Global house prices see first post-crisis drop

By James Langton | May 25, 2023 | Last updated on May 25, 2023
1 min read
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As tighter financial conditions took hold and inflation persisted, global housing prices suffered their first decline since the immediate aftermath of the financial crisis, according to new data from the Bank for International Settlements (BIS).

The BIS reported that global house prices fell by 2% in real terms year over year in the fourth quarter of 2022, marking their first drop in 12 years.

The decline reflected slower growth in nominal prices and high inflation, which outpaced the nominal gains.

Real house prices fell harder in advanced economies, down 2.7% year over year, compared with a 1.5% dip in emerging market economies, the BIS said.

Canada, Germany and Australia led the decline, with prices dropping by around 10% in these markets, the report said.

U.S. prices stayed flat, and Japan was up modestly (gaining 4%), it noted.

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James Langton

James is a senior reporter for and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.