2025年第二季度全球房价指数

2025 Q2 Edition knightfrank.com/research Knight Frank’s Global House Price Index provides a quarterly snapshotof trends in mainstream housing markets across 55 markets Global housing outlook hinges onfurther policy easing 32.8% Turkey’s nominal annual growth – thestrongest in our basket In Q2 2025, mainstream house prices across our55-market basket continued to firm. Gains, however,remain uneven: Europe dominates the upper ranks, withTurkey again topping the table in nominal terms, whileGreater China and several advanced economies lag. 87%share of markets recording positiveannual growth EUROPEdominates the top of our table, led by NorthMacedonia (19.9%) and Portugal (18.1%) At the other end of the table, MainlandChina (-6.4%) and Hong Kong SAR(-6.3%) recorded the largest annualdeclines. Finland (-2.7%), Canada (-1.8%),and Peru (-1.7%) also registered year-on-year falls. Among major advancedeconomies, the picture is mixed butstabilising: the United Kingdom (2.1%),the United States (1.9%), and Germany(2.6%) are modestly positive overthe year, with quarterly momentumgenerally subdued but improving inselect markets. Overall breadth remainssupportive, with roughly 85% of marketsposting positive annual growth. STRONGER GROWTH Global house price growth continuedthrough Q2. The pattern we flagged inearly 2025, modest growth underpinnedby rate cuts, remains intact, thoughrises are measured rather than dramatic.Markets experiencing deeper easingcycles continue to show the strongestsupport, while those contending withstickier inflation and more gradualpolicy adjustments are recoveringmore slowly. Against this backdrop, weexpect a steady, albeit still fragile, upliftin pricing through the second half,contingent on further incrementalpolicy support. -6.4%mainland China records the weakestannual growth Fig 1: The Knight Frank GlobalHouse Price Index 2025 Q2 edition, overall index annual% change “Global house-price growth hasstabilised on the back of earlierrate cuts, with Europe leading thisphase of recovery. But the balanceof risks still rests with inflationand financing costs. A little morepolicy easing would go a longway to convert today’s tentativemomentum into a firmer upswing.” MARKET BY MARKET ANALYSIS Turkey once again leads our index,recording the strongest nominal annualgrowth at 32.8%. However, elevatedinflation means its real annual growthremains mildly negative at -1.7%, despitethe nominal surge. Europe dominates theupper end of the rankings, led by NorthMacedonia (19.9%), Portugal (18.1%),and Bulgaria (15.5%). Beyond Europe,Colombia (10.0%), India (9.4%), andJapan (7.6%) also post solid annual gains. Liam Bailey, Knight Frank’s Global Head of Research Fig 4: Knight Frank Global House Price Index 2025 Q2 edition, markets ranked by annual % change Proportion of markets with rising or fallingannual price change Global central bank policy rates, monthlyhikes vs cuts Keep up to speed with globalhousing markets with our monthlyinternational residential newsletter SIGN UP ONLINE We like questions, if you’ve got one about ourresearch, or would like some property advice,we would love to hear from you. Research enquiriesLiam Bailey+44 7919 303 148liam.bailey@knightfrank.com Press enquiriesAstrid Recaldin+44 20 7861 1182astrid.recaldin@knightfrank.com