Inflation-adjusted house prices
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The map shows how much housing has risen or fallen in price over and above general inflation. Over the past five years house prices outpaced inflation in 36 of the 59 countries with comparable data; the median real increase was 5.9%. In real terms housing rose most in Turkey (+63.7%), Portugal (+49.5%), North Macedonia (+41.9%) and Russia (+37.2%), and fell most in China (−25.1%), Hong Kong (−24.8%), Finland (−24.3%) and Canada (−21.0%). For an investor counting in dollars the picture changes because of exchange rates: once the weakening of the yuan, the won and the yen is factored in, the worst markets are China (−40.6%), South Korea (−37.7%) and Hong Kong (−34.7%), while Japan drops to −31.1%. Over the past 12 months the weaker dollar boosted returns in most markets: the median real increase in dollars was 10.0%, against 2.2% in national currency.
Ranking
Real change in house prices over 5 years, in national currency, %.
Click a country on the globe or search for it to see its value, rank and source.
Real change in house prices over 5 years in national currency, adjusted for inflation. Click a class to highlight its countries.
Sources
Data as of 20 October 2026
Bank for International Settlements (BIS): Residential property prices — selected series (nominal and real indices), US dollar exchange rates (quarterly averages). Data retrieved on 20 October 2026.
Spin the globe and click countries. The same data are shown below on a flat map and in a table.
World map
The same data on a flat map in the equal-area Equal Earth projection: country areas keep their true proportions.
Click a country to see its value, rank and source.
Data by country
All the values used to shade the globe and the map. Rank and class follow the selected indicator. Click a row to show the country on the map.
| Source | |||||
|---|---|---|---|---|---|
| 1 | Turkey | +63.7% | +84.6% | 8 | BIS |
| 2 | Portugal | +49.5% | +40.5% | 7 | BIS |
| 3 | North Macedonia | +41.9% | +54.8% | 7 | BIS |
| 4 | Russian Federation | +37.2% | +66.1% | 7 | BIS |
| 5 | Croatia | +36.9% | +43.4% | 7 | BIS |
| 6 | Bulgaria | +31.5% | +46.1% | 7 | BIS |
| 7 | Hungary | +28.7% | +42.4% | 7 | BIS |
| 8 | Greece | +26.7% | +23.9% | 7 | BIS |
| 9 | Slovenia | +26.5% | +24.5% | 7 | BIS |
| 10 | Lithuania | +25.5% | +42.4% | 7 | BIS |
| 11 | Spain | +22.9% | +18.2% | 6 | BIS |
| 12 | Philippines | +19.3% | −4.6% | 6 | BIS |
| 13 | Mexico | +18.8% | +42.6% | 6 | BIS |
| 14 | Ireland | +16.8% | +13.1% | 6 | BIS |
| 15 | Malta | +15.9% | +7.9% | 6 | BIS |
| 16 | Israel | +15.0% | +14.0% | 6 | BIS |
| 17 | Netherlands | +14.9% | +12.3% | 6 | BIS |
| 18 | Cyprus | +14.4% | +5.4% | 6 | BIS |
| 19 | Singapore | +14.3% | +12.6% | 6 | BIS |
| 20 | Saudi Arabia | +14.0% | +2.1% | 6 | BIS |
| 21 | Switzerland | +13.1% | +12.6% | 6 | BIS |
| 22 | Iceland | +11.8% | +23.4% | 6 | BIS |
| 23 | Japan | +11.6% | −31.1% | 6 | BIS |
| 24 | Poland | +11.5% | +34.1% | 6 | BIS |
| 25 | Czechia | +11.2% | +28.4% | 6 | BIS |
| 26 | Slovakia | +7.9% | +16.7% | 5 | BIS |
| 27 | Australia | +7.8% | −0.6% | 5 | BIS |
| 28 | Serbia | +7.7% | +19.3% | 5 | BIS |
| 29 | Denmark | +7.1% | −2.9% | 5 | BIS |
| 30 | Estonia | +5.9% | +23.2% | 5 | BIS |
| 31 | Latvia | +4.3% | +13.8% | 5 | BIS |
| 32 | Malaysia | +4.1% | −3.6% | 5 | BIS |
| 33 | Chile | +3.3% | −8.0% | 5 | BIS |
| 34 | United States | +3.1% | +3.1% | 5 | BIS |
| 35 | Thailand | +2.2% | −11.9% | 4 | BIS |
| 36 | Colombia | +1.1% | +13.9% | 4 | BIS |
| 37 | Qatar | −0.4% | −9.6% | 4 | Qatar Central Bank |
| 38 | Italy | −2.8% | −8.3% | 4 | BIS |
| 39 | India | −3.2% | −21.4% | 3 | BIS |
| 40 | Belgium | −4.4% | −6.9% | 3 | BIS |
| 41 | Norway | −4.5% | −15.7% | 3 | BIS |
| 42 | Brazil | −6.1% | +5.6% | 3 | BIS |
| 43 | Indonesia | −7.9% | −29.2% | 3 | BIS |
| 44 | South Africa | −8.7% | −19.3% | 3 | BIS |
| 45 | United Kingdom | −9.9% | −10.4% | 3 | BIS |
| 46 | South Korea | −11.8% | −37.7% | 2 | BIS |
| 47 | Peru | −12.1% | −5.5% | 2 | BIS |
| 48 | France | −12.1% | −20.3% | 2 | BIS |
| 49 | Austria | −13.6% | −13.1% | 2 | BIS |
| 50 | Germany | −13.7% | −18.1% | 2 | BIS |
| 51 | Romania | −14.0% | −0.7% | 2 | BIS |
| 52 | Morocco | −14.6% | −23.1% | 2 | BIS |
| 53 | Sweden | −15.1% | −24.4% | 2 | BIS |
| 54 | Luxembourg | −15.7% | −22.8% | 2 | BIS |
| 55 | New Zealand | −20.5% | −34.2% | 1 | BIS |
| 56 | Canada | −21.0% | −32.3% | 1 | BIS |
| 57 | Finland | −24.3% | −30.1% | 1 | BIS |
| 58 | Hong Kong | −24.8% | −34.7% | 1 | BIS |
| 59 | China | −25.1% | −40.6% | 1 | BIS |
About the data
Indicator. Real change in house prices: how much residential property prices rose over and above consumer prices. If house prices rose by 30% and inflation over the same period was 20%, the real increase is about 8% (1.30 / 1.20 − 1).
