In 2020, Hong Kong had the most expensive residential property market worldwide, with an average property price of 1.25 million U.S. dollars. The government of Hong Kong provide public housing for lower-income residents and almost 45 percent of the Hong Kong population lived in public permanent housing in 2018.

In 2019, Hong Kong had the most expensive residential property market worldwide, with an average price per square foot of 1,987 U.S. dollars.

Hong Kong

Hong Kong, an autonomous special administrative region of China, has one of the least affordable housing markets in the world. A region with an estimated 7.49 million people, it has become increasingly difficult to purchase a home in Hong Kong. The spoken languages in Hong Kong are Cantonese, Mandarin, and English.

Hong Kong housing market

The housing market in Hong Kong has seen an increase in prices in the past couple years. There are two types of housing unit offers in Hong Kong, private and public. The number of public rental housing units has been consistently rising since 2008. Nearly half of the public rental apartments in Hong Kong as of March 2018 were between 30 and 39.9 square meters. Not only has the number of public rental housing units increased since 2008, so have the private ones. However, there are more private housing units than public ones in Hong Kong. Additionally, the Home Ownership Scheme exists in Hong Kong. It is a government sponsored program that subsidizes public housing in Hong Kong. First created in the late 1970s, it was instituted with two targets in mind. The first was to persuade the richer tenants of these apartments to leave so families in greater need could live there. The second was to allow these families to become home owners, since they did not have enough money to buy in the private sector. Under this program, the government sells apartments to qualified low-income tenants at prices below the market value.

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.

Turkey experienced the highest annual change in house prices in 2024, followed by Russia and the United Arab Emirates. In the first quarter of the year, the nominal house price in Turkey grew by 55 percent, while in Russia and the United Arab Emirates, the increase was 19 and 18 percent, respectively. Meanwhile, several markets, including Hong Kong, Luxembourg, and Germany, saw prices fall. That has to do with an overall cooling of the global housing market that started in 2022. When accounting for inflation, house price growth was slower, and even more countries saw the market shrink.

Geneva, Switzerland, was the most expensive city to buy an apartment in Europe in the first quarter of 2024. The square meter price in Geneva was nearly 15,650 euros in that quarter, about 2,000 euros higher than the second city in the ranking, Zurich. Cost of rent Rents across the major cities in Europe increased significantly in 2023. One of the main factors driving high rents across European cities is the same as any other consumer-driven business. If demand outweighs supply, prices will inflate. The drive for high paid professionals to be located centrally in prime locations, mixed with the low levels of available space, high land, and construction costs, all help keep rental prices increasing. Mortgage rates The average mortgage interest rates across Europe in 2023 were all under five percent, except in Czechia, Romania, Hungary, and Poland. On an individual level, a difference of one percent would most likely mean thousands of euros in interest on the mortgage a person is paying, making timing key in house purchasing. Mortgage interest rates tend to be lower in Nordic countries due to the financial stability and reliability of its borrowers. Other factors that influence the mortgage interest rates include inflation, economic growth, monetary policies, the bond market and the overall conditions of the housing market. More stable markets also tend to have higher average prices.

Graph and download economic data for Median Sales Price of Houses Sold for the United States (MSPUS) from Q1 1963 to Q4 2024 about sales, median, housing, and USA.

This statistic shows the price per square foot in selected prime residential markets worldwide in 2018. Hong Kong was the most expensive residential market globally with average prime residential values of 4,670 U.S. dollars per square foot.

In 2023, the home ownership rate among residents in Singapore was at 89.7 percent, an increase from the previous year. Singapore has high rates of home ownership, despite being among the world’s most expensive property markets. Singapore’s public housing policy hinges on high rates of home ownership Home ownership is seen as key to nation-building in Singapore, and thus makes up the core of its public housing policy. The Home Ownership Scheme, introduced in 1964, provides grants and subsidies to Singaporean citizens planning to purchase a housing unit under the management of the Housing Development Board (HDB). As a result, 80 percent of the residents in Singapore live in public housing. Priced out of the private market? While new HDB units are only available for Singaporean citizens, the resale and private housing market are open to non-citizens as well. Private residential property in Singapore is seen as an attractive and safe investment for many foreign buyers. Luxury private apartments, costing millions of dollars, are unattainable for many residents

In 2024 Tokyo was ranked as the most expensive market worldwide for data center construction. The cost per watt in the Japanese capital was reported at 14.3 U.S. dollars, ahead of Singapore at 13.8 U.S. dollars.

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.

