Beyond Borders: Top 10 Cities with Skyrocketing Property Prices

The latest Global Residential Cities Index report has shed light on some remarkable trends in the global real estate market. The report, which tracks property prices in over 100 cities worldwide without adjusting for inflation, reveals that the average housing cost has increased by a staggering 2.3% in the past year (from Q3 2022 to Q3 2023).

Interestingly, this marks the third consecutive quarter of positive growth. However, the real standouts are the cities that have witnessed unprecedented surges in real estate prices, far exceeding expectations.

Let’s take a closer look at the top 10 cities with the fastest-growing property markets:

1. Ankara, Türkiye (+102.7%):

The capital of Turkey has emerged as the global leader, showcasing a remarkable 102.7% increase in housing prices, driven by its dynamic economy and investor appeal.
2. Istanbul, Türkiye (+77.6%):

Not to be outdone, Istanbul, the neighboring city, has also made its mark on the global real estate scene, recording a staggering 77.6% rise in home prices over the past year.
3. Dubai, UAE (+18%):

Despite its already high price points, Dubai has managed to surprise the market with an 18% increase, cementing its status as a premier destination for global investors.
4. Zagreb, Croatia (+14%):

The Croatian capital has witnessed stable economic growth, which has translated into a 14% rise in property prices, securing its place in the top 10.
5. Athens, Greece (+12%):

The historic city of Athens, with its rich cultural heritage, has also experienced a 12% surge in real estate prices, showcasing its continued appeal.
6. Vilnius, Lithuania (+11.6%):

Vilnius, the Lithuanian capital, continues to impress with its dynamic real estate market, recording a growth of 11.6%.
7. Warsaw, Poland (+10.6%):

The Eastern European gem of Warsaw has provided investors with lucrative opportunities, delivering a 10.6% increase in house prices.
8. Perth, Australia (+9.7%):

The Australian city of Perth has also joined the global trend of rising property prices, with a 9.7% increase.
9. Sofia, Bulgaria (+8.8%):

The capital of Bulgaria, Sofia, has surprised the world with its economic recovery and an 8.8% rise in property prices.
10. Philadelphia, USA (+8.6%):

Rounding out the top 10 is the North American city of Philadelphia, which has demonstrated stability and a 8.6% growth in real estate prices.
These cities have become the focus of investor attention and housing searches, offering unique opportunities for successful real estate investments in the global market.
But the real question is, “How does Manama’s real estate market stack up against the world’s top-performing cities?” We’ll dive deeper in the next blogs.