Houses & debt

Real house prices in 58 countries, and who has borrowed beyond their trend

Houses and debt

Real house prices in every market the BIS follows, and how far each private sector has borrowed beyond its own trend.

Q2 2026
−2.6%

US real house prices over one year, inflation taken out

+15.2%

Portugal · the fastest market of the year

−64.6 pts

Ireland · the deepest credit gap, private borrowing furthest below its trend

American houses lost 2.6% in real terms over the year to Q2 2026, the euro area's gained 2.6%, China's lost 7.0%. The fastest market is Portugal (+15.2%), the weakest China (−7.0%). The private sector has borrowed furthest beyond its own trend in Saudi Arabia (+6.7 pts of GDP) and pulled back furthest in Ireland (−64.6 pts).

Houses on the map

Real residential property prices against a year ago, inflation taken out. A dashed ring fell.

58 economies, BIS to Q2 2026
Portugal: real house prices +15.2% over the year to Q1 2026Bulgaria: real house prices +10.8% over the year to Q1 2026Croatia: real house prices +10.0% over the year to Q1 2026Hong Kong: real house prices +10.0% over the year to Q2 2026Spain: real house prices +9.9% over the year to Q1 2026Slovakia: real house prices +9.6% over the year to Q2 2026Lithuania: real house prices +8.4% over the year to Q2 2026North Macedonia: real house prices +8.4% over the year to Q2 2026Russia: real house prices +8.3% over the year to Q2 2026Czechia: real house prices +8.3% over the year to Q1 2026Latvia: real house prices +7.8% over the year to Q2 2026Denmark: real house prices +7.4% over the year to Q1 2026Colombia: real house prices +7.0% over the year to Q1 2026China: real house prices −7.0% over the year to Q2 2026Cyprus: real house prices +6.9% over the year to Q1 2026Canada: real house prices −6.7% over the year to Q2 2026Hungary: real house prices +6.5% over the year to Q1 2026Slovenia: real house prices +6.5% over the year to Q1 2026Turkey: real house prices −5.5% over the year to Q2 2026Peru: real house prices +5.2% over the year to Q1 2026Sweden: real house prices +4.3% over the year to Q2 2026Australia: real house prices +4.2% over the year to Q2 2026Malta: real house prices +4.1% over the year to Q1 2026New Zealand: real house prices −3.7% over the year to Q1 2026Poland: real house prices +3.5% over the year to Q1 2026Mexico: real house prices +3.2% over the year to Q2 2026Israel: real house prices −3.2% over the year to Q1 2026Switzerland: real house prices +2.9% over the year to Q2 2026France: real house prices −2.8% over the year to Q2 2026United States: real house prices −2.6% over the year to Q2 2026Euro area: real house prices +2.6% over the year to Q1 2026Netherlands: real house prices +2.6% over the year to Q1 2026Finland: real house prices −2.6% over the year to Q1 2026Japan: real house prices +2.4% over the year to Q4 2025Estonia: real house prices +2.4% over the year to Q1 2026Chile: real house prices +2.4% over the year to Q1 2026Iceland: real house prices −2.4% over the year to Q2 2026Ireland: real house prices +2.3% over the year to Q2 2026Indonesia: real house prices −2.2% over the year to Q2 2026Serbia: real house prices +2.0% over the year to Q2 2026Romania: real house prices −2.0% over the year to Q1 2026Philippines: real house prices +1.6% over the year to Q1 2026Norway: real house prices +1.3% over the year to Q2 2026South Africa: real house prices +1.3% over the year to Q2 2026India: real house prices +1.1% over the year to Q1 2026Singapore: real house prices +1.1% over the year to Q2 2026Malaysia: real house prices −1.0% over the year to Q2 2026Italy: real house prices +1.0% over the year to Q2 2026Germany: real house prices −0.8% over the year to Q1 2026Brazil: real house prices +0.6% over the year to Q2 2026Belgium: real house prices +0.6% over the year to Q1 2026South Korea: real house prices −0.5% over the year to Q2 2026Greece: real house prices +0.4% over the year to Q2 2026Thailand: real house prices −0.3% over the year to Q2 2026Austria: real house prices +0.1% over the year to Q2 2026Morocco: real house prices −0.1% over the year to Q2 2026United Kingdom: real house prices +0.1% over the year to Q2 2026Luxembourg: real house prices +0.1% over the year to Q1 2026

