Real estate as an investment: price trends compared

Residential property prices in Europe and the US: official indices per country and metro area, returns and a comparison against the S&P 500, MSCI World, Bitcoin and gold.

How has residential property fared against equities, gold and crypto? This page shows real sale prices for 15 markets, the annualised return derived from them, and performance side by side with the major asset classes. It is based on 2752 recorded sales from public auction archives.

Indices, not purchase prices. Official price indices track the value of a typical property in each market, not the price of a specific house. The series are nominal, so not inflation-adjusted, and exclude transaction costs, rental income, maintenance and financing — which shape the actual investment outcome more than the index does. Every dot in the chart is a price actually paid at auction, not an estimate and not an asking price.

Real estate vs. the markets

Official residential property price indices against the S&P 500, MSCI World, Bitcoin and gold. All lines indexed to 100 as of 2024-07-11, logarithmic scale.

Spainresidential property History and sales →
Spain +22 % S&P 500 +17 % MSCI World +19 % Bitcoin +19 % Gold +93 %
New Yorkmetro area History and sales →
New York +8 % S&P 500 +17 % MSCI World +19 % Bitcoin +19 % Gold +93 %
Germanyresidential property History and sales →
Germany +4 % S&P 500 +17 % MSCI World +19 % Bitcoin +19 % Gold +93 %
Franceresidential property History and sales →
France +1 % S&P 500 +17 % MSCI World +19 % Bitcoin +19 % Gold +93 %
United Statesresidential property (Case-Shiller) History and sales →
United States +1 % S&P 500 +17 % MSCI World +19 % Bitcoin +19 % Gold +93 %

Period 2024-07-11 to 2026-03-31. Positions are picked by the number of recorded sales, not by return. Prices are hammer prices including the buyer's premium; seller's commission, taxes and holding costs are not deducted. All markets in detail

Data note 1

European Union — residential property

166.6 index level · 2026-03-31

85 data points 85 quarters

1 year +5 %

3 years +13 %+4 % p. a.

since start +100 %+3 % p. a.

Official price index, 85 data points. Source: Eurostat.

Euro area — residential property

157.4 index level · 2026-03-31

85 data points 85 quarters

1 year +5 %

3 years +10 %+3 % p. a.

since start +78 %+3 % p. a.

Official price index, 85 data points. Source: Eurostat.

Germany — residential property

153.4 index level · 2026-03-31

85 data points 85 quarters

1 year +1 %

3 years -0 %-0 % p. a.

since start +82 %+3 % p. a.

Official price index, 85 data points. Source: Eurostat.

France — residential property

126.7 index level · 2026-03-31

85 data points 85 quarters

1 year +0 %

3 years -4 %-1 % p. a.

since start +59 %+2 % p. a.

Official price index, 85 data points. Source: Eurostat.

Spain — residential property

194.1 index level · 2026-03-31

82 data points 82 quarters

1 year +13 %

3 years +35 %+10 % p. a.

since start +57 %+2 % p. a.

Official price index, 82 data points. Source: Eurostat.

Italy — residential property

119.2 index level · 2026-03-31

65 data points 65 quarters

1 year +5 %

3 years +12 %+4 % p. a.

since start +2 %+0 % p. a.

Official price index, 65 data points. Source: Eurostat.

Netherlands — residential property

221.1 index level · 2026-03-31

85 data points 85 quarters

1 year +5 %

3 years +21 %+6 % p. a.

since start +111 %+4 % p. a.

Official price index, 85 data points. Source: Eurostat.

Austria — residential property

172.0 index level · 2026-03-31

65 data points 65 quarters

1 year +4 %

3 years +5 %+2 % p. a.

since start +129 %+5 % p. a.

Official price index, 65 data points. Source: Eurostat.

Portugal — residential property

291.0 index level · 2026-03-31

73 data points 73 quarters

1 year +18 %

3 years +47 %+14 % p. a.

since start +166 %+6 % p. a.

Official price index, 73 data points. Source: Eurostat.

Poland — residential property

225.9 index level · 2026-03-31

65 data points 65 quarters

1 year +6 %

3 years +33 %+10 % p. a.

since start +116 %+5 % p. a.

Official price index, 65 data points. Source: Eurostat.

Sweden — residential property

136.8 index level · 2026-03-31

85 data points 85 quarters

1 year +3 %

3 years +3 %+1 % p. a.

since start +176 %+5 % p. a.

Official price index, 85 data points. Source: Eurostat.

United States — residential property (Case-Shiller)

335.1 index level · 2026-05-01

473 data points 473 months

1 year +1 %

3 years +10 %+3 % p. a.

since start +426 %+4 % p. a.

Official price index, 473 data points. Source: S&P CoreLogic Case-Shiller (FRED).

New York — metro area

348.5 index level · 2026-05-01

473 data points 473 months

1 year +4 %

3 years +23 %+7 % p. a.

since start +368 %+4 % p. a.

Official price index, 473 data points. Source: S&P CoreLogic Case-Shiller (FRED).

Los Angeles — metro area

451.3 index level · 2026-05-01

473 data points 473 months

1 year +1 %

3 years +10 %+3 % p. a.

since start +661 %+5 % p. a.

Official price index, 473 data points. Source: S&P CoreLogic Case-Shiller (FRED).

Miami — metro area

450.5 index level · 2026-05-01

473 data points 473 months

1 year +2 %

3 years +10 %+3 % p. a.

since start +558 %+5 % p. a.

Official price index, 473 data points. Source: S&P CoreLogic Case-Shiller (FRED).

Data note 1