Global liquidity continues to increase due to the impact of stimulus policies in major economies such as reductions in benchmark interest rates and quantitative easing to overcome the global financial crisis and the COVID-19 pandemic.
• Real global housing prices continued to rise due to increased global liquidity and, from the second quarter of 2017, it exceeded the level of that before the 2008 Global Financial Crisis.
• Housing prices in major countries after 2010 demonstrate that housing prices have risen more prominently in large cities.
• While the overall housing prices in the US, France, Japan, and China are on a rise, the prices hikes in metropolitan areas outweighed the national average increase rate (except for the US).
• The increase in housing prices in major countries seems to be largely due to global liquidity expansion. In some cities, the prices rose rapidly by the action of regional supply and demand factors.
• Some countries have strengthened housing loan regulations to maintain financial soundness while increasing housing supply, improving housing stability by supporting home ownership and revising lease laws.
• In the short term, housing supply is less elastic than housing demand. Thus, it is necessary to prepare a housing supply plan based on the long-term housing supply and demand forecast.