Rising fastest, one year

  1. Portugal+15.2%
    +125% in ten years
  2. Bulgaria+10.8%
    +67% in ten years
  3. Croatia+10.0%
    +74% in ten years
  4. Hong Kong+10.0%
    −2% in ten years
  5. Spain+9.9%
    +44% in ten years
  6. Slovakia+9.6%
    +38% in ten years

Falling fastest, one year

  1. China−7.0%
    −13% in ten years
  2. Canada−6.7%
    +4% in ten years
  3. Turkey−5.5%
    +68% in ten years
  4. New Zealand−3.7%
    +15% in ten years
  5. Israel−3.2%
    +30% in ten years
  6. France−2.8%
    +2% in ten years

Borrowing furthest above trend

  1. Saudi Arabia+6.7 pts
    private credit 78% of GDP
  2. Japan+5.7 pts
    private credit 174% of GDP
  3. India+4.3 pts
    private credit 105% of GDP
  4. Israel+3.6 pts
    private credit 117% of GDP
  5. Argentina+2.7 pts
    private credit 27% of GDP
  6. Brazil+0.7 pts
    private credit 93% of GDP

Most indebted private sectors

  1. Luxembourg454% of GDP
    gap −38.3 pts against its trend
  2. Hong Kong339% of GDP
    gap −46.9 pts against its trend
  3. Netherlands263% of GDP
    gap −47.2 pts against its trend
  4. Switzerland257% of GDP
    gap −11.8 pts against its trend
  5. Sweden236% of GDP
    gap −30.3 pts against its trend
  6. Norway224% of GDP
    gap −11.7 pts against its trend

Every housing market

Twelve years of real house prices, the year's change, the decade's, and the credit gap. Fastest year first.

