According to data from the third quarter of IMF Global Housing Monitoring Report of 2020, the country had the highest increase in housing prices compared to the same period of the previous year Turkey with an increase of 13.1%. According to the report covering 63 countries, Luxembourg was second with an increase of 12.7 percent, while Croatia was third with an increase of 9 percent.
While house prices in Germany, Austria, Poland, Portugal and the Netherlands increased by 7 percent, the country where house prices decreased the most was Qatar with a decline of 5.8 percent. India and Saudi Arabia follow Qatar with a decrease of 5.4.
The reason for the rise in house prices in Turkey during the said period was the increase in loan growth with the low interest rate campaign. Interest rates on housing loans, which were attracted to historic depths led by public banks, increased demand and raised prices,
This situation was also reflected in IMF data. In 2020, Turkey was the first among 43 countries in growth of real housing loans with an increase of 18.1 percent. China was second with 13.4 percent, Hungary was third with 11.7 percent. The country where loan growth slowed the most was Mexico, with a decline of 7.1 percent.
THE RECORD WAS RECORDING
The IMF Global Home Price Index reached its highest level in its history since the third quarter of 2020. The index, which was accepted as 100 for the year 2000, broke the record by showing 169.7 in the third quarter of 2020.
Housing prices increased by 5.8 percent in Russia, 5.7 percent in Canada, 4.8 percent in the United States, 4.6 percent in France, 2.3 percent in England and 0.2 percent in China.