Thus, according to Prian, the Bank for International Settlements report showed a positive trend in developed economies: growth has almost stopped and is only 0.3% year-on-year. The reason for this is inflation.
At the same time, in the EU countries, house prices are growing by 3%. But this is on average. Sharp growth was observed in Portugal (+15%) and Spain (+10%). While in France it is closer to zero – 0.2%.
Price decrease was noted in Canada (-5%), USA (-2%), South Korea (-2%), UK (-1%).
At the same time, third world countries show a drop in housing costs, on average, by 1.5%. Thus, in China they fell by 5%, in Indonesia – by 2%. They increased insignificantly in India (+0.5%) and Thailand (+1%).
Latin America (+2%) and Emerging Europe (+3.9%) showed a slight growth. Turkey has almost stabilized and shows a 1% decrease in property prices.
Who is leading in price increases and decreases
The top 3 countries in terms of housing prices are North Macedonia (+20%), Hungary (+16%), Portugal (+15%).
The top 3 countries in terms of price decrease are: China (-5%), Canada (-5%) and Finland (- 4%).
Despite the current decline, global house prices are 20% above post-crisis 2009 levels and 3% above pre-pandemic levels.
Moreover, the country median remains positive (+1.5%) and about 60% of developed economies and 70% of emerging economies are still showing growth. Even when adjusted for inflation.
By the way, according to the Global Property report, Moldova was named the country with the strongest (real – not nominal) annual growth in house prices last year – 24.03%.
