Global Investment cycles: Global House Prices/Price to rent ratio/ Price to income ratio

Annex Table 60. House price ratios
Long-term average = 100
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Price-to-rent ratio
United States 96.1 93.0 92.0 90.9 89.8 89.4 89.7 90.0 91.6 93.4 96.7 100.6 103.6 108.1 116.4 128.2 134.8
Japan 133.3 134.9 125.8 117.3 112.0 108.1 104.5 101.6 99.4 96.3 92.5 88.5 84.5 80.0 75.2 71.7 69.5
Germany 92.3 88.6 84.9 83.1 83.1 82.1 81.3 78.6 77.0 74.8 72.5 71.7
France 82.8 81.6 81.6 85.9 93.5 100.5 106.1 115.4 129.3 143.9 155.9
Italy 93.0 83.2 80.7 82.5 87.1 92.2 98.8 106.0 113.4 119.2 123.7
United Kingdom 106.9 95.5 87.1 83.8 82.2 79.7 80.1 85.6 94.3 102.3 116.0 122.6 138.8 157.7 170.1 168.9 164.3
Canada 100.7 100.1 102.0 106.2 112.1 104.5 104.8 109.8 109.1 112.4 113.3 115.6 127.4 138.1 150.1 163.6 179.1
Australia 91.8 91.1 91.8 93.7 96.4 96.0 93.9 94.8 98.8 103.2 108.4 116.8 135.5 157.2 163.4 162.2 169.3
Denmark 78.2 75.9 72.4 69.6 75.9 80.0 87.4 94.9 101.5 105.5 109.4 112.8 113.9 114.5 121.2 139.1 165.8
Spain 134.2 140.4 128.8 117.6 113.1 110.9 105.9 104.0 104.0 107.4 111.3 116.9 130.9 150.6 171.2 188.2 198.5
Finland 117.6 112.5 124.9 133.0 139.8 144.0 151.4
Ireland 45.7 44.7 42.6 46.0 51.2 51.6 59.4 68.1 86.6 120.5 127.8 118.7 132.3 158.4 171.9 179.3 172.9
Korea 133.6 132.2 115.1 105.0 99.0 94.6 91.9 91.6 81.3 83.3 85.0 85.0 94.3 99.2 98.1 98.8 103.9
Netherlands 71.1 70.1 72.1 74.0 79.2 81.3 87.3 94.6 102.1 115.1 130.2 140.4 147.8 149.9 151.5 154.9 158.4
Norway 69.0 67.7 75.7 79.3 85.2 93.0 100.9 108.7 120.8 124.1 124.7 122.2 131.6 139.3 154.4
New Zealand 91.7 87.3 88.1 88.5 94.0 96.5 101.6 104.5 100.4 103.1 100.8 103.3 109.6 124.2 137.5 149.2 156.9
Sweden 108.6 96.8 81.1 68.3 70.2 68.8 68.6 74.4 83.7 93.0 103.0 108.7 112.8 119.3 130.9 142.7 157.6
Switzerland 132.8 118.7 106.2 95.8 95.1 90.4 84.5 81.1 80.4 79.7 79.3 78.6 81.4 83.6 84.5 84.3 84.7
Price-to-income ratio
United States 94.6 93.0 90.6 90.3 88.8 87.9 87.6 87.1 86.8 88.0 88.5 92.8 95.8 99.2 103.8 112.7 116.6
Japan 118.1 115.5 107.9 101.8 97.6 95.9 95.0 92.2 90.7 88.8 87.2 86.5 82.7 79.6 74.2 70.5 67.5
Germany 90.5 88.1 85.1 82.8 81.6 79.5 76.6 74.6 72.4 69.6 67.0 65.7
France 85.5 83.9 82.9 86.8 89.7 92.5 96.1 105.2 116.5 130.2 140.4
Italy 104.2 103.3 96.5 91.2 82.8 78.2 78.9 82.1 85.9 88.2 93.0 99.7 106.1 111.1 114.6
United Kingdom 112.7 101.3 90.4 83.8 83.2 79.2 77.8 79.7 85.5 91.0 99.2 101.0 113.6 126.0 136.4 136.5 140.1
Canada 101.9 104.4 104.4 105.2 108.4 100.9 100.5 100.6 96.0 95.8 93.5 94.4 101.4 107.8 113.1 120.2 126.7
Australia 98.5 101.1 99.3 98.8 97.3 93.6 90.5 92.6 97.6 100.6 102.1 108.8 126.2 145.3 144.5 139.2 142.6
Denmark 81.5 78.8 75.4 74.7 81.2 80.8 87.4 95.8 100.4 108.7 112.5 112.6 113.5 113.3 118.0 134.6 154.4
Spain 120.3 123.8 115.2 108.4 107.2 99.4 96.6 96.0 96.5 98.4 99.1 102.7 114.6 131.2 144.4 154.3 158.8
Finland 94.0 87.4 92.1 92.7 93.8 97.9 104.3
Ireland 84.2 81.2 79.4 75.0 77.7 75.4 79.9 87.6 103.0 118.3 124.4 119.9 123.5 134.7 143.1 147.7 155.4
Korea 165.2 148.4 123.6 108.5 91.8 82.6 74.3 71.6 63.2 59.7 58.6 58.8 65.1 68.5 66.0 64.1 64.8
Netherlands 70.6 72.1 73.8 80.7 86.6 89.7 96.1 102.0 108.6 122.2 134.8 136.7 145.6 153.3 157.4 163.4 167.2
Norway 72.5 69.4 77.4 78.9 82.4 87.2 89.9 96.3 105.0 110.5 106.5 101.3 107.4 109.6 127.6
New Zealand 83.1 80.1 82.2 84.1 93.9 96.0 101.9 103.9 98.4 94.4 95.4 92.2 101.8 115.3 132.1 147.7 152.6
Sweden 100.9 95.1 82.2 71.9 74.2 72.9 73.5 77.5 82.8 87.2 91.9 91.6 92.9 96.5 103.5 109.9 119.3
Switzerland 123.5 113.9 104.8 97.4 96.2 90.0 84.8 81.6 79.3 77.6 74.9 73.2 77.9 79.7 80.5 79.1 78.2
Source: Various national sources and Nomisma, see table A.1 in Girouard, N., M. Kennedy, P. van den Noord and C. André, "Recent house price developments: the role
of fundamentals", OECD Economics Department Working Papers, No. 475, 2006 and OECD estimates.

