TAIPEI (Taiwan News) — Real estate prices booked an average rise of 6.9% during the third quarter of 2021, placing Taiwan 23rd on a list of 56 countries, reports said Wednesday (Dec. 15).

International real estate consultant Knight Frank found the increase for the same period averaged 9.4%, CNA reported. The list featured South Korea, with a rise of 23.9%, finishing in first place, with only Malaysia and Morocco registering price declines.

A total of 48% of the countries in the index showed price increases of 10% or more during the third quarter. After adjustments for inflation, South Korea was followed on the list by Sweden with an average hike of 17.8%, while New Zealand placed third with 17%.

When not considering inflationary pressure, Taiwan placed 30th, but after inflation it moved up to 23rd in the rankings. The south and center of the country were more popular than the densely populated north, while there was also a preference for new and future projects at the expense of existing homes, CNA reported.

Despite moves by the government to cool real estate speculation, experts said a fall in average housing prices was still unlikely next year amid low interest rates and construction groups looking to offset rising costs.