Global Real Estate Prices: Winners and Losers Since 2008

Since the global financial crisis of 2008, real estate prices have fluctuated wildly across different countries. A recent analysis by Valerii Emelianov reveals that Israel recorded the highest inflation-adjusted housing return in U.S. dollar terms at 101%, followed closely by Hong Kong at 81%. In contrast, Russia experienced a significant decline of 63%.

Out of the 57 markets analyzed, 28 posted positive real returns, while 29 lost value after adjusting for U.S. inflation. The United States ranked seventh in terms of housing price growth, with prices rising 49% after adjusting for inflation.

The analysis uses data from the BIS Residential Property Price Database and World Bank official exchange rates to measure changes in residential property prices between 2008 and 2025. The results show that local factors such as housing supply, demand, and economic growth played a significant role in shaping property values.