Global Property Guide

We just analyzed 5-year house price growth across Asia. One market stood out immediately: 🇰🇿 Kazakhstan. House prices have surged 66% over the past five years, making it one of Asia's fastest-growing housing markets in nominal terms. Other strong performers include: 🇹🇼Taiwan: +40% 🇵🇭Philippines: +39% But nominal numbers don't tell the full story. For local buyers, what matters is inflation-adjusted (real) house price growth. In Kazakhstan, despite nominal prices rising 66%, real house prices are actually down 5%, meaning inflation has outpaced housing appreciation. For international investors, exchange rates matter more than domestic inflation. Over the same period, the Kazakh tenge weakened by roughly 10.4% against the U.S. dollar and 7.3% against the Euro. Because the local housing boom vastly outpaced currency devaluation, foreign capital captured high returns despite high local inflation: USD-denominated capital gains: +50.3% EUR-denominated capital gains: +54.7% ...and if those investors rented out their apartments, they would have captured another 7-8% in NET annual yields. Over 5 years, this brings the total return on investment to nearly 90%. -- *Nominal prices tell you how much homes have appreciated. *Inflation-adjusted prices show whether local purchasing power has increased. *For international investors, currency movements and cash flow often matter just as much as house prices.

@Ski_Rich_Burl Most of the local currency is in EUR. Average house cost at the start of the year and end of the year is available on our website.

@GlobalPropGuide Show us local currency in dollars of average house cost at start year and end year... but you wont

1-Year House Price Change in Europe (Nominal, Latest Data): Hungary: 23.4% Portugal: 23.2% Croatia: 16.1% Denmark: 16.0% Montenegro: 13.9% Spain: 13.1% Bulgaria: 12.6% Lithuania: 12.5% Romania: 12.4% Andorra: 12.2% Czechia: 10.4% Source: National statistics offices and ECB

For years, €10,000 per square meter felt like a level reserved for only a handful of global trophy markets. That's no longer the case. Across Europe, more and more cities are approaching that threshold: 🇨🇭 Zurich: €18,229/sqm 🇱🇺 Luxembourg City: €10,941/sqm 🇫🇷 Paris: €9,490/sqm 🇳🇱 Amsterdam: €9,437/sqm 🇳🇴 Oslo: €9,332/sqm 🇩🇪 Munich: €9,179/sqm 🇩🇰 Copenhagen: €8,405/sqm 🇸🇪 Stockholm: €8,380/sqm 🇮🇪 Dublin: €8,230/sqm Just a step below are: 🇦🇹 Vienna: €7,770/sqm 🇨🇿 Prague: €6,126/sqm 🇵🇹 Lisbon: €6,069/sqm 🇪🇸 Madrid: €5,832/sqm 🇦🇩 Andorra: €5,765/sqm 🇮🇹 Milan: €5,628/sqm 🇩🇪 Berlin: €5,387/sqm The interesting part isn't just today's prices—it's the pace of growth. Amsterdam, Copenhagen, Prague, Madrid, Stockholm, and Oslo have all posted strong gains over the past three years, pushing them steadily closer to the €10,000/sqm milestone. Which city do you think will be the next to cross it?

@MacroJason There’s little point debating people who’ve been completely media-washed into repeating Brussels talking points.

@KnurMega Russia is a failed state with a collapsed economy and a malnourished army incapable of capturing any land - BUT at the same time they are the biggest threat facing global democracy and are also financing various 'far right' movements globally - did I get it right?

Russian average monthly wages is up 2x since Feb 2022 when the war started. Adjusted for purchasing power, it is higher than 8 EU countries. Stock market participation rate in Russia is below 20%. Most Russian savings is in real estate (which is up since 2022), fixed income or bank deposits (which has been paying them 15-20% per year in RUB interest + RUB appreciation vs USD on top). It is often difficult to recognize reality for what it is rather than what you want it to be.

@MileiLens True, close to €60,000

Monaco sqm prices: $45,000-$100,000+

@Schmit_Henri These are city averages, both new/old builds. SQM data from Milan comes from here: immobiliare.it/en/mercato-imm… City center is indeed around €8,000/sqm.

@GlobalPropGuide Why isn’t Milan considered? I know Paris, Luxembourg and Milan quite well and think quality housing prices are roughly equivalent, +10k.