Global Investment cycles

Thursday, May 22, 2008

Global House Prices/Price to rent ratio/ Price to income ratio

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Annex Table 60. House price ratios
Long-term average = 100
	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006
	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006
Price-to-rent ratio
United States	96.1	93.0	92.0	90.9	89.8	89.4	89.7	90.0	91.6	93.4	96.7	100.6	103.6	108.1	116.4	128.2	134.8
Japan	133.3	134.9	125.8	117.3	112.0	108.1	104.5	101.6	99.4	96.3	92.5	88.5	84.5	80.0	75.2	71.7	69.5
Germany						92.3	88.6	84.9	83.1	83.1	82.1	81.3	78.6	77.0	74.8	72.5	71.7
France							82.8	81.6	81.6	85.9	93.5	100.5	106.1	115.4	129.3	143.9	155.9
Italy							93.0	83.2	80.7	82.5	87.1	92.2	98.8	106.0	113.4	119.2	123.7
United Kingdom	106.9	95.5	87.1	83.8	82.2	79.7	80.1	85.6	94.3	102.3	116.0	122.6	138.8	157.7	170.1	168.9	164.3
Canada	100.7	100.1	102.0	106.2	112.1	104.5	104.8	109.8	109.1	112.4	113.3	115.6	127.4	138.1	150.1	163.6	179.1
Australia	91.8	91.1	91.8	93.7	96.4	96.0	93.9	94.8	98.8	103.2	108.4	116.8	135.5	157.2	163.4	162.2	169.3
Denmark	78.2	75.9	72.4	69.6	75.9	80.0	87.4	94.9	101.5	105.5	109.4	112.8	113.9	114.5	121.2	139.1	165.8
Spain	134.2	140.4	128.8	117.6	113.1	110.9	105.9	104.0	104.0	107.4	111.3	116.9	130.9	150.6	171.2	188.2	198.5
Finland											117.6	112.5	124.9	133.0	139.8	144.0	151.4
Ireland	45.7	44.7	42.6	46.0	51.2	51.6	59.4	68.1	86.6	120.5	127.8	118.7	132.3	158.4	171.9	179.3	172.9
Korea	133.6	132.2	115.1	105.0	99.0	94.6	91.9	91.6	81.3	83.3	85.0	85.0	94.3	99.2	98.1	98.8	103.9
Netherlands	71.1	70.1	72.1	74.0	79.2	81.3	87.3	94.6	102.1	115.1	130.2	140.4	147.8	149.9	151.5	154.9	158.4
Norway			69.0	67.7	75.7	79.3	85.2	93.0	100.9	108.7	120.8	124.1	124.7	122.2	131.6	139.3	154.4
New Zealand	91.7	87.3	88.1	88.5	94.0	96.5	101.6	104.5	100.4	103.1	100.8	103.3	109.6	124.2	137.5	149.2	156.9
Sweden	108.6	96.8	81.1	68.3	70.2	68.8	68.6	74.4	83.7	93.0	103.0	108.7	112.8	119.3	130.9	142.7	157.6
