Here’s what a R5 million property looks like in South Africa vs London, Australia, New Zealand, US and Portugal

Global house prices are increasing steadily contrary to analysts’ expectations, reports Knight Frank in its latest Global House Price Index Q2 2022.

The global house price index tracks the annual percentage change in nominal price growth. According to Knight Frank, South Africa is ranked 47th out of the 54 listed countries, with a nominal increase of 3.6%.

Turkey had the highest nominal growth at 160%, followed by Slovakia, the Czech Republic and Iceland.

Popular destinations for South African emigrants such as the United States, Portugal, Australia and the United Kingdom, all saw higher increases than South Africa, ranging from 5.5% and upwards.

“51 of the 56 countries and territories tracked continue to register an increase in house prices on an annual basis despite the clouds, or rather storms, on the economic horizon,” said Knight Frank.

Even when looking at the data over the last three months, the figure only drops to 49 countries out of the 56 markets.

According to Knight Frank, as a result of global inflation, house prices in real terms are averaging just 1.6% growth in the year to Q2 2022, down from 6.2% a year earlier.

BusinessTech looked at what R5 million gets you in South Africa and in some of the popular cities around the globe:

South Africa