The GHPI provides valuable insights into the performance of residential real estate markets, allowing investors, policymakers, and analysts to compare housing market conditions globally.
The index tracks changes in house prices over time, typically on a quarterly or annual basis, and is often used to gauge the health of the real estate market and the broader economy. Factors influencing the index include economic growth, interest rates, inflation, government policies, and demographic trends.
Understanding the Global House Price Index is crucial for anyone involved in the real estate market, as it offers a clear view of global housing trends and market dynamics.
For instance, in Greece, the real estate market has shown a remarkable recovery over the past few years, following a prolonged period of economic downturn.
The Greek property market, especially in popular areas such as Athens, Thessaloniki, and the islands, has been attracting significant interest from both domestic and international investors. Factors such as tourism growth, favourable investment incentives, and the Golden Visa program have contributed to this resurgence.
Monitoring the Global House Price Index helps stakeholders keep track of these positive trends and make informed decisions about entering or expanding their investments in the Greek real estate market.
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Source: http://www.imf.org/external/research/housing/index.htm
Global house prices experienced a slightly smaller decline in the third quarter of 2023 compared to the previous three months, falling by 2.1% year-on-year (yoy) in aggregate and in real terms.
Real house prices continued to decrease at a faster rate in advanced economies (AEs) (–2.7% yoy) compared to emerging market economies (EMEs) (–1.6% yoy).
Significant variations persist across major economies. For example, real house prices remained relatively strong in Türkiye, increased in Mexico, were generally stable in Indonesia, Japan, and the United States, but declined sharply in the euro area, the United Kingdom, and even more so in Korea.
In real terms, global house prices are still substantially (23%) above their average level following the 2007–09 Great Financial Crisis (GFC), with prices 33% higher in AEs and 16% higher in EMEs.
Within the euro area, real house prices continue to show significant variations among member states.
Prices surged by 9% in Greece and were up by 4% in Portugal and by 2% in Spain. In contrast, they declined by 4% in Italy (nonetheless representing a slight improvement from the stronger decline observed over the past few quarters), 6% in both France and the Netherlands and, notably, 15% in Germany
In the third quarter of 2023, there was a 2.1% year-on-year decrease in global house prices adjusted for consumer prices, slightly less than the 2.3% decline observed in the second quarter. This change in real terms signaled the first increase in nominal prices (2.5%, up from 2.3%), ending a prolonged period of nominal price deceleration since early 2022. Additionally, there was a stabilization in consumer price index (CPI) inflation during this period.
In the third quarter of 2023, there was a 2.1% year-on-year decrease in global house prices adjusted for consumer prices, slightly less than the 2.3% decline observed in the second quarter. This change in real terms signaled the first increase in nominal prices (2.5%, up from 2.3%), ending a prolonged period of nominal price deceleration since early 2022. Additionally, there was a stabilization in consumer price index (CPI) inflation during this period.
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