Square meter prices in Europe's most expensive cities are now nearing €10,000 per sqm. Zurich: €18,229/sqm Paris: €9,490/sqm Amsterdam: €9,437/sqm Oslo: €9,332/sqm Munich: €9,179/sqm Copenhagen: €8,405/sqm Stockholm: €8,380/sqm London: €8,350/sqm Dublin: €8,230/sqm

Median asking prices for a 1-bedroom apartment in Europe can vary a lot. Our latest data shows Zurich now sits at a median of €1.15 million, Europe's most expensive market by some distance. At the other extreme, a 1-bedroom in Skopje goes for just €55,000. That's a 20x gap across the same continent. At the top end: 🇨🇭 Zurich: €1,151,000 🇱🇺 Luxembourg City: €669,000 🇩🇰 Copenhagen: €601,000 🇩🇪 Munich: €548,000 🇬🇧 London: €522,000 🇫🇷 Paris: €440,000 At the lower end: 🇱🇻 Riga: €125,000 🇲🇪 Podgorica: €118,000 🇷🇴 Bucharest: €110,000 🇧🇦 Sarajevo: €103,000 🇲🇩 Chisinau: €79,000 🇲🇰 Skopje: €55,000 In between sits most of the continent: 🇵🇹 Lisbon (€440k) now level with 🇫🇷 Paris. 🇩🇪 Berlin and 🇦🇹 Vienna around €325k, and much of Central and Eastern Europe—from 🇵🇱 Warsaw to 🇬🇷 Athens—still under €180,000. Which European capital do you think offers the best value today?

@NyctalopeT @domenicola85491 @TimurNegru Real Estate

@domenicola85491 @TimurNegru RE?

Been getting a lot of requests recently for Sardinia properties with land + close to the water. Here's one: €1.38M ($1.58M), 2.5 acres, direct beach access. Located in Muravera (southeastern Sardinia), right on Torre Salinas. 6 beds/3 baths, 145 m² (1,560 sq ft) ~10,000 m² plot and ~75 km to Cagliari airport. Direct beach access like this is very uncommon on the island. New construction within 300m of any Sardinian shoreline has been banned since 1993, so properties like this are unique and scarce. I think this one will be snapped up in no time.

@imidaily @MacroJason I think if gross rental yield drops below 4% (at current prices) it makes sense to sell it and "invest" elsewhere unless the property has some sort of sentimental value.

Wouldn't it make more sense to calculate the yield on the current value rather than on the acquisition cost, so you can compare it to alternative allocations? I have an apartment in Madrid that I bought in 2019. Based on what I bought it for, the yield is 7%. Based on its current value, the yield is 3.7%. Say your Warsaw apartment originally cost you 100k, and it yields 12k a year. But the apartment is now worth 150k, so the yield on your capital is really 8%. You could sell the apartment for 150k and put that in Uzbek corp bonds at 12% and get a yield of 18k/year. Total return, including appreciation, is a different question, of course.

This Warsaw rental flat yields 11.78% now, based off what it cost me in 2021 (all in purchase & renovation costs). Grand total spent on maintenance and repairs over the last 5 years was under €1000 despite hosting around 8 tenants during this period (this location is optimal for mid term rentals). It's really all down to tenant selection and how good your property manager is. 95%> occupancy rate throughout the last 5 years. Swiss tenant just moved back home and a new tenant (Romanian IT guy moving for a job) arrives in a week. 60%> of tenants over the last 5 years rented the flat remotely - i.e. left a deposit based off photos and videos. Possible in markets with tight demand (especially from expats) and setting things up properly on the property management side.

We have just updated our latest gross residential rental yield data across 250+ cities in Europe. Below are some of the cities with the highest rental yields according to our research: 🇮🇪 Cork: 8.8% 🇬🇧 Liverpool: 8.6% 🇮🇹 Palermo: 8.2% 🇲🇩 Chisinau: 8.2% 🇷🇴 Bucharest: 7.5% 🇱🇻 Riga: 7.4% 🇮🇹 Milan: 7.2% 🇮🇪 Dublin: 7.0% 🇳🇱 Rotterdam: 6.9% 🇵🇱 Warsaw: 6.8% Lowest yields: 🇩🇪 Hamburg: 2.4% 🇨🇭 Zurich: 2.5% 🇨🇭 Geneva: 2.6% 🇩🇪 Munich: 2.6% 🇱🇺 Luxembourg City: 2.7% 🇧🇪 Brugge: 2.9% 🇩🇰 Copenhagen: 2.9% 🇦🇹 Salzburg: 2.9% 🇩🇪 Frankfurt: 3.3% 🇨🇿 Prague: 3.5% Note: Net rental yields are typically 15%–35% lower than gross rental yields, depending on property taxes, HOA fees, maintenance costs, insurance, vacancy rates, and other ownership expenses. For example, a 6.0% gross yield reduced by 25% results in a 4.5% net yield. Methodology: Gross rental yields are calculated by dividing the median asking rent by the median asking sale price, using the average of the median asking prices for 1-, 2-, and 3-bedroom apartments in each city.

