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Mapped: How Global Housing Prices Have Changed Since 2010

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A map of housing prices around the world

How Global Housing Prices Have Changed Since 2010

In many countries around the world, it seems like house prices have been constantly climbing.

Houses fulfill a rare mix of necessity, utility, sentimentality, and for many, also act as a primary investment to build wealth. And it’s that last angle, combined with increasing demand in many countries, that is driving housing prices skyward.

Using data from the Bank of International Settlements, Ehsan Soltani has ranked the change in real residential property prices for 57 countries from 2010 to 2022.

ℹ️ Real prices assess the value of a good after adjusting for inflation. This is expressed in constant values relative to a base year, in this case, 2010. Nominal prices do not adjust for inflation.

In the dataset of 57 countries, 80% have seen increases in housing prices in the last 12 years.

Real Price GrowthNominal Price Growth
Advanced economies39%77%
World27%84%
Emerging market economies18%92%
Eurozone16%45%

Advanced economies, or the most developed countries in the world, have seen the highest increases. But across all measured countries, the real price of housing has increased nearly 30% on average since 2010.

Countries with Increased Housing Prices (2010‒2022)

Leading the group of 45 countries with increased housing prices is Iceland, with local real prices more than doubling since 2010.

Housing Prices by CountryReal Price GrowthNominal Price Growth
🇮🇸 Iceland103%202%
🇪🇪 Estonia97%196%
🇳🇿 New Zealand97%152%
🇨🇱 Chile95%205%
🇹🇷 Turkey91%902%
🇨🇦 Canada90%148%
🇱🇺 Luxembourg85%135%
🇭🇺 Hungary84%168%
🇭🇰 Hong Kong83%155%
🇮🇱 Israel80%104%
🇱🇻 Latvia66%131%
🇦🇹 Austria65%118%
🇺🇸 United States63%118%
🇨🇿 Czechia61%130%
🇸🇪 Sweden60%93%
🇮🇳 India59%211%
🇲🇾 Malaysia59%102%
🇱🇹 Lithuania57%130%
🇩🇪 Germany56%96%
🇨🇭 Switzerland54%57%
🇵🇭 Philippines51%118%
🇵🇹 Portugal45%75%
🇳🇴 Norway44%91%
🇨🇴 Colombia43%133%
🇦🇺 Australia41%85%
🇸🇰 Slovak Republic34%81%
🇹🇭 Thailand32%59%
🇩🇰 Denmark31%58%
🇮🇪 Ireland31%53%
🇲🇹 Malta30%59%
🇳🇱 Netherlands30%69%
🇲🇽 Mexico28%111%
🇰🇷 South Korea24%54%
🇬🇧 United Kingdom23%67%
🇯🇵 Japan22%31%
🇸🇮 Slovenia20%47%
🇵🇪 Peru18%73%
🇧🇬 Bulgaria16%58%
🇭🇷 Croatia15%43%
🇦🇪 United Arab Emirates12%34%
🇧🇪 Belgium11%45%
🇫🇷 France11%31%
🇸🇬 Singapore11%36%
🇵🇱 Poland10%55%
🇨🇳 China8%42%

Other countries with a 85% or higher increases in housing prices include Estonia, New Zealand, Chile, Turkey, Canada, and Luxembourg. As emerging market economies, Turkey and Chile are the outliers in this group of mostly advanced economies.

Many other emerging market economies also saw housing prices increase. In India and Malaysia, housing prices are up by 59%. Likewise, the Philippines (50%) and Colombia (40%) also saw real prices increase faster than the global average.

However, not all countries logged big housing price increases. Some countries in Europe, including France, Belgium, and Croatia, and Asia, including China, and Singapore, all saw less than 20% growth in real prices.

Countries with Decreased Housing Prices (2010‒2022)

Some countries bucked the global trend and actually saw real housing prices fall over the last 12 years:

Housing Prices by CountryReal Price GrowthNominal Price Growth
🇮🇩 Indonesia0%62%
🇫🇮 Finland-1%21%
🇿🇦 South Africa-5%72%
🇲🇰 North Macedonia-7%23%
🇧🇷 Brazil-8%89%
🇷🇸 Serbia-11%49%
🇲🇦 Morocco-14%4%
🇪🇸 Spain-15%5%
🇷🇴 Romania-20%21%
🇮🇹 Italy-24%-8%
🇬🇷 Greece-26%-16%
🇷🇺 Russia-33%54%

Russia, Greece, and Italy saw the largest contractions in prices, all with housing price drops of more than 20%.

But these cases also allow us to see inflation in action. In Russia for example, despite real housing prices contracting by 33%, nominal prices (which don’t account for inflation) are up more than 50%. In South Africa, where real prices have fallen 5%, nominal prices are up 72%.

