The latest data from the IMF’s Global Housing Watch reveals that real house prices globally have recovered to 2007 levels, although there is wild divergence between countries:
There is a fair bit of cross-country variation, as shown in Figure 2. While house prices have increased over the past year in most countries in our sample, the pace of increase varies quite a bit. And there are still a dozen or so countries where house prices have fallen over the past year, including Brazil, China and Russia.