real estate analysts expect this trend to continue.
Overall, Knight Frank’s global index increased by 6 percent in 2016, up from 4.1 percent in 2015 despite the landscape of political and economic uncertainty around the world last year. This was the fastest pace of growth witnessed in almost three years.
The number of residential markets, that have registered price increases, rose from 43 in 2015 to 47 in 2016. Despite strong inflation in 2016, the trend is far from uniform, and many of the cities experiencing the strongest increases in home prices have now seen new lending restrictions introduced, which could in turn curb growth.
House prices in Iceland rose so much last year that the country topped real estate consultancy Knight Frank’s global house price growth list for the first time, with a rise of 14.7 percent.
Long-term frontrunners, Turkey and Sweden, both saw their rate of annual growth decline to 12.1 percent and 6.1 percent respectively. Specifically, a weakening lira, an interest rate rise to 8 percent and recent security concerns have dented household confidence in Turkey.