@elchuchii Rent increase in Madrid/Barcelona has been more rapid compared to nationwide figures provided by OECD.

@GlobalPropGuide I always wonder how on earth these guys get the data... Rent price has increased 100% in Spain. I was paying 430€/month in 2014 and now the same flat would cost 900€/month

We just updated our Global Rent Price Index. In Europe, the strongest rent growth over the past 15 years has been recorded in: Estonia +208% Lithuania +192% Iceland +136% Hungary +131% Ireland +123% Serbia +111% Montenegro +98% Poland +92% Austria +79% Slovenia +72%

I think you may be overlooking what happened in Greece during and after the financial crisis. Rents in many parts of Greece were actually higher in 2007 than they are today. The country experienced a severe economic crisis = high unemployment and falling incomes which caused significant correction in both property prices and rents.

@GlobalPropGuide So you either introduced errors while analyzing the data, or the original dataset is wrong. You don't need a PhD in economics to figure out that in any reasonably developed country, rents aren't getting cheaper over time

@mill8914 48.8%

@GlobalPropGuide what about for Canada?

@Juri2711 Rent caps and rent control seems to work. Data comes from actual rent prices (OECD).

@GlobalPropGuide Germany only 26% in 15 years? Absolute BS!!!

@JohnValenciacf @_Lucadepietri Well said.

@_Lucadepietri @GlobalPropGuide Supply and demand. Because people can afford to pay more. In Estonia in 2011 the average monthly wage was €839, now it's €2,135, a 154% increase. In Lithuania €630 in 2011 whereas €2,480 in 2026. A 294% increase.

@SakisPal Data comes from OECD

@GlobalPropGuide Lol yeah I am sure rents in Greece became cheaper over 15 yrs... Trash dataset

@Night63wolf Data from OECD says otherwise

@GlobalPropGuide Rent prices in Greece have been increased over 40% last 10 years! Make deeper research

We just updated our Global Rent Price Index. In Europe, the strongest rent growth over the past 15 years has been recorded in: 🇪🇪 Estonia: +208% 🇱🇹 Lithuania: +192% 🇮🇸 Iceland: +136% 🇭🇺 Hungary: +131% 🇮🇪 Ireland: +123% 🇷🇸 Serbia: +111% 🇲🇪 Montenegro: +98% 🇵🇱 Poland: +92% 🇦🇹 Austria: +79% 🇸🇮 Slovenia: +72% While the total rent increases since 2011 may look dramatic, annualized compound growth over the last 15 years was much lower: Estonia: 7.8% per year Lithuania: 7.4% per year Iceland: 5.9% per year Hungary: 5.7% per year Ireland: 5.5% per year Serbia: 5.0% per year Montenegro: 4.7% per year Poland: 4.4% per year Austria: 4.0% per year Slovenia: 3.5% per year Meanwhile, a number of European markets have recorded remarkably weak rent growth over the same period: 🇩🇪 Germany: +26% (1.5% per year) 🇮🇹 Italy: +19% (1.2% per year) 🇨🇭 Switzerland: +18% (1.1% per year) 🇫🇷 France: +17% (1.0% per year) 🇪🇸 Spain: +15% (0.9% per year) 🇨🇾 Cyprus: +14% (0.9% per year) 🇬🇷 Greece: -6.2% (-0.4% per year) The gap largely reflects differences in wage growth, economic convergence, housing supply, demographics, rent regulation, property taxes, and the stage of the housing cycle each market is currently in. NOTE: The data is sourced from national statistics offices and other official organizations that publish local rent or housing price indices on a quarterly basis.

Link to the full table: globalpropertyguide.com/rent-price-tre…