How Global Housing Prices Have Changed Since 2010 to 2022

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It appears that house prices in many countries around the world have been on a constant upward climb. Houses offer a unique blend of necessity, practicality, and sentimentality, but for many savvy investors, they also serve as a primary means of building wealth. And it’s this last point, combined with a surge in demand, that’s causing housing prices to skyrocket.

The main reasons that can lead to housing price growth are following

• Macroeconomic: Rising disposable incomes, lower long-term interest rates.
• Demographic: Population growth, increased migration, and shifts in family structure.
• Credit conditions: Broader access to and more efficient funding of mortgage credit.
• Other factors: Improvements to a macro-policy framework, international investment, and regulatory and tax changes.

Lucky for you, Ehsan Soltani has collected some data from the Bank of International Settlements that ranks the changes in real residential property prices for a whopping 57 countries, all the way from 2010 to 2022. So if you’re looking to make some strategic investments in the real estate market, buckle up and let’s explore how these prices have evolved over time!

According to these data, 80% of 57 analyzed 57 countries have seen increases in housing prices in the last 12 years. All the estimated countries have seen housing prices rise by nearly 30% from 2010 to 2020.

Rank	Housing Prices by Country	Real Price Growth	Nominal Price Growth
1	Iceland	103%	202%
2	Estonia	97%	196%
3	New Zealand	97%	152%
4	Chile	95%	205%
5	Turkey	91%	902%
6	Canada	90%	148%
7	Luxembourg	85%	135%
8	Hungary	84%	168%
9	Hong Kong	83%	155%
10	Israel	80%	104%
11	Latvia	66%	131%
12	Austria	65%	118%
13	United States	63%	118%
14	Czechia	61%	130%
15	Sweden	60%	93%
16	India	59%	211%
17	Malaysia	59%	102%
18	Lithuania	57%	130%
19	Germany	56%	96%
20	Switzerland	54%	57%
21	Philippines	51%	118%
22	Portugal	45%	75%
23	Norway	44%	91%
24	Colombia	43%	133%
25	Australia	41%	85%
26	Slovak Republic	34%	81%
27	Thailand	32%	59%
28	Denmark	31%	58%
29	Ireland	31%	53%
30	Malta	30%	59%
31	Netherlands	30%	69%
32	Mexico	28%	111%
33	South Korea	24%	54%
34	United Kingdom	23%	67%
35	Japan	22%	31%
36	Slovenia	20%	47%
37	Peru	18%	73%
38	Bulgaria	16%	58%
39	Croatia	15%	43%
40	United Arab Emirates	12%	34%
41	Belgium	11%	45%
42	France	11%	31%
43	Singapore	11%	36%
44	Poland	10%	55%
45	China	8%	42%
46	Indonesia	0%	62%
47	Finland	-1%	21%
48	South Africa	-5%	72%
49	North Macedonia	-7%	23%
50	Brazil	-8%	89%
51	Serbia	-11%	49%
52	Morocco	-14%	4%
53	Spain	-15%	5%
54	Romania	-20%	21%
55	Italy	-24%	-8%
56	Greece	-26%	-16%
57	Russia	-33%	54%

The countries that are most developed in the world, commonly referred to as advanced economies, have experienced the most significant growth (exception are Turkey and Chile).

Economies	Real Price Growth	Nominal Price Growth
Advanced economies	39%	77%
World	27%	84%
Emerging market economies	18%	92%
Eurozone	16%	45%

Iceland witnessed the most substantial surge in housing prices with a 103% increase. Likewise, Estonia, New Zealand, Chile, Turkey, Canada, and Luxembourg experienced notable increases of 85% or more in their housing prices.

Some developing economies experienced a surge in housing prices, with notable increases in India and Malaysia at 59%, while the Philippines and Colombia observed rises of 50% and 40%, respectively, surpassing the global average for real estate prices.

Housing prices in Russia, Greece, and Italy experienced significant declines, with drops of over 20%, marking the most substantial price contractions in these countries.

These instances provide us with an opportunity to observe the effects of inflation. For instance, in Russia, although actual housing prices declined by 33%, nominal prices (which do not consider inflation) have risen by over 50%. Similarly, in South Africa, where real prices dropped by 5%, nominal prices have increased by 72%.