Global housing market - statistics & facts

One of the most universal signs of success and prosperity is homeownership. It serves both as a source of stable and secure housing and as a long-term investment. However, housing prices vary considerably across countries and cities. In 2020, Hong Kong SAR was the most expensive city for housing property, with the average residential property costing more than 1.25 million U.S. dollars. Singapore also ranked as one of the most expensive property markets worldwide. Furthermore, since the outbreak of the coronavirus (COVID-19) pandemic, housing markets all around the world have been booming. The OECD, for instance, lists Turkey as one of several countries in the world where real house prices increased since 2020 - although other estimates also exist.

Why are house prices going up?

There are many factors that can lead house prices to change. The price of a new U.S. single-family home, for instance, dropped significantly between 2005 and 2011, coinciding with the global financial crisis unfolding during that time. This had changed since the COVID-19 pandemic, however, with the sales price of a house being around 409,000 U.S. dollars in January 2021. Due to various fiscal and monetary measures introduced to tackle the economic impacts of the coronavirus pandemic, demand has surged, while supply has struggled to keep up. The Canadian housing market mirrors the U.S. market somewhat, with the home ownership costs to household income ratio ub Vancouver and Toronto significantly exceeding the national average in 2020. Europe, however, saw some of the lowest mortgage interest rates on record that year, leading to an increase in consumer confidence and transaction volumes, despite the difficult economic climate.

The situation in Asia Pacific

Asia Pacific, as the most populous world region, is also home to an enormous housing market. Housing sales across India, for instance, were highest in the metropolitan region surrounding Mumbai - reaching nearly 50,000 sales in 2020. 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 49,000 Hong Kong dollars per square meter, and by 2019 this figure had exceeded 183,000 Hong Kong dollars. Nevertheless, the house-price-to-income ratio in some Asian countries was lower than in most other countries in the world.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Nov 27, 2023

Key insights

Average residential property price in Singapore
915.6k USD
Annual price growth of residential properties in Turkey
45.9%
Country with highest house price-to-rent ratio
Turkey
Get more insights

Editor’s Picks Current statistics on this topic

Average residential house price in New Zealand in September 2023, by region (in 1,000 New Zealand dollars)

Houses

Residential property price New Zealand 2023, by region

Most expensive areas to live in Seoul as of May 2023, based on average apartment selling price (in million South Korean won)

Apartments

Most expensive areas to live in Seoul South Korea 2023

Average resale house prices in Canada from 2011 to 2022 with a forecast up to 2024, by province (in 1,000 Canadian dollars)

Residential Real Estate

Average resale house prices Canada 2011-2022 with a forecast until 2024, by province

Related topics

Recommended

4

Recommended statistics

Overview

7

Overview

Americas

7

Americas

Europe

7

Europe

Asia Pacific

8

Asia Pacific

Further reportsGet the best reports to understand your industry

Housing market in the United States
Housing market in the United States
Real estate in China
Real estate in China
Housing market in the United Kingdom
Housing market in the United Kingdom
Global real estate market
Global real estate market
Global luxury home market
Global luxury home market

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)
Email
support@statista.com

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)
Email
asia.support@statista.com

Mon - Fri, 9am - 5pm (SGT)

Contact Kisara Mizuno
Kisara Mizuno
Senior Business Development Manager– Contact (Asia)
Email
support.japan@statista.com

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)
Email
eu.support@statista.com

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)
Email
latam@statista.com

Mon - Fri, 9am - 6pm (EST)

Menu