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…
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.
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
Price index for this asset class
No index is computed for this class, deliberately. These series already are official indices built with exactly this method. Computing it again would mean estimating an estimate.
Ranked by return per year
15 positions with at least 10 documented sales. Return p.a. from the first to the most recent period value; real = after inflation over the same period.
| # | Position | p.a. | real | Years | Records | Sales/yr | Gap |
|---|---|---|---|---|---|---|---|
| 1 | Portugal — residential property | +5.6 % | +3.4 % | 18.0 | 73 | – | – |
| 2 | Austria — residential property | +5.3 % | +3.1 % | 16.0 | 65 | – | – |
| 3 | Los Angeles — metro area | +5.3 % | – | 39.3 | 473 | – | – |
| 4 | Sweden — residential property | +5.0 % | +2.8 % | 21.0 | 85 | – | – |
| 5 | Poland — residential property | +4.9 % | +2.7 % | 16.0 | 65 | – | – |
| 6 | Miami — metro area | +4.9 % | – | 39.3 | 473 | – | – |
| 7 | United States — residential property (Case-Shiller) | +4.3 % | – | 39.3 | 473 | – | – |
| 8 | New York — metro area | +4.0 % | – | 39.3 | 473 | – | – |
| 9 | Netherlands — residential property | +3.6 % | +1.4 % | 21.0 | 85 | – | – |
| 10 | European Union — residential property | +3.3 % | +1.1 % | 21.0 | 85 | – | – |
| 11 | Germany — residential property | +2.9 % | +0.8 % | 21.0 | 85 | – | – |
| 12 | Euro area — residential property | +2.8 % | +0.7 % | 21.0 | 85 | – | – |
| 13 | France — residential property | +2.2 % | +0.1 % | 21.0 | 85 | – | – |
| 14 | Spain — residential property | +2.2 % | +0.1 % | 20.2 | 82 | – | – |
| 15 | Italy — residential property | +0.1 % | -2.0 % | 16.0 | 65 | – | – |
For context: the median across all 15 covered positions is +4.0 % p.a. “Gap” is the typical time between two sales — it tells you how long you may wait for a buyer. Returns are gross price changes: premium, commission, grading and storage costs are not deducted.
European Union — residential property
166.6 index level · 2026-03-31
85 data points85 quarters
Official price index, 85 data points. Source: Eurostat.
Euro area — residential property
157.4 index level · 2026-03-31
85 data points85 quarters
Official price index, 85 data points. Source: Eurostat.
Germany — residential property
153.4 index level · 2026-03-31
85 data points85 quarters
Official price index, 85 data points. Source: Eurostat.
France — residential property
126.7 index level · 2026-03-31
85 data points85 quarters
Official price index, 85 data points. Source: Eurostat.
Spain — residential property
194.1 index level · 2026-03-31
82 data points82 quarters
Official price index, 82 data points. Source: Eurostat.
Italy — residential property
119.2 index level · 2026-03-31
65 data points65 quarters
Official price index, 65 data points. Source: Eurostat.
Netherlands — residential property
221.1 index level · 2026-03-31
85 data points85 quarters
Official price index, 85 data points. Source: Eurostat.
Austria — residential property
172.0 index level · 2026-03-31
65 data points65 quarters
Official price index, 65 data points. Source: Eurostat.
Portugal — residential property
291.0 index level · 2026-03-31
73 data points73 quarters
Official price index, 73 data points. Source: Eurostat.
Poland — residential property
225.9 index level · 2026-03-31
65 data points65 quarters
Official price index, 65 data points. Source: Eurostat.
Sweden — residential property
136.8 index level · 2026-03-31
85 data points85 quarters
Official price index, 85 data points. Source: Eurostat.
United States — residential property (Case-Shiller)
335.1 index level · 2026-05-01
473 data points473 months
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 points473 months
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 points473 months
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 points473 months
Official price index, 473 data points. Source: S&P CoreLogic Case-Shiller (FRED).