Not long ago, a report appeared in the public domain Global Residential Real Estate Q4 2023. As you might guess from the title, it presents data for the last quarter of last year. Analysts and representatives of real estate agencies analyzed data during this period to identify the leaders and outsiders in the real estate market. 62 countries were taken for analysis. Where are prices rising and where are they plummeting? We invite you to familiarize yourself with the statistics in order to understand which countries are dangerous to invest in and where you should look for the desired profit in 2024. The indicators will surprise you.
Loss of strength and rates
Adjusting for inflation, a decline in prices was observed in 34 countries. The worst indicators were recorded even in those states that we usually associate with stability and reliability:
- South Korea – -7.65%;
- Latvia (Riga) – -7.68%;
- France – -7.87%;
- Austria (Vienna) – -8.01%;
- Germany – -8.92%;
- Hong Kong – -9.17%;
- Sweden – -11.24%;
- Slovakia – -14.08%;
- Jersey – -14.83%;
- Argentina (Buenos Aires) – -67.08%.
Previously, we compared the investment potential of Germany and France, so in the wake of the decline in real estate prices in these countries, you can manage to acquire a good housing for your family. But you shouldn’t hope for its profitable resale in the near future.
Market leaders according to buyers
28 countries can boast of growing demand, and with it prices. If inflation is taken into account, the top five are as follows:
- North Macedonia – +23.15%;
- Montenegro – +22.69%;
- UAE (Dubai) – +16.34%;
- Georgia – +12.34%;
- Portugal – +9.29%.
If you forget about inflation for a while and analyze the current market situation without taking it into account, the list of countries with the highest price increases over the year will look a little different:
- Türkiye – +75.52%;
- Egypt – +41.86%;
- Montenegro – +27.95%;
- Pakistan (Karachi) – +25.86%;
- UAE (Dubai) – +20.14%.
Turkey’s record figures amazed even the experts themselves. Such dramatic success hit the country due to the influx of foreign investors. The simplified purchase procedure, in which only his documents and money are required from the future owner, is attractive due to its simplicity and accessibility. Confirmation of source of income is not required to be provided, which significantly speeds up and simplifies the process. It is also possible for foreigners to purchase housing with a mortgage. As for Dubai, similar conditions apply in the emirate. An additional advantage is that the investor automatically receives a visa, and when purchasing real estate for a certain amount, he can even apply for UAE residency.