The global housing market has slowed amid high inflation and soaring borrowing costs. Homeownership is one of the most universal signs of success and prosperity: It serves both as a source of stable and secure housing and a long-term investment. After the global financial crisis, property prices rose in many countries and
. For more than a decade after that, the housing market has been on an upward trajectory, culminating in the housing boom during the COVID-19 pandemic. However, housing shortages in highly competitive markets, the recent rapid house price growth,
have led to the market cooling.
Which are the largest housing markets worldwide?
The United States, China, India, Germany, and Japan are the
biggest housing markets worldwide. The value of residential real estate transactions in China was estimated at 2.7 trillion U.S. dollars in 2023 and is projected to reach 3.9 trillion U.S. dollars by 2028, surpassing the United States. Housing markets vary greatly not only across different economies but also within countries. In the United States – without a doubt one of the most competitive markets worldwide – the median sales price of a single-family house
in the priciest metros was more than twice
the median for the country. Often, homes are the most expensive in the capital city in the country. In India,
the most expensive city to buy a property in 2023 was Mumbai, with a square foot of residential real estate costing almost 2,000 Indian rupees more than in the second most expensive city – Bengaluru.
What are the prospects in the global housing market?
Among the 20 markets with the highest value of transactions, the housing markets in Turkey, Russia, and Mexico are
forecast to grow the most until 2028. In Europe, the
investment and development prospects for house building have deteriorated since 2022. That is likely to contribute to a decline in housing completions and affect the future availability of affordable housing. Construction costs – one of the main barriers for the construction industry - are expected to
continue to rise across the major markets worldwide until 2024. Additionally, the future development of bank lending rates and mortgage rates is also expected to have a massive impact on the market.
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