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.
Quarterly house price index (real and nominal) for emerging and advanced economies worldwide from 1st quarter 2008 to 1st quarter 2024
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Bank for International Settlements. (October 30, 2023). Quarterly house price index (real and nominal) for emerging and advanced economies worldwide from 1st quarter 2008 to 1st quarter 2024 [Graph]. In Statista. Retrieved October 10, 2024, from https://www.statista.com/statistics/1427342/house-price-index-emerging-and-advanced-economies-worldwide/
Bank for International Settlements. "Quarterly house price index (real and nominal) for emerging and advanced economies worldwide from 1st quarter 2008 to 1st quarter 2024." Chart. October 30, 2023. Statista. Accessed October 10, 2024. https://www.statista.com/statistics/1427342/house-price-index-emerging-and-advanced-economies-worldwide/
Bank for International Settlements. (2023). Quarterly house price index (real and nominal) for emerging and advanced economies worldwide from 1st quarter 2008 to 1st quarter 2024. Statista. Statista Inc.. Accessed: October 10, 2024. https://www.statista.com/statistics/1427342/house-price-index-emerging-and-advanced-economies-worldwide/
Bank for International Settlements. "Quarterly House Price Index (Real and Nominal) for Emerging and Advanced Economies Worldwide from 1st Quarter 2008 to 1st Quarter 2024." Statista, Statista Inc., 30 Oct 2023, https://www.statista.com/statistics/1427342/house-price-index-emerging-and-advanced-economies-worldwide/
Bank for International Settlements, Quarterly house price index (real and nominal) for emerging and advanced economies worldwide from 1st quarter 2008 to 1st quarter 2024 Statista, https://www.statista.com/statistics/1427342/house-price-index-emerging-and-advanced-economies-worldwide/ (last visited October 10, 2024)
Quarterly house price index (real and nominal) for emerging and advanced economies worldwide from 1st quarter 2008 to 1st quarter 2024 [Graph], Bank for International Settlements, October 30, 2023. [Online]. Available: https://www.statista.com/statistics/1427342/house-price-index-emerging-and-advanced-economies-worldwide/