Developments in residential property prices – first quarter of 2015

Bank for International Settlements

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Date Published 2015
Primary Author
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Theme House Price Indices


In the first quarter of 2015, residential property prices increased significantly year on year in real terms (ie deflated by the CPI) in several advanced economies, while they remained stable or fell moderately in others. Prices grew by around 5% in Australia, Canada and the United States, and by around 10% in Sweden and the United Kingdom. In contrast, they remained stable in Japan and increased by a modest 1% in the euro area – with significant disparities across countries, as strong rises in Ireland (+17%) and Germany (+5%) were almost offset by continued declines in France, Greece and Italy. The picture was also mixed among major emerging market economies. Real residential property prices continued to rise strongly in Hong Kong SAR and Turkey, and to a lesser extent in the Philippines, South Africa and Thailand; but prices continued to fall in real terms in China and Russia.

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