While house prices around the world have rebounded over the last four years, a closer look reveals that this uptick is dependent on three things: location, location, location.
The IMF’s Global House Price Index—an average of real house prices across countries—has been rising for the past four years. However, house prices are not rising in every country. As noted in our November 2016 Quarterly Update, house price developments in the countries that make up the index fall into three clusters: gloom, bust and boom, and boom. (more…)