Which country has the fastest growth in home prices?
According to data gathered by money.co.uk, the country with the highest property price increase from 2010 to 2020 was Israel, where there was a staggering 346% rise in costs per square meter.
Switzerland and Germany come next, with increases of 166% and 162%, followed by the United States at 153%. Hungary, Slovakia, France, Portugal, Japan and the United Kingdom round out the rest of the top 10, all with average home price increases of at least 75%.
On the other hand, the country with the most expensive residential properties as of 2020 — based on the average price per square meter, in cities and outside city centers — is South Korea, followed by Switzerland, France, Israel and Japan.
Meanwhile, data from the St. Louis Fed shows how the percentage increases translate into actual price changes for U.S. homes. In the first quarter of 2010, the median sales price for U.S. homes was $222,900. Ten years later, that price rose by over $100,000, to $329,000.
Home prices have continued getting more expensive after that first quarter of 2020, when the pandemic hit and the residential housing market really took off, and historically low mortgage rates have helped keep it hot. Median sales prices in the U.S. rose to $369,800 during the first quarter of 2021, and then crept up to $374,900 in the second quarter.
Prediction: Lots of International Buyers Over the Next Year
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Andrew Oliver, M.B.E., M.B.A.
REALTOR®| Market Analyst | DomainRealty.com
Naples, Bonita Springs and Fort Myers
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
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