Statistics Release: BIS Residential Property Price Statistics for the Fourth Quarter of 2025

•Realglobal house prices fell by 0.6%yearonyear (yoy)at the end of 2025.•Real prices were almost stablein advanced economies(0.4%yoy), whiletheycontinued todecreaseinemerging market economies(–1.4%yoy),especiallyin Asia.•Since theoutbreak of the Covid-19pandemic,real global house priceshaveincreased byalmost3%.Amongmajorjurisdictions,Türkiye, Australia and Mexicorecordedthestrongestincreases, whileprices inChina and Canadawerestill belowtheir pre-pandemic levels.•From a longer-term perspective,realglobalhouse priceshaveincreased by almost20% since the end of the Great Financial Crisis (GFC)of 2007–09.Yetrealpriceswerestillsignificantlylower than theirpost-GFC levels in Italy, China,South Africa,Braziland Indonesia.•To access the fulldata set, visitResidential property prices-overview | BIS DataPortal. Summary of latest developments In the fourth quarter of 2025,aggregated global house pricesdeflatedby consumer pricesdeclined by 0.6% yoy,arate similartothe previous quarter. This continued the downward Real house pricesremained nearlystableinadvanced economies(AEs),with amodest0.4%increaseyoyinQ42025, in line with the stabilisation observed since mid-2024(Graph 1, blue line).Significant rises were recorded in the euro area(3.0%) and non-euro Aggregate developments in real residential property prices Source:BIS selected residential property price series. In contrast, the fall observed in real pricesextended furtherinemerging marketeconomies (EMEs), at a broadly constant ratein Q4 2025(–1.4%yoy), marking the fourthconsecutiveyear of decline(Graph 1, red line).The currentdropin aggregate termsismainly 1Real residential property prices refer to nominal residential property prices (which in Q42025grew by 2.1% globally) deflated by the consumer price index. Globaland regionalfigures are weightedaverages based on rolling GDP and PPP exchange rates.AEs comprise the euro area, the non-euro areaEuropean economies(Czechia, Denmark, Iceland,Norway,Sweden, Switzerlandandthe UnitedKingdom) and the non-EuropeanAEs(Australia, Canada, Hong Kong SAR, Israel, Japan, Korea, NewZealand, Singapore and the United States).EMEs comprise Asia (China, India, Indonesia, Malaysia, the due toa continued fall inAsia(–3.2%),onlypartially offset by price increases inLatin America(2.6%),emergingEurope (4.0%) and Africa (1.4%)(Graph 2.B). Source: BIS calculations. Asusual, these aggregated developments mask important diversity across the 57jurisdictionsreporting to the BIS. While the PPP-based average in real prices fell slightly yoy inthe fourth quarter of 2025,theirmedian growthremained close to2%yoy(Graph3.A).Thisreflects the fact that a large majority ofAEs(70%)and EMEs(60%)stillrecordpositiveprice Global developments in real residential property prices Source:BIS selected residential property price series. The highestyoyincrease inreal residential property pricesin Q4 2025 was recorded inNorth Macedonia(20%), followed byHungary (17%) andPortugal(16%). Conversely,China 2Weighted quarterly averages based on rolling GDP and PPP exchange rates. Source:BIS calculations based on selected residential property price series. Since thestart of theCovid-19 pandemicat the end of 2019, real global housepriceshaveincreased byalmost3%.Among theG20 jurisdictions, priceshave risen markedlyin Türkiye (109%)and to a lesser extent inAustralia (22%) and Mexico (22%), whiletheyhave From alonger-term perspective,global real residential property priceshaveincreased byalmost20%in real termssince the end of the GFC.In most ofthe G20economies,theyare now wellabove their post-GFC levels, havingmore than doubled in Türkiyeandrisen byover 50% in India, the United States and Mexico.In contrast, pricesare still wellbelow theirpost-GFC levels inItaly(−24%),China(−13%), South Africa(−10%),Brazil(−9%) Advanced economies In Q4 2025, real residential property prices inAEsremainedbroadly unchanged (0.4%yoy).They weakenedfurther in the United States(−2%) but ralliedin Japan (+2%) andextended their rebound observed since2024inthe euroarea(+3%)(Graph 6.A). This wasdespite significant divergence acrosseuro areamember countries:while Portugaland Real residential property prices in selected advanced economies Source:BIS selected residential property price series. Among otherAEs,in Q4 2025 real prices were still strong inAustralia(+4%), whiletheyremained broadly flat in theUnited Kingdom (–1%) andcontinued to fall markedly inCanada Source:BIS selected residential property price series. Emerging market economies In Q4 2025,real residential property prices inEMEsdecreasedby 1.4 yoyin aggregate,driven by the continued decline inAsia(–3.2%).Sharpdropscontinued to beobserved inChina, extending the significant correction observed over the past four years(–6%).Real priceshave started to fall again inIndonesia (–2%)and lost momentum inthe Philippines and Source:BIS selected residential property price series. Real residential property pricesinLatin America continue