The countries where property prices have rocketed the most over the past ten years have been revealed – and by how much house price inflation has outpaced wages to squeeze buyers.
Those fed up with Britain’s sky-high house prices that can make moving home unaffordable may be surprised to find the UK only coming in down the list at number ten.
Israel was revealed as the country to have suffered the most from house price inflation. The average house price in Israel has increased an incredible 345.7 per cent, with a square metre of property costing on average £6,920 in 2020, up from £1,553 a decade earlier.
Switzerland ranked second place with property prices increasing by 165.5 per cent, with a square metre jumping from £3,197 to £8,489, while Germany followed close behind with a 162 per cent price jump from £1,781 per square meter to £4,666.
The research, from UK-based price comparison website money.co.uk, involved using data from Numbeo, the world’s largest cost of living database, the Organisation for Economic Co-operation and Development and from the World Bank
A new study has revealed the countries where property prices have rocketed over the past ten years, with the UK coming in at number ten
In at fourth was the U.S. (153.3 per cent increase), followed by Hungary (137.8 per cent increase), Slovakia (111.8 per cent increase), France (100.5 per cent increase), Portugal (86.5 per cent increase) and Japan (75.1 per cent increase).
Rounding out the top ten was the UK, with a 74.9 per cent increase.
Across the UK, the average property price per square metre also went up by around three quarters, increasing from £2,469 to £4,318.
At the other end of the scale, Norway, Czech Republic, Belgium and Greece all saw the average property price fall over the past ten years. In Greece, which came in at number 30, the price per square meter dropped 17.9 per cent, from £1,772 to £1,455.
The study also showed how the house prices compared to the difference in wages, and the average inflation rate across the last ten years.
While Portugal’s average property price increased by 86.5 per cent, it was one of the only nations that actually saw its wages go down over the course of the last decade, dropping by 1.3 per cent to £20,529 a year.
The ten countries with the greatest property price increases
The average house price in Israel has increased an incredible 345.7 per cent with a square metre costing £6,920 in 2020, up from £1,553 a decade earlier. Pictured, Tel Aviv
Meanwhile, Hungary experienced one of the biggest increases in inflation, with the rate going up by an average of 2.56 per cent each year between 2010 and 2020.
The research, from UK-based price comparison website money.co.uk, involved using data from Numbeo, the world’s largest cost of living database, the Organisation for Economic Co-operation and Development and from the World Bank.
Commenting on the findings, a spokesperson from the site said: ‘When you’re looking to purchase a new home, it doesn’t take long to realise that properties aren’t as cheap as they used to be.
‘Even in the face of a global pandemic, property prices continue to rise across the world, as they have been doing for some time now.
However, the picture isn’t the same in every country as property prices fluctuate at different rates.’
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