# BIS

The Global Housing Boom’s Two Illusions: Nominal Gains, Real Risks

Nominal house prices rose across more than 80 countries in 2025, fuelled by migration and a wave of overseas investment, especially from China. But when adjusted for inflation and currency movements, global real prices are flat or slightly down, and much of the nominal gain is concentrated in prime urban cores — a configuration that increases affordability pressures and financial‑stability risks.