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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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Countries

Mapped: Africa’s Population Density Patterns

We map out Africa’s population density, spotlighting the continent’s most populous countries and cities.

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A cropped map of Africa’s population density, spotlighting the continent’s most populous countries and cities, and the fastest-growing regions.

Mapped: Africa’s Population Density Patterns

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.

Africa, the world’s second largest continent, spans over 30 million km2, home to the not only world’s biggest desert but also the second-largest tropical rainforest, and of course, approximately 1.4 billion people.

In this infographic, we map out the continent’s population density patterns. It’s a prime example of how humans congregate near fresh water and around the edges of natural obstacles.

This population density data comes from the Gridded Population of the World dataset created by the Center for International Earth Science Information Network (CIESIN) hosted by NASA’s Socioeconomic Data and Applications Center (SEDAC).

Ranked: Most Populous African Countries

Africa’s second largest economy, Nigeria, is also its most populous: more than 220 million people live in this diverse West African country with 250 ethnic groups, speaking over 500 different languages.

And the nation is only growing. By 2100, it’s estimated that the Nigerian population could be more than three-fold its current size, at nearly 800 million residents, becoming the second-most populous country in the world.

RankCountryPopulation
1🇳🇬 Nigeria224M
2🇪🇹 Ethiopia127M
3🇪🇬 Egypt112M
4🇨🇩 DRC 102M
5🇹🇿 Tanzania67M
6🇿🇦 South Africa59M
7🇰🇪 Kenya55M
8🇺🇬 Uganda49M
9🇸🇩 Sudan48M
10🇩🇿 Algeria46M

Source: UN Department of Economic and Social Affairs, World Population Prospects. (2022)

Across the continent, along its eastern side, Ethiopia, is the second-most populous country on the continent. Unlike Nigeria—which has nearly 20 cities with at least half a million residents—more than three-quarters of Ethiopia’s 127 million people live in rural communities.

Ranked third, Egypt (112 million) is the only North African country in the top five by population. The Democratic Republic of the Congo (DRC) comes in fourth (102 million), with Tanzania (67 million) rounding out the top five.

Ranked: Fastest Growing African Countries By Population

In the year 1900, Africa accounted for 9% of the world’s population. Currently its share stands close to 18%. By 2025, the International Monetary Fund (IMF) expects one in four people in the world to live in Africa, and says the continent’s demographic transition has the power to “transform the world.”

The most populous African countries (DRC, Tanzania, Ethiopia, Nigeria, and Egypt) will contribute the lion’s share to this growth of course, but within the continent, other countries are also seeing relatively rapid population growth.

RankCountryGrowth Rate
1🇸🇸 South Sudan4.78%
2🇳🇪 Niger3.66%
3🇧🇮 Burundi3.59%
4🇬🇶 Equatorial Guinea3.36%
5🇦🇴 Angola3.34%
6🇧🇯 Benin3.31%
7🇺🇬 Uganda3.22%
8🇨🇩 DRC3.13%
9🇹🇩 Chad3.05%
10🇲🇱 Mali2.93%

Source: CIA World Factbook.

In South Sudan, the world’s newest country, the population is growing at nearly 5% every year. The broader sub-Saharan population meanwhile is growing at half that rate. Aside from a higher fertility rate, the country is also seeing an influx of refugees from conflict areas in neighboring Sudan.

While no other African nation is quite matching South Sudan’s population growth, several of Africa’s poorer economies are also posting an annual population increase of more than 3% including Niger, Burundi, and Chad.

Ranked: Most Populous African Cities

About half of Africa lives in urban areas, which is less than the global average of 57%. The 10 most populous cities on the continent together account for about 115 million people, more than 1.5x the UK’s total population.

Egypt’s capital, Cairo, built along the banks of the Nile, is home to more than 22 million residents, and ranks as Africa’s largest city. This bustling metropolis has stood as an important trade juncture between continents for more than 1,400 years—and is still somehow one of Egypt’s younger cities.

RankCityCountryPopulation
1Cairo🇪🇬 Egypt22.2M
2Lagos🇳🇬 Nigeria21.4M
3Kinshasa🇨🇩 DRC 15.0M
4Johannesburg🇿🇦 South Africa14.8M
5Luanda🇦🇴 Angola9.0M
6Khartoum🇸🇩 Sudan6.9M
7Abidjan🇨🇮 Cote d'Ivoire6.6M
8Nairobi🇰🇪 Kenya6.6M
9Accra🇬🇭 Ghana6.4M
10Dar es Salaam🇹🇿 Tanzania6.0M

Source: Urban agglomerates (2023) Citypopulation.de.

Down south, across the Sahara desert, and near the shores of the Atlantic, Nigeria’s former capital Lagos has slightly more than 21 million people. The city’s name comes from the numerous surrounding lagoons, and its original name in Yoruba, “Eko”, also means “lake.” Population estimates for the city are often disputed because of several different administrative regions, but also because of how fast Lagos is growing: it’s estimated 2,000 new residents move in every day.

Kinshasa, the capital of the DRC ranks third with about 15 million residents, and is slated to become the fourth largest city in the world, with 35 million people, by 2050.

Johannesburg, South Africa (15 million), and Luanda, Angola (9 million) round out the top five most populous African cities.

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