58 markets
  • Portugal+15.2%

    Q1 2026 · +125% in ten years · credit gap −24.3 pts

  • Bulgaria+10.8%

    Q1 2026 · +67% in ten years

  • Croatia+10.0%

    Q1 2026 · +74% in ten years

  • Hong Kong+10.0%

    Q2 2026 · −2% in ten years · credit gap −46.9 pts

  • Spain+9.9%

    Q1 2026 · +44% in ten years · credit gap −24.3 pts

  • Slovakia+9.6%

    Q2 2026 · +38% in ten years

  • Lithuania+8.4%

    Q2 2026 · +69% in ten years

  • North Macedonia+8.4%

    Q2 2026 · +48% in ten years

  • Russia+8.3%

    Q2 2026 · +45% in ten years · credit gap −7.9 pts

  • Czechia+8.3%

    Q1 2026 · +61% in ten years · credit gap −3.5 pts

  • Latvia+7.8%

    Q2 2026 · +37% in ten years

  • Denmark+7.4%

    Q1 2026 · +34% in ten years · credit gap −20.6 pts

  • Colombia+7.0%

    Q1 2026 · +9% in ten years · credit gap −7.7 pts

  • Cyprus+6.9%

    Q1 2026 · +21% in ten years

  • Hungary+6.5%

    Q1 2026 · +98% in ten years · credit gap −8.1 pts

  • Slovenia+6.5%

    Q1 2026 · +69% in ten years

  • Peru+5.2%

    Q1 2026 · −14% in ten years

  • Sweden+4.3%

    Q2 2026 · −2% in ten years · credit gap −30.3 pts

  • Australia+4.2%

    Q2 2026 · +24% in ten years · credit gap −9.7 pts

  • Malta+4.1%

    Q1 2026 · +43% in ten years

  • Poland+3.5%

    Q1 2026 · +39% in ten years · credit gap −15.6 pts

  • Mexico+3.2%

    Q2 2026 · +37% in ten years · credit gap −3.1 pts

  • Switzerland+2.9%

    Q2 2026 · +28% in ten years · credit gap −11.8 pts

  • Euro area+2.6%

    Q1 2026 · +19% in ten years · credit gap −17.1 pts

  • Netherlands+2.6%

    Q1 2026 · +58% in ten years · credit gap −47.2 pts

  • Japan+2.4%

    Q4 2025 · +21% in ten years · credit gap +5.7 pts

  • Estonia+2.4%

    Q1 2026 · +38% in ten years

  • Chile+2.4%

    Q1 2026 · +35% in ten years · credit gap −21.6 pts

  • Ireland+2.3%

    Q2 2026 · +54% in ten years · credit gap −64.6 pts

  • Serbia+2.0%

    Q2 2026 · +58% in ten years

  • Philippines+1.6%

    Q1 2026 · +27% in ten years

  • Norway+1.3%

    Q2 2026 · +10% in ten years · credit gap −11.7 pts

  • South Africa+1.3%

    Q2 2026 · −11% in ten years · credit gap −4.3 pts

  • India+1.1%

    Q1 2026 · +2% in ten years · credit gap +4.3 pts

  • Singapore+1.1%

    Q2 2026 · +29% in ten years · credit gap −22.0 pts

  • Italy+1.0%

    Q2 2026 · −5% in ten years · credit gap −13.6 pts

  • Brazil+0.6%

    Q2 2026 · −10% in ten years · credit gap +0.7 pts

  • Belgium+0.6%

    Q1 2026 · +8% in ten years · credit gap −30.3 pts

  • Greece+0.4%

    Q2 2026 · +51% in ten years · credit gap −18.1 pts

  • Austria+0.1%

    Q2 2026 · +7% in ten years · credit gap −14.7 pts

  • United Kingdom+0.1%

    Q2 2026 · −1% in ten years · credit gap −20.1 pts

  • Luxembourg+0.1%

    Q1 2026 · +27% in ten years · credit gap −38.3 pts

  • Morocco−0.1%

    Q2 2026 · −18% in ten years

  • Thailand−0.3%

    Q2 2026 · +14% in ten years · credit gap −15.7 pts

  • South Korea−0.5%

    Q2 2026 · +1% in ten years · credit gap −15.1 pts

  • Germany−0.8%

    Q1 2026 · +13% in ten years · credit gap −4.2 pts

  • Malaysia−1.0%

    Q2 2026 · +13% in ten years · credit gap −2.8 pts

  • Romania−2.0%

    Q1 2026 · −6% in ten years

  • Indonesia−2.2%

    Q2 2026 · −12% in ten years · credit gap −1.3 pts

  • Iceland−2.4%

    Q2 2026 · +60% in ten years

  • Finland−2.6%

    Q1 2026 · −22% in ten years · credit gap −21.1 pts

  • United States−2.6%

    Q2 2026 · +30% in ten years · credit gap −11.3 pts

  • France−2.8%

    Q2 2026 · +2% in ten years · credit gap −15.7 pts

  • Israel−3.2%

    Q1 2026 · +30% in ten years · credit gap +3.6 pts

  • New Zealand−3.7%

    Q1 2026 · +15% in ten years · credit gap −7.7 pts

  • Turkey−5.5%

    Q2 2026 · +68% in ten years · credit gap −24.7 pts

  • Canada−6.7%

    Q2 2026 · +4% in ten years · credit gap −15.3 pts

  • China−7.0%

    Q2 2026 · −13% in ten years · credit gap −5.1 pts

House prices are the Bank for International Settlements’ real residential property price index (2010 = 100), each country’s own national series deflated by its consumer prices, so the changes here are what a house gained or lost against everything else. The credit gap is the BIS credit-to-GDP gap: credit to households and non-financial companies from every lender, as a share of GDP, less its own long-run trend, in percentage points; the Basel Committee uses a gap above ten points to signal that banks should hold more capital, and the gap turns deeply negative after a bust as borrowing shrinks. Both arrive quarterly with a lag of one to two quarters. The rates behind the mortgages are on The world.