Israeli property prices increased by 346 percent during the last decade, the highest increase in the world, according to a new study from money.co.uk.
The study examined the average property price in OECD countries over the last decade and compared it to the difference between average wages and inflation over the same period to determine which countries’ property costs exceed their incomes.
However, average wages climbed by only 17.50 percent while inflation increased by 0.92 percent.
Israel’s house prices per square meter increased 345.7 percent from $2,130 (£1,553) in 2010 to $9,490 (£6,920) in 2020.
Switzerland came in second place, with a 165.5 percent increase in house values since 2021. Switzerland is well-known for its high cost of living, which has climbed significantly over the last decade, compared to average wages, which have increased by only 2.4 percent.
Switzerland followed by Germany, where property prices grew by 162 percent while earnings increased by 14.2 percent.
In the United States, housing increased by 153.3 percent
The United States is one of the world’s largest economies and was also one country with the fastest-growing property values.
Since 2010, property values have increased by 153.3 percent, while earnings have increased by 14.2 percent and inflation has increased by 1.25 percent.
By contrast, four countries experienced a decline in house values during the last decade! Greece saw the most significant drop in prices per square meter (-17.9 percent), although the country’s average yearly wage also fell significantly by 16.1 percent.