Very long-term international housing price trends

• Authors: Dasom Hong , Danny Dorling
• Languages of publication: EN

Abstracts

EN

Against the backdrop of recent global house price inflation, this paper addresses the question commonly asked about asset price booms and crises: ‘Is this time different?’ To identify the distinctive characteristics of today’s house price booms, we examined the long-term history of housing prices in five capital cities: Amsterdam, London, Beijing, Seoul, and Tokyo. Specifically, we employed house price, annual income, and average expenditure data to estimate real house price indices from the 1620s to the 2020s. The findings indicate that recent house price inflation is distinct not in severity but in synchronicity. The amplitude of house price booms and busts has remained consistent. However, house price cycles that historically moved independently have, in recent decades, more often shown similar variations both regionally and internationally. Now, prices tend to rise and fall together, but do not rise above the historical peaks of the past.

Keywords

EN

house price cycles; housing history; house price cycle synchronicity; asset price booms and busts

Discipline

• SOCIOLOGY: SOCIOLOGY

• Publisher: Institute of Sociology, Czech Academy of Sciences
• Journal: Critical Housing Analysis
• Year: 2025
• Volume: 12
• Issue: 1
• Pages: 37-46
• Document type: ARTICLE

Contributors

author

Dasom Hong

• Critical Housing Analysis, redakce,Sociologický ústav AV ČR, v. v. i. Jilská 1, 110 00 Praha 1, Czech Republic

author

Danny Dorling

• Critical Housing Analysis, redakce,Sociologický ústav AV ČR, v. v. i. Jilská 1, 110 00 Praha 1, Czech Republic