Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

HAI: Row Houses: 6 Large Cities data was reported at 344.516 NA in Mar 2018. This records an increase from the previous number of 344.181 NA for Feb 2018. HAI: Row Houses: 6 Large Cities data is updated monthly, averaging 355.889 NA from Dec 2008 (Median) to Mar 2018, with 112 observations. The data reached an all-time high of 394.753 NA in Mar 2015 and a record low of 255.344 NA in Dec 2008. HAI: Row Houses: 6 Large Cities data remains active status in CEIC and is reported by Kookmin Bank. The data is categorized under Global Database’s Korea – Table KR.EB042: Housing Affordability Index.

Korea HAI: Detached Houses: 6 Large Cities data was reported at 153.633 NA in Sep 2018. This records an increase from the previous number of 152.677 NA for Aug 2018. Korea HAI: Detached Houses: 6 Large Cities data is updated monthly, averaging 159.098 NA from Dec 2008 (Median) to Sep 2018, with 118 observations. The data reached an all-time high of 186.958 NA in Mar 2015 and a record low of 124.047 NA in Dec 2008. Korea HAI: Detached Houses: 6 Large Cities data remains active status in CEIC and is reported by Kookmin Bank. The data is categorized under Global Database’s South Korea – Table KR.EB042: Housing Affordability Index.

Korea HAI: Apartments: 6 Large Cities data was reported at 143.109 NA in Sep 2018. This records an increase from the previous number of 142.219 NA for Aug 2018. Korea HAI: Apartments: 6 Large Cities data is updated monthly, averaging 158.847 NA from Dec 2008 (Median) to Sep 2018, with 118 observations. The data reached an all-time high of 172.617 NA in Jul 2010 and a record low of 133.492 NA in May 2018. Korea HAI: Apartments: 6 Large Cities data remains active status in CEIC and is reported by Kookmin Bank. The data is categorized under Global Database’s South Korea – Table KR.EB042: Housing Affordability Index.

Hong Kong Affordability Ratio: Private Household: Small & Medium Units data was reported at 63.614 % in Oct 2018. This records a decrease from the previous number of 64.243 % for Sep 2018. Hong Kong Affordability Ratio: Private Household: Small & Medium Units data is updated monthly, averaging 46.973 % from Jan 1994 (Median) to Oct 2018, with 298 observations. The data reached an all-time high of 113.543 % in Jun 1997 and a record low of 19.738 % in Jul 2003. Hong Kong Affordability Ratio: Private Household: Small & Medium Units data remains active status in CEIC and is reported by Centaline Property Agency Limited. The data is categorized under Global Database’s Hong Kong SAR – Table HK.EB021: Residential: Affordability Ratio. Assumptions: unit size of 600 s.f. 60% loan-to-value ratio 20 years mortgage period based on Centa-City (Small/Medium Units) Leading Index's adjusted price Median household income is assumed to be the same as the last quarter.

Turkey, Russia, Portugal, and Latvia were the countries with the highest house price-to-rent-ratio in the ranking in the second quarter of 2024. In all three countries, the ratio exceeded 160 index points, meaning that house price growth had outpaced rents by over 60 percent between 2015 and 2024. What does the house-price-to-rent ratio show? The house-price-to-rent-ratio measures the evolution of house prices compared to rents. It is generally calculated by dividing the median house price by the median annual rent. In this statistic, the values have been normalized with 100 equaling the 2015 ratio. Consequentially, a value under 100 means that rental rates have risen more than house prices. When all OECD countries are considered as a whole, the gap between house prices and rents was wider than in the Euro area. Measures of housing affordability The national house-price-to-rent ratio may not fully reflect the cost of housing in a particular country, as it does not capture the price variations that can exist between different regions. It also does not take into consideration the relationship between incomes and housing costs, which is measured by the house-price-to-income and household-rent-to-income ratios. Taking both these factors into account uncovers vast differences in housing affordability between different regions and different professions.

