Charted: Home and Rent Price Changes in Global Cities (2015-2025)
Description
Charted: Home and Rent Price Changes in Global Cities (2015-2025)
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Key Takeaways
- Miami leads all cities with 93.1% growth in real home prices over the last decade, far exceeding its rent increase of 12.7%.
- Madrid’s rents jumped 48%, the largest rental rise globally, driven by surging tourism and short-term rental demand, while its home prices climbed about 42%.
- Most cities saw property values outpace rental price growth, but some major cities like New York, Milan, London, and Hong Kong saw declines in both.
From 2015 to 2025, global real estate markets experienced significant divergence between real home price growth and rent price growth.
While most major cities saw home values rise faster than rents, a few key markets—particularly in Europe and Asia—showed softening property prices amid slowing demand and tighter credit conditions.
This visualization highlights 25 major global cities from the UBS Global Real Estate Bubble Index 2025, comparing inflation-adjusted percentage changes in both home and rental prices over the past decade.
Miami Leads Global Home Price Growth Since 2015
Miami topped the list with a staggering 93.1% increase in real home prices, showing the strongest decade-long appreciation globally.
Despite this, rent prices grew only 12.7%, reflecting a widening affordability gap.
The data table below shows the real home price change and real rent price change across 25 major cities around the world.
| City | Real home price change (2015-2025) | Real rental price change (2015-2025) |
|---|---|---|
 Miami, United States | 93.1% | 12.7% |
 Tokyo, Japan | 66.0% | 23.1% |
 Amsterdam, Netherlands | 64.4% | 17.2% |
 Toronto, Canada | 48.0% | 8.3% |
 Madrid, Spain | 42.4% | 48.0% |
 Zurich, Switzerland | 42.4% | 23.1% |
 Frankfurt, Germany | 42.4% | 14.9% |
| Los Angeles, United States | 42.4% | -2.0% |
| Vancouver, Canada | 39.7% | 21.9% |
| Munich, Germany | 30.5% | 18.4% |
 Singapore | 25.5% | 21.9% |
| Geneva, Switzerland | 17.2% | 1.0% |
 Sydney, Australia | 16.1% | 17.2% |
 Dubai, UAE | 12.7% | 2.0% |
| San Francisco, United States | 7.2% | -19.1% |
 Paris, France | 0.0% | -8.6% |
 Milan, Italy | -4.9% | -3.0% |
| New York, United States | -4.9% | -7.7% |
 London, United Kingdom | -10.5% | -10.5% |
 São Paulo, Brazil | -19.1% | -3.0% |
 Hong Kong | -19.9% | -11.4% |
Similar trends occurred in other North American cities: Toronto’s home prices rose 48%, while rents climbed a modest 8.3%, and Vancouver saw a 39.7% jump in property values compared to 21.9% rent growth.
These disparities underscore how ownership demand in North America—fueled by migration, investment, and limited supply—has far outpaced rental market fundamentals.
New York City was an outlier, with declines in both home and rent prices of 4.9% and 7.7% respectively.
Europe’s Home and Rent Price Changes Vary
Europe’s h
United States
