Global home prices go stratospheric! The real estate boom accelerates, led by Europe, U.S., Canada & New Zealand
MANILA, Philippines, March 10, 2021 /PRNewswire/ — Global Property Guide released its new research study, Global Residential Markets Report. Based on this global survey, Global Property Guide uncovered the following:
- It’s a great time to own real estate. Owners are getting richer, as home prices rise by leaps and bounds in many countries in Europe, Asia-Pacific, and the U.S. and Canada.
- Real house and apartment prices (i.e., prices adjusted for inflation) rose in 2020 in 40 out of the 53 world’s housing markets which have so far published housing statistics. The more upbeat nominal figures, more familiar to the public, showed house price rises in 45 countries, and declines in only 8 countries.
- The North American housing market is booming. The U.S. FHFA house price index rose by 9.42% in 2020 (inflation-adjusted), the biggest y-o-y increase ever recorded, buoyed by very low interest rates and massive government stimulus spending.
- Likewise in Canada, home prices in the country’s eleven major cities rose by 8.57% during 2020, in contrast to a fall of 0.29% the previous year.
- Demand has been boosted by record low interest rates, as well as quantitative easing. New demand is also coming from more properties being bought outside cities.
- Strong home price surges have taken place in European countries, such as Slovak Republic (+14.28%), Turkey (+13.7%), Germany (+11.42%), Estonia (+10.37%), Sweden (+9.79%), and Russia (+9.14%), using inflation-adjusted figures.
- Asia-Pacific is gaining momentum, with notable performances from New Zealand (+16.77%), Sri Lanka (+15.47%), South Korea (+8.51%), Taiwan (6.44%), Japan (6.05%) and China (6.01%).
Ten of the fourteen Asia-Pacific housing markets included in this global survey showed stronger momentum in 2020 compared to a year earlier. House prices rose in eleven countries, with notable increases in New Zealand in Sri Lanka.
The biggest global y-o-y home price declines were in Makati CBD, Philippines (-16.11%), Egypt (-14.38%), Montenegro (-10.45%), Phnom Penh, Cambodia (-8.8%), and Qatar (-4.78), again using inflation-adjusted figures.
Transaction volumes are rising again, in some countries strongly. House prices have accelerated specially in developed countries, where mortgage finance is important.
For full analysis of global house prices please click here: https://gpg-production-cdn.s3.eu-west-2.amazonaws.com/downloads/property_reports/GPG-PRESS-RELEASE-Q4-2020.pdf
About the Global Property Guide
The Global Property Guide a specialist research site dedicated to international residential property investors. It is usually the first to release collated global house price statistics, in this case, statistics for the year to the third quarter. In addition, we analyze recent developments in countries’ property markets, offer global comparisons of rental yields, valuation, rates of taxation, total costs of buying and selling property, landlord and tenant law, and inheritance law and inheritance taxation.
For further information, please contact:
Matthew Pollock, +44 117 376 3832 or alternatively email: Office.Manager@globalpropertyguide.com