South Korea's capital Seoul had the highest cost of living among megacities in the Asia-Pacific region in 2024, with an index score of 70.3. Japan's capital Tokyo followed with a cost of living index score of 57.4. AffordabilityIn terms of housing affordability, Chinese megacity Shanghai had the highest rent index score in 2024. Affordability has become an issue in certain megacities across the Asia-Pacific region, with accommodation proving expensive. Next to Shanghai, Japanese capital Tokyo and South Korean capital Seoul boast some of the highest rent indices in the region. Increased opportunities in megacitiesAs the biggest region in the world, it is not surprising that the Asia-Pacific region is home to 28 megacities as of January 2024, with expectations that this number will dramatically increase by 2030. The growing number of megacities in the Asia-Pacific region can be attributed to raised levels of employment and living conditions. Cities such as Tokyo, Shanghai, and Beijing have become economic and industrial hubs. Subsequently, these cities have forged a reputation as being the in-trend places to live among the younger generations. This reputation has also pushed them to become enticing to tourists, with Tokyo displaying increased numbers of tourists throughout recent years, which in turn has created more job opportunities for inhabitants. As well as Tokyo, Shanghai has benefitted from the increased tourism, and has demonstrated an increasing population. A big factor in this population increase could be due to the migration of citizens to the city, seeking better employment possibilities.

The Qatar condominium and apartment market size was valued at XX million in 2025 and is projected to expand at a CAGR of 3.11% during the forecast period, reaching a value of XX million by 2033. The market is driven by factors such as the growing population, rising disposable incomes, and the increasing demand for affordable housing. Additionally, the government's initiatives to support the real estate sector, such as the Qatar National Vision 2030 and the Private Sector Activation Program, are expected to further boost market growth. Key market trends include the increasing popularity of furnished apartments, the rising demand for luxury condominiums, and the growing trend of mixed-use developments. However, market growth may be restrained by factors such as the high cost of living in Qatar, the limited availability of affordable housing, and the potential impact of global economic headwinds on the real estate sector. Major market segments include cities such as Al Wakrah, Doha, and other cities, as well as companies such as Barwa Real Estate, The Pearl, UPO Real Estate, and Al Mana Real Estate, among others. Recent developments include: March 2023: The Investment Promotion Agency Qatar (IPA Qatar) has announced a collaboration with Knight Frank, a global real estate consultancy based in the United Kingdom, to promote Qatar's real estate industry to international investors., October 2022: JLL has signed a deal with Qatar-based real estate agent NelsonPark Property. The partnership aims to facilitate residential real estate transactions in Qatar while supporting investments in the UK, Europe, the Middle East, and Africa.. Key drivers for this market are: 4., Higher incomes support4.; Massive industry change. Potential restraints include: 4., High imbalance in population versus real estate index. Notable trends are: Increase in residential sales as purchasers take advantage of residency permit benefits.

The house price index in Malaysia reached 216.5 in 2023, an increase of more than twofold compared to the base index of 100 in 2010. The price index, which measures the average change in prices over a period of time, indicated that the value of housing in the country continued to increase every year since 2014. Recovery in the housing market Malaysia’s real estate industry was significantly hit by the COVID-19 pandemic but showed signs of recovery in 2022 when the restrictions were finally lifted. Subsequently, the housing market also signaled a positive recovery, with the transaction value of the residential sector growing by approximately 22 percent in the same year. Going into 2024, despite uncertainties in the global economy, the housing market in Malaysia is likely to experience more growth. Demand for more affordable housing Although the real estate market is recovering and the inflation rate in the country has slowed down, the average price of houses reached nearly 450,000 Malaysian ringgit in 2022, an increase of around 12,000 Malaysian ringgit compared to the previous year. According to a survey conducted in the capital city, Kuala Lumpur, the majority of potential home buyers had a housing budget of less than 250,000 Malaysian ringgit. As of 2024, the Malaysian government already has several low-cost housing schemes catered for the B40 lower-income and M40 middle-income groups. Nevertheless, with the rising residential prices and current cost of living, there will be more demand for affordable housing options among home buyers.

HAI：独栋房屋：6座城市在09-01-2018达153.633NA，相较于08-01-2018的152.677NA有所增长。HAI：独栋房屋：6座城市数据按月更新，12-01-2008至09-01-2018期间平均值为159.098NA，共118份观测结果。该数据的历史最高值出现于03-01-2015，达186.958NA，而历史最低值则出现于12-01-2008，为124.047NA。CEIC提供的HAI：独栋房屋：6座城市数据处于定期更新的状态，数据来源于국민은행，数据归类于全球数据库的韩国 – 表 KR.E019：住房支付能力指数（HAI）：韩国国民银行。

