The following plots display real property prices for a set of countries, sourced from the Bank of International Settlements and published on September 27, 2023.
The quarterly data on real residential property prices changes from previous year for the countries you listed shows that Singapore, Mexico, and Japan are the only countries with positive price growth. All other countries experienced negative price growth, with Canada experiencing the largest decline (-19.13%).
The following is a more detailed analysis of the quarterly data:
- Singapore: Real residential property prices in Singapore increased by 4.98% in the third quarter of 2023, compared to the same period last year.
- Mexico: Real residential property prices in Mexico increased by 3.93% in the third quarter of 2023, compared to the same period last year.
- Japan: Real residential property prices in Japan increased by 1.12% in the third quarter of 2023, compared to the same period last year. This is the second consecutive quarter of price growth.
- All other countries: Real residential property prices in all other countries experienced negative price growth in the third quarter of 2023. The largest decline was seen in Canada (-19.13%), followed by Germany (-15.48%), Australia (-13.76%), and the United Kingdom (-5.89%). The negative price growth is attributed to a number of factors, including rising interest rates, inflation, and a slowdown in economic growth.
Overall, the quarterly data shows that the global real estate market is cooling down. However, there is still some positive price growth in a few countries, such as Singapore, Mexico, and Japan.
It is important to note that this is just a snapshot of real residential property prices in selected countries as of September 27, 2023. Prices can fluctuate over time, and other factors, such as location, type of property, and market conditions, can also affect prices.
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