The property market in the UK has been rampant since the financial crisis, with prices skyrocketing, particularly in the capital London where the average home is worth more than £550,000 ($727,584).
However, compared to many cities around the world, London’s prices are growing at a crawl. Global estate agent and property consultancy Knight Frank released its annual “Global Cities” report on Thursday, looking at the state of the property market in top cities around the world.
As part of the report, Knight Frank analysed data from cities across the world to show the places where so-called mainstream house prices — basically the price of normal homes — are growing the quickest globally. Of the top 10 cities listed by the firm, all saw prices rise more than 15% in last year, with the top city seeing prices rise more than 60% in a single year.
Check out the global cities where prices for the average home grew the most in the last year below.
10. Lucknow, India — 16.1%. Located in the Uttar Pradesh region of northern India, Lucknow has seen major investment from global car giant Honda, which recently opened a new facility in the city. House prices have risen as a result of growing investment in the city.
9. Izmir, Turkey — 16.7%. Izmir, on the western coast of Turkey is another city that has seen substantial investment and infrastructure creation in recent years, driving up house prices. The city has centralised municipal management of utilities, something which is very rare in Turkey.
8. Auckland, New Zealand — 16.9%. House prices in New Zealand’s largest city have surged in recent years, thanks in part to huge numbers of Chinese investors pouring money into the market. A chronic shortage of housing is also partly to blame.