2025年第三季度全球房价指数

Knight Frank’s Global House Price Index provides a quarterly snapshotof trends in mainstream housing markets across 55 markets 2025 Q3 Edition knightfrank.co.uk/research Global price growth edges higheras rate cuts broaden 2.4% House price growth across global markets accelerated in thethird quarter of 2025. The weighted average annual priceincrease among our basket of 55 housing markets rose to2.4%, up from 2.2% in Q2. average annual nominal growth in houseprices across our 55‑market basket (Q3 2025) -0.1% average real annual house‑price growth(Q3 2025) Hong Kong SAR edged down by ‑0.8%year‑on‑year. Overall, 86.3% of trackedmarkets posted positive annual growthin Q3, an increase from earlier in theyear and consistent with the gradualimprovement in headline momentum. STRONGER GROWTH Global house‑price growth strengthenedin Q3 2025, with weighted averageannual growth rising to 2.4% – thehighest reading since Q1 2024. Thiscompares with 2.2% in Q2 and 2.3% inQ1, signalling a steady, albeit modest,improvement in pricing conditions.Monetary policy is providing a tailwind:through Q3 2025, central banks deliveredzero rate hikes and 27 net cuts (‑6 inJuly, ‑9 in August, ‑12 in September),extending the easing phase that beganearlier in the year. This broadening shiftin policy is helping to lower borrowingcosts and support demand across anincreasing share of markets. 86% share of markets with positive annualprice growth (Q3 2025) 27 REAL PRICES ARE STILLUNDER PRESSURE net policy rate cuts globally in Q3 2025(0 hikes; ‑6 July, ‑9 August, ‑12 September) Despite firmer nominal outcomes,global real house‑price growth remainsslightly negative at ‑0.1% year‑on‑yearin Q3 2025. In several markets, inflationcontinues to erode purchasing power,leaving affordability stretched evenas policy rates trend lower. Withmore widespread easing underway, asustained improvement in real growthwill likely require both further policysupport and a clearer downshift inprice pressures. Fig 1: The Knight Frank GlobalHouse Price Index 2025 Q2 edition, overall index annual% change MARKET BY MARKET ANALYSIS Turkey once again tops our indexwith nominal annual growth of 32.2%,although high inflation leaves realgrowth at ‑0.8%. North Macedonia(25.1%) and Portugal (17.7%) completethe top three, while a European cohortdominates the upper rankings: eightmarkets recorded nominal gains above10%, seven of which are in Europe(North Macedonia, Portugal, Bulgaria,Hungary, Croatia, Spain and Slovakia).At the other end of the table, Finlandregistered the largest annual decline at‑9.5%, with Mainland China (‑5.5%) andCanada (‑2.6%) also seeing notable falls. “Nominal growth has edged higheragain as central banks pivottowards cuts, but real gains are stillhard‑won. To see firmer growthinto 2026, policymakers willneed to maintain an easing whileinflation continues to retreat.” Liam Bailey, Knight Frank’s Global Head of Research Fig 4: Knight Frank Global House Price Index 2025 Q3 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