Global housing prices rose at the fastest rate since the financial crisis in the third quarter of 2021, the Bank for International Settlements (BIS) says.
In a new report, the BIS said that global house prices were up 5.5% in real terms for the third quarter, led by a 9.4% gain in the advanced economies. In emerging markets, prices were up a more modest 2.4%.
In Q3, prices were up most in New Zealand (22%), Australia (18%), the U.S. (12%) and Canada (10%). Prices rose by 6% in Europe, it noted.
Since the financial crisis, global house prices are up by 26.1%, with prices in advanced economies rising 35.5% and gaining 18.9% in emerging markets, the BIS said.
“Among the G20 economies, real prices have risen the most – by more than 50% since 2010 – in India, Canada, Germany and the United States,” the BIS said.