According to Cognitive Market Research, the global Container Homes market size will be USD 62514.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 25005.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 18754.35 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 14378.34 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 3125.73 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1250.29 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
The Sustainable, eco-friendly designs and modular units category is the fastest growing segment of the Container Homes industry

Market Dynamics of Container Homes Market

Key Drivers for Container Homes Market

Container homes offer cost-effective alternatives to traditional housing options to Boost Market Growth

The market for container homes has seen significant growth, driven by various key factors and influenced by some restraints. Container homes offer an affordable housing solution compared to traditional homes, which is one of the most significant drivers. Cost savings are due to using recycled shipping containers, which reduces material costs. This makes it an attractive option for individuals seeking affordable housing or countries with limited access to traditional construction materials. Despite the benefits, container homes often face regulatory hurdles due to building codes and zoning laws. Many regions still have restrictive rules that make it difficult to build container homes without significant modifications or approvals. These legal barriers can slow the growth of the market. The container home market is experiencing growth due to its cost-effectiveness, sustainability, and quick construction times, making it an attractive alternative to traditional housing. However, it faces regulatory hurdles, financing difficulties, and climate control concerns, which could slow down its wider adoption.

Recycled materials and minimal environmental impact attract eco-conscious consumers

The growing demand for recycled materials is driven by increasing consumer awareness of environmental sustainability. Eco-conscious consumers prefer products that reduce waste and promote a circular economy. The minimal environmental impact of recycled materials aligns with efforts to reduce carbon footprints and conserve natural resources. As industries adopt greener practices, eco-friendly alternatives, such as recycled plastics, metals, and paper, attract environmentally-conscious buyers, influencing product choices and enhancing market growth for sustainable goods.

Restraint Factor for the Container Homes Market

Container homes require significant upfront investment for construction

The substantial initial outlay needed for the building is a major barrier to the market for container homes. This covers the price of buying and modifying containers, obtaining licenses, and ensuring that construction codes are followed. The cost may also be increased by expenditures for plumbing, electrical, finishing, and insulation. Although container homes can save money over time, the high initial cost may put off prospective investors or buyers, preventing the industry from expanding widely.

Impact of Covid-19 on the Container Homes Market

The COVID-19 pandemic significantly impacted the container homes market by increasing demand for affordable, flexible, and autonomous housing solutions. Lockdowns and remote work trends prompted a shift towards alternative living options. Container homes, offering mobility, low construction costs, and environmental sustainability, became appealing. However, supply chain disruptions and labor shortages initially hindered production. As the economy recovers, container homes continue to gain traction as a solution for hous...

In Manila, luxury home prices surged by over 26.3 percent between December 2022 and December 2023, making it the fastest growing luxury real estate market worldwide. In the United States, Miami was the market where prices rose the most during that period. Shanghai was the Asia-Pacific (APAC) city that experienced the most price growth in the luxury market, amounting to 8.6 percent.

According to Cognitive Market Research, the global Home Furniture market size will be USD 642514.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 257005.6 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 192754.2 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 147778.2 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 32125.7 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 12850.2 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
The Beds and Mattresses category is the fastest growing segment of the Home Furniture industry

Market Dynamics of Home Furniture Market

Key Drivers for Home Furniture Market

Increasing the Use of Biodegradable and Compostable Materials to Boost Market Growth

The global real estate market is experiencing growth, with many governments promoting affordable housing initiatives and private developers launching new residential projects. This has led to a rise in demand for home furniture to furnish these new homes. According to the National Association of REALTORS, 4.09 million existing homes were sold in 2023. In May 2024, new single-family home sales reached a seasonally adjusted annual rate of 619,000, as the U.S. Census Bureau reported. The Federal Reserve's 2022 Survey of Consumer Finances indicated that 66.1% of families owned their primary residence. Additionally, over 360,000 real estate brokerage firms are operating in the U.S. The booming rental housing market, particularly in metropolitan areas, is also driving demand, with renters seeking affordable, durable, and easily transportable furniture to furnish temporary homes, boosting sales in certain home furniture categories.

Increased Consumer Spending and Urbanization to Drive Market Growth

As disposable incomes rise, particularly in emerging economies such as India, China, and Brazil, consumers increasingly invest in high-quality home furniture. This shift is motivated by the desire to improve living conditions, aesthetics, and comfort. The trend of rapid urbanization is also driving demand for modern homes, which in turn fuels the need for contemporary furniture. People relocating to urban areas are more likely to furnish their homes according to modern styles. Globally, a growing portion of the population resides in cities. In 2012, 52.5% of the population lived in urban areas, and by 2022, this was projected to rise to 56.9%. The urban population share is generally higher in developed regions (79.7% in 2022) than in developing ones (52.3%). In least-developed countries (LDCs), urban residents remain the minority at 35.8%. In the U.S., among cities with populations of 1 million or more, Austin, TX, saw the fastest growth at 32.8%, followed by Raleigh, NC, at 25.1%, and Orlando, FL, at 22.7%. Austin, TX, also led in land conversion from rural to urban, with an 18.5% increase.

