The growth of housing prices in many countries around the world have posted their steepest level in nearly 14 years, buoyed in part by stimulus packages amid the COVID-19 pandemic. 

Bloomberg said on Thursday citing Knight Frank’s Global House Price Index report that an average housing price in 56 surveyed countries as of March was seven-point-three percent higher than a year earlier. It is the highest on-year growth since the fourth quarter of 2006. 

Turkey saw the biggest increase in housing prices in the 12-month period by 32 percent, while housing prices in the U.S. jumped over 13 percent. 

South Korea’s housing prices rose five-point-eight percent in the cited period, placing the nation at 29th, but in Asia, it was second highest following six-point-one percent in Singapore. Japan followed at five-point-seven percent and China logged in at four-point-three percent. 

Bloomberg said massive expansionary fiscal and monetary policies put in place to respond to the economic fallout of the pandemic stoked a property boom worldwide, fueling concerns of of bubbles in the property sector.