Switzerland	132.8	118.7	106.2	95.8	95.1	90.4	84.5	81.1	80.4	79.7	79.3	78.6	81.4	83.6	84.5	84.3	84.7
Price-to-income ratio
United States	94.6	93.0	90.6	90.3	88.8	87.9	87.6	87.1	86.8	88.0	88.5	92.8	95.8	99.2	103.8	112.7	116.6
Japan	118.1	115.5	107.9	101.8	97.6	95.9	95.0	92.2	90.7	88.8	87.2	86.5	82.7	79.6	74.2	70.5	67.5
Germany						90.5	88.1	85.1	82.8	81.6	79.5	76.6	74.6	72.4	69.6	67.0	65.7
France							85.5	83.9	82.9	86.8	89.7	92.5	96.1	105.2	116.5	130.2	140.4
Italy			104.2	103.3	96.5	91.2	82.8	78.2	78.9	82.1	85.9	88.2	93.0	99.7	106.1	111.1	114.6
United Kingdom	112.7	101.3	90.4	83.8	83.2	79.2	77.8	79.7	85.5	91.0	99.2	101.0	113.6	126.0	136.4	136.5	140.1
Canada	101.9	104.4	104.4	105.2	108.4	100.9	100.5	100.6	96.0	95.8	93.5	94.4	101.4	107.8	113.1	120.2	126.7
Australia	98.5	101.1	99.3	98.8	97.3	93.6	90.5	92.6	97.6	100.6	102.1	108.8	126.2	145.3	144.5	139.2	142.6
Denmark	81.5	78.8	75.4	74.7	81.2	80.8	87.4	95.8	100.4	108.7	112.5	112.6	113.5	113.3	118.0	134.6	154.4
Spain	120.3	123.8	115.2	108.4	107.2	99.4	96.6	96.0	96.5	98.4	99.1	102.7	114.6	131.2	144.4	154.3	158.8
Finland											94.0	87.4	92.1	92.7	93.8	97.9	104.3
Ireland	84.2	81.2	79.4	75.0	77.7	75.4	79.9	87.6	103.0	118.3	124.4	119.9	123.5	134.7	143.1	147.7	155.4
Korea	165.2	148.4	123.6	108.5	91.8	82.6	74.3	71.6	63.2	59.7	58.6	58.8	65.1	68.5	66.0	64.1	64.8
Netherlands	70.6	72.1	73.8	80.7	86.6	89.7	96.1	102.0	108.6	122.2	134.8	136.7	145.6	153.3	157.4	163.4	167.2
Norway			72.5	69.4	77.4	78.9	82.4	87.2	89.9	96.3	105.0	110.5	106.5	101.3	107.4	109.6	127.6
New Zealand	83.1	80.1	82.2	84.1	93.9	96.0	101.9	103.9	98.4	94.4	95.4	92.2	101.8	115.3	132.1	147.7	152.6
Sweden	100.9	95.1	82.2	71.9	74.2	72.9	73.5	77.5	82.8	87.2	91.9	91.6	92.9	96.5	103.5	109.9	119.3
Switzerland	123.5	113.9	104.8	97.4	96.2	90.0	84.8	81.6	79.3	77.6	74.9	73.2	77.9	79.7	80.5	79.1	78.2

Source: Various national sources and Nomisma, see table A.1 in Girouard, N., M. Kennedy, P. van den Noord and C. André, "Recent house price developments: the role
of fundamentals", OECD Economics Department Working Papers, No. 475, 2006 and OECD estimates.