Global Residential Property Prices: BIS Data for Q1 2026

The BIS compiles residential property price statistics from its member central banks and publishes a commentary every quarter. In Q1 2026, global residential property prices deflated by consumer prices fell 1.2% year-on-year. In Q4 2025 they had fallen 0.5% [1]. Nominal prices rose 1.7% globally [1].

The aggregate decline was driven by a few large economies. The median year-on-year growth rate across reporting jurisdictions rose from 2.3% to 2.6% [1]. Only around one third of advanced economies and one fourth of emerging economies saw real prices fall [1].

In advanced economies, real prices fell 0.2%. This was their first decline since Q3 2024 [1]. Real prices fell in Canada (-7%), the United States (-2%) and the United Kingdom (-2%). They grew in Australia (+6%) and the euro area (+2.6%), led by Spain (+10%) and Italy (+4%). France and Germany each fell about 1% [1].

In emerging market economies, real prices fell 2.0%, after -1.2% in the previous quarter [1]. Emerging Asia fell 4.3%, led by China (-7%) and Indonesia (-3%). Thailand, the Philippines and India rose moderately, by 2%, 2% and 1% [1]. Latin America grew 5.0%, including Brazil (5%) and Mexico (4%). Other EMEs grew 3.2% [1].

The largest real increases were in Portugal (15%), North Macedonia (13%) and Bulgaria (11%) [1].

Since the start of the Covid-19 pandemic in Q4 2019, real house prices have risen 2.7% globally [1]. Among G20 economies, the largest real gains since then were in Turkiye (105%), Australia (23%), Mexico (22%) and the United States (18%). The largest falls were in China (-22%), Canada (-9%) and Indonesia (-8%) [1].

Over the longer term, real global house prices are 20% above their levels at the end of the GFC [1]. The gap is largest in Turkiye (117%), India (62%) and the United States (56%). Real prices remain below post-GFC levels in Italy (-24%) and China (-15%) [1].

For the United States, the BIS real residential property price index (2010=100) fell from 159.74 in Q1 2025 to 156.43 in Q1 2026 [2].

Our main source is the BIS commentary on residential property price statistics for Q1 2026 [1]. Real prices are nominal residential property prices deflated by the consumer price index. Global and regional figures are weighted quarterly averages based on rolling GDP and PPP exchange rates [1]. The BIS defines the advanced and emerging economy groups in its footnotes. India, China and Indonesia are in emerging Asia [1]. The US index series comes from FRED, which republishes the BIS series as an index with 2010=100 that is not seasonally adjusted [2]. The OECD publishes a separate housing prices indicator [3]. This report does not use OECD figures. The report contains no FREEE.REPORT calculations.