Is Your Country in a Housing Bubble?

From the housing prices of countries listed above, the data can point to the emergence of potential housing bubbles in Iceland, New Zealand, and Canada.

However, bubbles are usually only fully identified and measured after they have burst (or have started to). Otherwise, if their inflated values hold through sudden changes in market conditions, they can simply point to more accurately-priced demand.

There are a variety of reasons that can lead to housing price growth. Some of them are listed below, taken from a speech delivered by the deputy governor of the Bank of Canada back in 2015:

MacroeconomicRising disposable incomes, lower long-term interest rates.
DemographicPopulation growth, increased migration, and shifts in family structure.
Credit conditionsBroader access to and more efficient funding of mortgage credit.
Other factorsImprovements to macro-policy framework, international investment, and regulatory and tax changes.

And specific local factors also play a part in many markets. In Iceland for example, tourism growth and the surge in short-term rentals have also contributed to the housing crisis.

Meanwhile, in the U.S., restricted housing supply is one of the factors pushing prices up.

When you factor in successive interest rate hikes to combat inflation and rising mortgage rates, the housing market remains at the forefront of discussion more so than ever. The question is, what comes next for the world’s housing prices?

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This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.

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Demographics

Ranked: Countries Where Youth are the Most Unhappy, Relative to Older Generations

Conventional wisdom says that young adults (those below 30) tend to be the happiest demographic—but this is not true for these countries.

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Countries with the Biggest Happiness Gaps Between Generations

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

“They say a person needs just three things to be truly happy in this world: someone to love, something to do, and something to hope for.” — Tom Bodett

Measuring happiness is tricky business, more so when taking into account how different regions, cultures, and faiths define it. Nevertheless, the World Happiness Report attempts to distill being happy into a single score out of 10, and then ranks countries by their average score.

We’ve visualized the high-level findings from the latest happiness report in this series of maps. However, the report also dives deeper into other significant trends in the data, such as a growing disparity in happiness between age groups within countries themselves.

In the chart above, we list countries by the biggest gaps in happiness ranks between young adults (<30) and older adults (60+). A higher number indicates a larger gap, and that the youth are far unhappier than their older counterparts.

Where are Youth Unhappier than Older Adults?

Mauritius ranks first on this list, with a massive 57 place gap between older adult and youth happiness. The 1.26 million-inhabited island nation briefly reached high income status in 2020, but the pandemic hit hard, hurting its key tourism sector, and affecting jobs.

The country’s youth unemployment rate spiked to close to 25% that year, but has since been on the decline. Like residents on many similarly-populated islands, the younger demographic often moves abroad in search of more opportunities.

RankCountryYouth Happiness RankOlder Adult
Happiness Rank
Happiness Gap
1🇲🇺 Mauritius852857
2🇺🇸 U.S.621052
3🇨🇦 Canada58850
4🇺🇿 Uzbekistan712249
5🇨🇳 China793049
6🇯🇵 Japan733637
7🇲🇳 Mongolia865333
8🇩🇿 Algeria936231
9🇱🇾 Libya805030
10🇸🇬 Singapore542628
11🇰🇿 Kazakhstan694227
12🇵🇭 Philippines704327
13🇱🇦 Laos1047727
14🇩🇪 Germany472126
15🇪🇸 Spain552926
16🇲🇹 Malta573126
17🇧🇭 Bahrain775126
18🇰🇬 Kyrgyzstan815526
19🇲🇷 Mauritania1199326
20🇹🇩 Chad1209426

Conventional wisdom says, and data somewhat correlates, that young adults (those below 30) tend to be the happiest demographic. Happiness then decreases through middle age and starts increasing around 60. However, the above countries are digressing from the pattern, with older generations being much happier than young adults.

That older generations are happier, by itself, is not a bad thing. However, that younger adults are so much unhappier in the same country can point to several unique stresses that those aged below 30 are facing.

For example, in the U.S. and Canada—both near the top of this list—many young adults feel like they have been priced out of owning a home: a once key metric of success.

Climate anxieties are also high, with worries about the future of the world they’ll inhabit. Finally, persistent economic inequities are also weighing on the younger generation, with many in that cohort feeling like they will never be able to afford to retire.

All of this comes alongside a rising loneliness epidemic, where those aged 18–25 report much higher rates of loneliness than the general population.

Where does this data come from?

Source: The World Happiness Report which leverages data from the Gallup World Poll.

Methodology: A nationally representative group of approximately 1,000 people per country are asked to evaluate their life on a scale of 0–10. Scores are averaged across generations per country over three years. Countries are ranked by their scores out of 10.

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