Though many consumers would like to own their home, others either prefer to or have no choice but to reside in a rental property. Just as with housing prices, some rental markets are considerably more affordable than others. New York City is notorious for having prohibitively expensive rental rates, at around 2,870 U.S. dollars per average unit as of 2020. However, the city that takes the cake for largest growth in rental prices worldwide is Lisbon, according to data from 2019. In that year, rents in Lisbon grew by nearly 16 percent. To put this figure in perspective, the city with the second highest rental rate growth in that year was Cairo with 8 percent.
Housing prices in the United States have seen a steady increase over the last half century. In 1965, the average new home sold for around 21 thousand U.S. dollars and by 2019 this figure had reached 383 thousand U.S. dollars. As to be expected, the price of a new single family home dropped significantly in the United States between 2005 and 2011, coinciding with the global financial crisis unfolding during that time. The Canadian housing market has also mirrored some of the trends seen in the U.S. market, with projected housing prices creeping upwards over the next year in Ontario and Quebec.
Asia Pacific, as the most populous world region, is also home to an enormous housing market. In India, the city of Mumbai had the highest volume of housing sales in 2019, at over 60.9 thousand units. Asia is also home to some of the most expensive and fastest growing housing markets in the world. In 2006, a private permanent housing flat on Hong Kong Island cost around 49 thousand Hong Kong dollars per square meter, and by 2019 this figure had exceeded 183 thousand Hong Kong dollars.
In Europe, the three costliest residential real estate markets are the France, Austria, and the United Kingdom. In 2019, a square meter of space in a new dwelling in the United Kingdom cost about 3.86 thousand euros on average. The same area of new dwelling space in Bulgaria cost around 550 euros on average in that year. Of the four countries that make up the United Kingdom, England had the highest housing prices while Northern Ireland was the most affordable, as of August 2020.