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The top booming housing markets in the world

Each of the 13 hottest markets has had prices increase by at least 5% between third quarter 2014 and the same quarter in 2015.

December 26, 2015 04:00PM
By Business Insider

New high-rise office buildings and hotels still under construction stand in the new City Center and West Bay district in Doha, Qatar. (Getty Images)

New high-rise office buildings and hotels still under construction stand in the new City Center and West Bay district in Doha, Qatar. (Getty Images)

Housing markets around the globe have had a good year.

According to the Global Property Guide, 29 of the 42 housing markets they track made price gains this year.

“The world’s housing markets continue to surge, and the boom now includes most of Europe, North America, and some parts of Asia,” said the group’s new report. “The five strongest housing markets in our global survey are Qatar, New Zealand, Hong Kong, and two European countries: Sweden and Iceland.”

Using Global Property Guide’s analysis, we’ve compiled the 13 hottest housing markets around the world. Each market has had prices increase by at least 5% between third quarter 2014 and the ame quarter in 2015. Also included is the increase (or decrease) during the previous year, Q3 2013 through Q3 2014, the quarterly change between the second and third quarters of 2015, and a comment from the new report.

Check them out below.

China (Shanghai) 

Reuters / Carlos Barria

Reuters / Carlos Barria

2015 price change: 5.07%

2014 price change: -0.45%

Change from Q2: 2.21%

Comment: “The Chinese government recently announced a plan to purchase unsold residential properties and convert them into low-cost housing to reduce inventory levels.”

Iceland 

Flickr/adrivdm

Flickr/adrivdm

2015 price change: 5.27%

2014 price change: 6.69%

Change from Q2: 1.12%

Comment: “Other strong European housing markets included Iceland, with house prices rising by 5.27% during the year to Q3 2015.”

Philippines 

Veejay Villafranca / Getty Images

Veejay Villafranca / Getty Images

2015 price change: 5.41%

2014 price change: 3.58%

Change from Q2: 1.27%

Comment: “The average price of 3-bedroom condominium units in Makati CBD rose by 5.41% during the year to Q3 2015, after annual increases of 6.61% in Q2 2015, 5.4% in Q1 2015, 4.29% in Q4 2014, and 3.58% in Q3 2014. Housing prices increased 1.27% q-o-q during Q3 2015.”

Mexico

AP Photo / Sofia Jaramilo

AP Photo / Sofia Jaramilo

2015 price change: 5.45%

2014 price change: 0.01%

Change from Q2: 2.98%

Comment: “Foreign homebuyers are boosting the property market. American and Canadian buyers are returning to Mexico, after a several-year slump, thanks to low oil prices and the strong US dollar, pushing home values up.”

United States

Flickr / Bev Sykes

Flickr / Bev Sykes

2015 price change: 5.60%

2014 price change: 2.95%

Change from Q2: 0.99%

Comment: “Mortgages remain cheap despite slight increases in mortgage interest rates in recent months. The average interest rate for 1-year adjustable rate mortgages (ARMs) was 2.63% in November 2015, up from 2.44% the previous year while the 5-year adjustable rate mortgage was unchanged at 3%, according to Freddie Mac.”

Estonia 

Shutterstock / Kavalenkava Volha

Shutterstock / Kavalenkava Volha

2015 price change: 6.26%

2014 price change: 15.39%

Change from Q2: 0.56%

Comment: “Though Estonia remains one of Europe’s strongest housing markets, house price increases during the year to Q3 2015 were considerably lower than the double-digit rises seen in previous quarters, with the property market in Estonia’s capital city Tallinn slowing sharply.”

Romania 

Sean Gallup / Getty Images

Sean Gallup / Getty Images

2015 price change: 7.57%

2014 price change: -1.41%

Change from Q2: 3.76%

Comment: “Demand is rising fast. The value of real estate transactions almost quadrupled in 2014 to €1.2 billion from the previous year, according to PwC Romania. Residential construction activity is also recovering, with residential building permits rising by 5.2% during the first three quarters of 2015 from the same period last year, according to the  National Institute of Statistics (NIS).”

Japan 

Image by Flickr user Debs (ò‿ó)♪

Image by Flickr user Debs (ò‿ó)♪

2015 price change: 8.97%

2014 price change: 0.39%

Change from Q2: 1.98%

Comment: “Demand remains strong. Existing condominium sales in Tokyo rose by 5.7% to 26,483 units in the first nine months of 2015 compared to the same period last year, according to The Land Institute of Japan. Likewise, sales of existing detached houses in Tokyo also increased 6% to 12,882 units over the same period.”

Ireland 

Shutterstock

Shutterstock

2015 price change: 9.24%

2014 price change: 14.52%

Change from Q2: 4.93%

Comment: “Ireland is considered by some to be Europe’s austerity star performer, having introduced structural reforms early in the crisis and it is, according to this narrative, now reaping the benefits.”

Sweden

Photo by Simon Bajada

Photo by Simon Bajada

2015 price change: 11.26%

2014 price change: 8.50%

Change from Q2: 3.83%

Comment: “Sweden’s housing market continues to soar, with house prices surging by 11.26% during the year to Q3 2015, the highest y-o-y rise since Q2 2006. This can be attributed to very low interest rates and a shortage of housing supply.”

Hong Kong

Bobby Yip / Reuters

Bobby Yip / Reuters

2015 price change: 12.64%

2014 price change: 1.76%

Change from Q2: 1.12%

Comment: “Hong Kong had the highest housing price rises in Asia and was the third strongest housing market in our global survey, with residential property prices surging by 12.64% during the year to Q3 2015, a sharp improvement from the 1.76% y-o-y increase during the previous year to Q3 2014. Housing prices rose by 1.12% q-o-q during the latest quarter.”

new-zealand

Phil Walter / Getty Images

New Zealand

2015 price change: 14.86%

2014 price change: 3.93%

Change from Q2: 7.10%

Comment: “Total dwellings sold were up 18.6% y-o-y to 7,838 units in October 2015, according to the Real Estate Institute of New Zealand (REINZ). All ten regions recorded increases in sales volumes, with Waikato/Bay of Plenty registering the biggest y-o-y rise of about 54% in October 2015, followed by Hawke’s Bay (52%), and Central Otago Lakes (50%).”

qatar

Mohamed Dabbous / Reuters

Qatar

2015 price change: 16.42%

2014 price change: 37.20%

Change from Q2: 4.23%

Comment: “Qatar’s property market is booming, supported by rapid economic and population growth, and a construction boom in preparation for the 2022 FIFA World Cup.”

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