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Russia ranks fifteen in Global House Price Index, research says

Turkey, New Zealand and Lithuania topped the rating for the first quarter of 2020

MOSCOW, June 23. /TASS/. Russia ranked fifteen in terms of the housing prices growth rate. The average house price rose by 7.1% in annual terms in the first quarter of 2020, according to The Global House Price Index prepared by Knight Frank consultancy.

Turkey, New Zealand and Lithuania topped the rating for the first quarter of 2020, with the annual price hike in these countries amounting to 15%, 14.5% and 13.8% respectively. In the first quarter of 2019, Russia was thirteen with the annual price increase by 7.2%.

Data were gathered as of the end of March 2020, when the pandemic just gained momentum in Russia, Olga Shirokova from Knight Frank says. "The number of concluded deals declined significantly in April and May both in view of limitations of operations of the Russian Registration Service and in connection with introduction of the lockdown and movement restrictions. Hence the pent-up demand has formed and continues forming," the expert said.