Global Residential Property Prices — BIS Index (2010=100)
Nominal residential property price indices for six major economies — the US, UK, Germany, Australia, Canada, and Japan — compiled quarterly by the Bank for International Settlements from national sources, indexed to 2010=100.
Data
| Period | US | UK | Germany | Australia | Canada | Japan | US YoY | AU YoY |
|---|---|---|---|---|---|---|---|---|
| Q4 2025 | — | 172.7 | — | 211.0 | 201.8 | — | — | +7.8% |
| Q3 2025 | 234.2 | 172.7 | 180.3 | 204.6 | 205.7 | 145.5 | +1.2% | +5.0% |
| Q2 2025 | 233.6 | 168.6 | 178.6 | 199.9 | 210.1 | 143.6 | +1.8% | +4.1% |
| Q1 2025 | 233.9 | 169.6 | 176.8 | 196.5 | 210.3 | 145.2 | +2.6% | +4.5% |
| Q4 2024 | 233.6 | 168.6 | 174.8 | 195.7 | 208.9 | 137.7 | +3.5% | +5.8% |
| Q3 2024 | 231.4 | 168.2 | 174.6 | 194.8 | 212.4 | 139.4 | +3.7% | +7.4% |
| Q2 2024 | 229.5 | 164.6 | 173.2 | 192.1 | 216.4 | 138.5 | +4.8% | +8.9% |
| Q1 2024 | 227.9 | 162.6 | 170.8 | 188.1 | 213.5 | 138.7 | +5.4% | +9.6% |
| Q4 2023 | 225.8 | 164.6 | 171.5 | 185.1 | 212.8 | 134.0 | +5.5% | +7.2% |
| Q3 2023 | 223.1 | 166.7 | 174.9 | 181.4 | 221.3 | 135.1 | +4.7% | +2.4% |
| Q2 2023 | 219.0 | 163.9 | 177.6 | 176.5 | 222.6 | 134.8 | +2.2% | -3.8% |
| Q1 2023 | 216.2 | 164.8 | 180.1 | 171.7 | 211.9 | 135.3 | +3.7% | -6.1% |
About this Dataset
Residential property is the world’s largest asset class by value, and the BIS WS_SPP index provides the most comparable cross-country view of its price trajectory. As of the latest available data (Q3/Q4 2025), the picture is one of bifurcation: Australia (+7.8% YoY) and Japan (+4.4% YoY) are accelerating, the US and UK are growing modestly at +1–2.5%, and Canada remains in a correction cycle now 19.5% below its Q1 2022 peak. Germany, having corrected 8.1% from its own Q2 2022 high, shows the earliest signs of stabilisation with three consecutive quarters of renewed appreciation in 2025.
The 2020–2022 global synchronised surge — in which all six economies gained 20–40% in nominal terms — was the most rapid coordinated residential price inflation on record. The subsequent divergence is equally instructive: identical monetary tightening produced radically different outcomes depending on mortgage market structure, supply elasticity, and demographic demand flows.
The US index has risen from 79.5 (Q4 2000) to 234.2 (Q3 2025), a nominal gain of 195% over 25 years. The post-GFC recovery was prolonged by supply constraints that persisted through the 2010s; the pandemic boom of 2020–2022 added a further 35% in nine quarters. Unlike Canada or Germany, the US correction never materialised: the index has recorded positive YoY growth in every quarter since Q3 2012, aided by a 30-year fixed-rate mortgage market structure that insulates existing borrowers from rate reset risk and reduces forced selling pressure when rates rise.
- Data source: BIS WS_SPP dataset, series code Q.[country].N.628 — nominal, all dwellings, 2010=100
- Frequency: Quarterly; released with a one-to-two quarter lag depending on country
- Coverage: Q1 1970 to present (Germany, US, Australia); Q2 1968 (UK); Q1 1955 (Japan)
- Scope: Nominal prices — not adjusted for inflation; analysts should deflate against country CPI for real comparisons
- Geography: National aggregates; subnational city-level data available separately from some national sources
Canada presents the most analytically significant case study for stress scenario modelling. The index reached 250.7 in Q1 2022 — driven by speculative demand, low rates, and pandemic migration from cities — before declining steadily to 201.8 by Q4 2025. That 19.5% nominal decline translates to an approximately 30% real decline when adjusted for Canadian CPI over the same period. For underwriters of Canadian RMBS, the key risk variable is the vintage concentration of originations in H1 2022: portfolios heavily weighted to that cohort carry loans originated at peak collateral values that are now materially impaired on a mark-to-market basis.