Restraint Factor for the Home Furniture Market

Fluctuating Raw Material Prices, will Limit Market Growth

The cost of key raw materials like wood, metal, foam, and fabrics is often highly volatile, directly affecting production costs for manufacturers. This can lead to higher prices for consumers, which may dampen demand. As the furniture market is global, with manufacturers sourcing materials and shipping products internationally, rising freight and shipping costs can significantly impact pricing—particularly for large, bulky items like sofas, beds, and dining tables, where transportation forms a major part of the overall cost structure. Additionally, the furniture manufacturing industry in developed countries faces labor shortages due to an aging workforce and rising wages. These labor challenges drive up production costs, especially in regions with high labor expenses like the U.S., Canada, a...

Mexico's housing market demonstrates significant regional price variations, with Mexico City emerging as the most expensive area for residential property in 2024. The capital city's average house price of 3.91 million Mexican pesos far exceeds the national average of 1.73 million pesos, highlighting the stark contrast in property values across the country. This disparity reflects broader economic and demographic trends shaping Mexico's real estate landscape. Sustained growth in housing prices The Mexican housing market has experienced substantial growth over the past decade, with home prices more than doubling since 2010. By the third quarter of 2023, the nominal house price index reached 255.54 points, representing a 146 percent increase from the baseline year. Even when adjusted for inflation, the real house price index showed a notable 40 percent growth, underscoring the market's resilience and attractiveness to investors. The mortgage market is dominated by three main player types: Infonavit, Fovissste, and commercial banks including Sofomes. In 2023, Infonavit, a scheme by Mexico's National Housing Fund Institute which provides lending to workers in the formal sector, was responsible for the majority of mortgages granted to individuals. Challenges in mortgage lending Despite the overall growth in housing prices, Mexico's mortgage market has faced challenges in recent years. The number of new mortgage loans granted has declined over the past decade, falling by approximately 200,000 loans between 2008 and 2023. This decrease in lending activity may be attributed to various factors, including economic uncertainties and changing consumer preferences. The state of Mexico, which is home to 13 percent of the country's population, likely plays a significant role in shaping these trends, given its large demographic influence on the national housing market.

Monaco was the leading city in terms of most expensive luxury real estate worldwide in 2023. One million dollars could only buy 16 square meters of luxury property there. In London, the same amount of money could purchase 33 square meters of luxury real estate. In Tokyo, one million dollars was enough to buy 64 square meters of prime real estate in 2023. Luxury real estate – additional information Real estate is considered one of the best long-term investments, and it certainly is one of the major investments one might make during a lifetime. As far as luxury real estate is concerned, though, only the most affluent individuals or prominent real estate companies can afford to invest in prime properties in the world’s most attractive locations.

The average resale house price in Canada was forecast to reach nearly 836,000 Canadian dollars in 2026, according to a January forecast. In 2024, house prices increased after falling for the first time since 2019. One of the reasons for the price correction was the notable drop in transaction activity. Housing transactions picked up in 2024 and are expected to continue to grow until 2026. British Columbia, which is the most expensive province for housing, is projected to see the average house price reach 1.2 million Canadian dollars in 2026. Affordability in Vancouver Vancouver is the most populous city in British Columbia and is also infamously expensive for housing. In 2023, the city topped the ranking for least affordable housing market in Canada, with the average homeownership cost outweighing the average household income. There are a multitude of reasons for this, but most residents believe that foreigners investing in the market cause the high housing prices. Victoria housing market The capital of British Columbia is Victoria, where housing prices are also very high. The price of a single family home in Victoria's most expensive suburb, Oak Bay was 1.9 million Canadian dollars in 2024.

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.

As of 2019, Hong Kong was the most unaffordable city in the world to buy a home, as it would take the average skilled service worker 21 years to be able to purchase a 650-square foot apartment in the city. In 2018, the average price for a home in the city was 1.24 million U.S. dollars.

The most expensive home put on the market globally (outside of the U.S.) in 2020 was 24 Middle Gap Road in The Peak, Hong Kong, which was listed for 447 million U.S. dollars. This four-bedroom property sits on 16,330 square feet.

Barcelona, Madrid, and Donostia - San Sebastian were some of the most expensive cities to rent a house in Spain in February 2025. Barcelona, which is the capital of Catalonia, led the list with an average price of 23.7 euros per square meter. Madrid followed closely in the second position with an average square meter of rental residential property cost of 21.2 euros.