The fall in global house prices moderated further in the fourth quarter of 2024, at 1.2% year on year (yoy) in aggregate and in real terms. Real house prices declined more in emerging market economies (EMEs) (-1.6% yoy) than in advanced economies (AEs) (-0.8% yoy), for the first time since late 2022. Considerable differences still persist across major economies. For instance, real house prices continued to surge in Türkiye and Mexico, while they experienced moderate growth in Australia and the United States. Prices remained broadly unchanged in India, Indonesia and Japan. They fell moderately in Brazil, Canada, China and the euro area (notably Germany and France), and more sharply in South Africa, the United Kingdom and even more so in Korea. In real terms, global house prices remain significantly (by 23%) above their average level observed after the 2007-09 Great Financial Crisis (GFC) by 32% in AEs and 16% in EMEs. The BIS has further expanded its commercial property price data set, now including indicators for Czechia, Türkiye and the United Arab Emirates for the first time (see the box).

This information was gathered from the Bank for International Settlements