New Figures From the IMF Show a Divergence in Housing Markets

What we're showing

This chart shows the cumulated percent change in house prices from Q4 2021 to Q1 2023, using data from the IMF's October 2023 report.

Key takeaway

While most major economies have seen house prices increase, some such as Germany have been declining.

Context

Despite Russia’s struggling economy and prolonged war with Ukraine, real house prices soared by 10% in 2022 according to Global Property Guide. 

On the other hand, Germany experienced its biggest single-quarter drop in 16 years in the final quarter of 2022. This drop is attributed to inflation and rising interest rates, which have hurt demand.