Layers. Two periods (5 years and 12 months) and two currencies. “In national currency” is the rise in house prices in local currency net of local inflation: whether housing has kept its purchasing power for a local resident. “In US dollars” is the price of housing converted into dollars at the market exchange rate, net of US inflation: the return for an investor who invested in dollars. This layer also reflects the change in the national currency's exchange rate.
Period and source. Bank for International Settlements (BIS): residential property price indices (nominal and real), quarterly data; exchange rates against the US dollar, quarterly averages, BIS. The latest available quarter (Q2 2026 for most countries, Q1 2026 for some, Q4 2025 for Japan) is compared with the same quarter five years and one year earlier.
Calculation. In national currency: the change in the BIS real index (the nominal index divided by the consumer price index). In dollars: the nominal index divided by the exchange rate against the dollar, adjusted for US inflation; inflation is derived from the BIS nominal and real indices. The exchange rate against the dollar in the country card is the change in the dollar value of the national currency: a minus means the currency has weakened. WhiteIndex calculation.
Why the dollar figure can be higher. Both layers are real, but they use different inflation: the national-currency layer deducts local inflation, the dollar layer deducts US inflation. So the dollar result is higher if the national currency strengthened against the dollar, or weakened by less than the gap between local and US inflation. Example: Russia over 12 months (Q2 2025 to Q2 2026). House prices rose by 14.4%, inflation was 5.6%, so the real increase in roubles was 8.3%. Over the same period the rouble strengthened against the dollar by 8.6% (from 80.9 to 74.5 roubles per dollar, quarterly average), so in dollars housing rose by about 24%, and net of US inflation (3.9%) by 19.6%. In Turkey over the same year the lira lost 14.8% against the dollar, but Turkish inflation (32.4%) exceeded US inflation by a much wider margin, so the real result in dollars (+2.6%) is better than in lira (−5.5%).
Scale. Eight classes, specific to each period. 5 years: fall of more than 20%, −20% to −10%, −10% to −3%, around zero (±3%), +3% to +10%, +10% to +25%, +25% to +50%, rise of more than 50%. 12 months: fall of more than 5%, −5% to −2%, −2% to −1%, around zero (±1%), +1% to +5%, +5% to +10%, +10% to +20%, rise of more than 20%. Burgundy and copper shades mean housing has lost value after inflation; patina shades mean it has gained.
Gaps. The map covers 59 countries: 57 from the main BIS set of indices, Saudi Arabia from the extended BIS set (the GASTAT statistics authority index based on Ministry of Justice transactions), and Qatar from the Qatar Central Bank (QCB) real estate price index, with inflation from the IMF and Qatar's Planning and Statistics Authority. Oman is shown only in the “12 months” layer: the National Centre for Statistics and Information publishes only the annual change in its residential index, and the index also includes residential land, which has risen in price faster than apartments and villas. Countries without a comparable index are shown in gray, including the UAE, Egypt, Vietnam, Panama, Costa Rica and most of Africa.
Caveats. National indices differ in methodology: some cover the whole country, others only major cities; some track new builds, others the secondary market. Cross-country comparisons are therefore only approximate. In high-inflation countries (Turkey, Russia) a small error in the inflation estimate noticeably changes the result. The indices reflect transaction or asking prices but do not account for rental income, taxes or maintenance costs.
Sources and data dates
Bank for International Settlements (BIS): Residential property prices — selected series (nominal and real indices), US dollar exchange rates (quarterly averages). Data retrieved on 20 October 2026.
WhiteIndex. Inflation-adjusted house prices: map and data by country. Data: BIS, residential property price indices and exchange rates.
WhiteIndex reference page. Data are updated quarterly as BIS releases new figures.