Global Housing Markets: The Macro and Micro Picture

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Presentation transcript:

Global Housing Markets: The Macro and Micro Picture Hites Ahir International Monetary Fund February 17, 2016 Presentation for the 2016 Annual Meeting of International Housing Association THE VIEWS EXPRESSED IN THIS PRESENTATION ARE THOSE OF THE PRESENTERS AND SHOULD NOT BE ASCRIBED TO THE IMF OR IMF POLICY.

What is the picture at the global level What is the picture at the global level? Several indicators point to an upward trend.

Global House Price Index

The share of countries with positive growth in real house prices

The share of countries with positive growth in real house prices

House prices across countries

Credit growth across countries

House price-to-income ratio

House price-to-rent ratio

2. What is the picture at the regional level 2. What is the picture at the regional level? Compared to advanced economies, house prices in some emerging markets are slowing down, but unclear if there is a shift in momentum.

Advanced economies: the share of countries with positive growth in real house prices

Emerging economies: the share of countries with positive growth in real house prices

Real house prices in advanced economies

Real house prices in emerging economies

Real house price developments in the BRICs

3. What is the picture at the sub-national level? Contrasting developments at the national versus sub-national levels

House prices in the Netherlands and Amsterdam

House prices in New Zealand and Auckland

House prices across cities in Australia

House prices across cities in UAE

Thank you…