As of September 2024, Mumbai had the highest cost of living among other cities in the country, with an index value of 26.5. Gurgaon, a satellite city of Delhi and part of the National Capital Region (NCR) followed it with an index value of 25.1.  What is cost of living? The cost of living varies depending on geographical regions and factors that affect the cost of living in an area include housing, food, utilities, clothing, childcare, and fuel among others. The cost of living is calculated based on different measures such as the consumer price index (CPI), living cost indexes, and wage price index. CPI refers to the change in the value of consumer goods and services. The wage price index, on the other hand, measures the change in labor services prices due to market pressures. Lastly, the living cost indexes calculate the impact of changing costs on different households. The relationship between wages and costs determines affordability and shifts in the cost of living. Mumbai tops the list Mumbai usually tops the list of most expensive cities in India. As the financial and entertainment hub of the country, Mumbai offers wide opportunities and attracts talent from all over the country. It is the second-largest city in India and has one of the most expensive real estates in the world.

HAI：共计：6座城市在03-01-2018达151.728NA，相较于02-01-2018的151.805NA有所下降。HAI：共计：6座城市数据按月更新，12-01-2008至03-01-2018期间平均值为170.204NA，共112份观测结果。该数据的历史最高值出现于03-01-2015，达190.423NA，而历史最低值则出现于12-01-2008，为146.035NA。CEIC提供的HAI：共计：6座城市数据处于定期更新的状态，数据来源于국민은행，数据归类于Global Database的韩国 – 表 KR.E019：住房支付能力指数（HAI）：韩国国民银行。

HAI：公寓：6座城市在09-01-2018达143.109NA，相较于08-01-2018的142.219NA有所增长。HAI：公寓：6座城市数据按月更新，12-01-2008至09-01-2018期间平均值为158.847NA，共118份观测结果。该数据的历史最高值出现于07-01-2010，达172.617NA，而历史最低值则出现于05-01-2018，为133.492NA。CEIC提供的HAI：公寓：6座城市数据处于定期更新的状态，数据来源于국민은행，数据归类于全球数据库的韩国 – 表 KR.E019：住房支付能力指数（HAI）：韩国国民银行。

In 2023, the average price of real estate in China was approximately 10,438 yuan per square meter, representing a decrease from the previous year. Rising prices in the real estate market Since the 1998 housing reform, property prices in China have been rising continuously. Housing in the country is now often unaffordable, especially considering the modest per capita income of Chinese households. Shanghai and Beijing even have some of the most competitive real estate markets in the world. The rapid growth in housing prices has increased wealth among homeowners, while it also led to a culture of speculation among buyers and real estate developers. Housing was treated as investments, with owners expecting the prices to grow further every year. Risk factors The expectation of a steadily growing real estate market has created a property bubble and a potential debt crisis. As Chinese real estate giants, such as China Evergrande and Country Garden, operate by continuously acquiring land plots and initiating new projects, which often require substantial loans and investments, a slowdown in property demands or a decline in home prices can significantly affect the financial situation of these companies, putting China’s banks in a vulnerable position. In addition, due to a lack of regulations and monetary constraints, the long-term maintenance issues of high-rise apartments are also a concern to the sustainable development of China’s cities.

Some of the 21 districts of Spain’s capital city are well far off the 2,800 euros per square meter that Spaniards had to pay on average to purchase a home in 2023. The Spanish capital is home to some of the wealthiest districts of Spain, such as the historic Salamanca district, which topped the list at almost 7,000 euros per square meter. Rents in SpainWhilst Madrid’s districts had the highest prices for residential real estate, the Spanish capital was not the most expensive place to rent. Ibiza topped the list of the least affordable properties to rent, with households hypothetically requiring over 162 percent of their full income to pay off the rent. Located in the Andalusian province of Malaga, Marbella ranked second on the list, with over 156 percent of the full household income. Spain: the rebirth of a property marketAfter a long period of time in which Spain’s real estate prices increased sharply, the market was hit by the global financial crisis of 2007, making the Spanish property bubble collapse and damaging home value. It can be seen that real estate prices in Spain initiated a solid recovery in 2015, reaching 131.9 house price index points in 2021 from a lowest point of 96.27 index points recorded in 2013. The property market has made great progress, but it is still far off the rest of its European counterparts, and it is positioned, in fact, at the bottom of the European list of the EMF’s house price index, which is led by Czechia.