Global house prices experienced a significant shift in 2022, with advanced economies seeing a notable decline after a prolonged period of growth. The real house price index (adjusted for inflation) for advanced economies peaked at nearly 140 index points in early 2022 before falling to around 132 points by the first quarter of 2024. This represents a reversal of the upward trend that had characterized the housing market for roughly a decade. Conversely, real house prices in emerging economies resumed growing, after a brief correction in the second half of 2022. What is behind the slowdown? Inflation and slow economic growth have been the primary drivers for the cooling of the housing market. Secondly, the growing gap between incomes and house prices since 2012 has decreased the affordability of homeownership. Last but not least, homebuyers in 2024 faced dramatically higher mortgage interest rates, further contributing to worsening sentiment and declining transactions. Some markets continue to grow While many countries witnessed a deceleration in house price growth in 2022, some markets continued to see substantial increases. Turkey, in particular, stood out with a nominal increase in house prices of over 55 percent in the 1st quarter of 2024. Other countries that recorded a two-digit growth include Russia and the United Arab Emirates. When accounting for inflation, the three countries with the fastest growing residential prices in early 2024 were the United Arab Emirates, Poland, and Bulgaria.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2023. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 117.5 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.

Key information about House Prices Growth

• US house prices grew 5.2% YoY in Sep 2024, following an increase of 6.2% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 1992 to Sep 2024, with an average growth rate of 5.5%.
• House price data reached an all-time high of 17.7% in Sep 2021 and a record low of -12.4% in Dec 2008.

CEIC calculates House Prices Growth from quarterly House Price Index. Federal Housing Finance Agency provides House Price Index with base January 1991=100.

In the first quarter of 2024, the United Arab Emirates, Poland, and Bulgaria registered the highest house price increase in real terms (adjusted for inflation). In the United Arab Emirates, house prices outgrew inflation by 16.17 percent. When comparing the nominal price change, which does not take inflation into consideration, the average house price growth was even higher. Nevertheless, many countries experienced declining prices, with Luxembourg recording the biggest decline, at nearly 14 percent. That has to do with a broader trend of a slowing global housing market.

Graph and download economic data for Real Residential Property Prices for United States (QUSR628BIS) from Q1 1970 to Q3 2024 about residential, HPI, housing, real, price index, indexes, price, and USA.

Key information about House Prices Growth

• Japan house prices grew 4.3% YoY in Nov 2024, following an increase of 2.0% YoY in the previous month.
• YoY growth data is updated monthly, available from Apr 2009 to Nov 2024, with an average growth rate of 1.9%.
• House price data reached an all-time high of 10.2% in Apr 2022 and a record low of -9.4% in Apr 2009.

CEIC calculates House Prices Growth from monthly Residential Property Price Index. The Ministry of Land, Infrastructure, Transport and Tourism provides Residential Property Price Index with base 2010=100.

Global House Rent Prices by Country, 2023 Discover more data with ReportLinker!

Key information about House Prices Growth

• Hungary house prices grew 12.2% YoY in Sep 2024, following an increase of 12.9% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2008 to Sep 2024, with an average growth rate of 8.3%.
• House price data reached an all-time high of 24.9% in Jun 2022 and a record low of -7.8% in Dec 2009.

CEIC calculates House Prices Growth from quarterly House Price Index. Hungarian Central Statistical Office provides House Price Index with base 2015=100.

Key information about House Prices Growth

• India house prices grew 2.6% YoY in Sep 2024, following an increase of 6.2% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2011 to Sep 2024, with an average growth rate of 5.1%.
• House price data reached an all-time high of 30.6% in Mar 2011 and a record low of -11.4% in Sep 2020.

CEIC calculates House Prices Growth from quarterly House Price Index. National Housing Bank provides House Price Index with base 2017-2018=100. House Prices Growth covers Mumbai only. House Prices Growth prior to Q2 2014 is calculated from House Price Index with base 2007=100.

This dataset provides values for AVERAGE HOUSE PRICES reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Graph and download economic data for Real Residential Property Prices for Brazil (QBRR628BIS) from Q1 2001 to Q3 2024 about Brazil, residential, HPI, housing, real, price index, indexes, and price.

Global House Standardised Price-Income Ratio by Country, 2023 Discover more data with ReportLinker!

Key information about House Prices Growth

• South Korea house prices dropped 0.2% YoY in Jan 2025, following a decrease of 0.2% YoY in the previous month.
• YoY growth data is updated monthly, available from Jan 1987 to Jan 2025, with an average growth rate of 2.2%.
• House price data reached an all-time high of 21.9% in Aug 1988 and a record low of -13.1% in Nov 1998.

CEIC calculates House Prices Growth from monthly House Price Index. Kookmin Bank provides House Price Index with base January 2022=100.

Graph and download economic data for Real Residential Property Prices for Malaysia (QMYR628BIS) from Q1 1988 to Q3 2024 about Malaysia, residential, HPI, housing, real, price index, indexes, and price.

Graph and download economic data for Real Residential Property Prices for Australia (QAUR628BIS) from Q1 1970 to Q3 2024 about Australia, residential, HPI, housing, real, price index, indexes, and price.

Graph and download economic data for Residential Property Prices for Spain (QESN628BIS) from Q1 1971 to Q3 2024 about Spain, residential, HPI, housing, price index, indexes, and price.

Graph and download economic data for Real Residential Property Prices for Norway (QNOR628BIS) from Q1 1970 to Q3 2024 about Norway, residential, HPI, housing, real, price index, indexes, and price.

Graph and download economic data for Residential Property Prices for Finland (QFIN628BIS) from Q1 1970 to Q3 2024 about Finland, residential, HPI, housing, price index, indexes, and price.

Key information about House Prices Growth

• Switzerland house prices grew 0.9% YoY in Dec 2024, following an increase of 1.9% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 1971 to Dec 2024, with an average growth rate of 2.4%.
• House price data reached an all-time high of 26.2% in Mar 1973 and a record low of -9.0% in Dec 1975.

CEIC calculates House Prices Growth from quarterly Real Estate Price Index. Swiss National Bank provides Real Estate Price Index with base Q1 2000=100. House Prices Growth covers single family homes only.

Portugal, Italy, Ireland, Greece, and Spain were widely considered the Eurozone's weakest economies during the Great Recession and subsequent Eurozone debt crisis. These countries were grouped together due to the similarities in their economic crises, with much of them driven by house price bubbles which had inflated over the early 2000s, before bursting in 2007 due to the Global Financial Crisis. Entry into the Euro currency by 2002 had meant that banks could lend to house buyers in these countries at greatly reduced rates of interest.

This reduction in the cost of financing contributed to creating housing bubbles, which were further boosted by pro-cyclical housing policies among many of the countries' governments. In spite of these economies experiencing similar economic problems during the crisis, Italy and Portugal did not experience housing bubbles in the same way in which Greece, Ireland, and Spain did. In the latter countries, their real housing prices (which are adjusted for inflation) peaked in 2007, before quickly declining during the recession. In particular, house prices in Ireland dropped by over 40 percent from their peak in 2007 to 2011.