Housing Total Return vs MSCI World Index

Notes

Housing total return is calculated using an equal-weight buy-and-hold methodology. All returns are EUR returns: housing returns in local currency are adjusted every quarter for FX movements, and MSCI World is the EUR-hedged version of the index. All running costs are one third of gross rent globally (Jordà, Knoll, Kuvshinov, Schularick, and Taylor, 2019). "Residual" in "FX & Residual" refers to the residual/interaction term arising from cross-compounding capital appreciation, rental return, and FX movement. Where prices are not reported across all residential types (existing and new-build, houses and apartments, etc.), the reported subset is used as a proxy. Where average prices are not reported, asking prices are used as a proxy. Some metropolitan areas reflect regional rather than city-level data. Where rental growth data is unavailable for a given period, national or regional averages are used.

Sources

Australian Bureau of Statistics, Austrian National Bank, Statistics Austria, Statistics Belgium, Statistics Canada, Statistics Denmark, Statistics Finland, Meilleurs Agents, The German Pfandbrief Banks, GREIX, Bank of International Settlements, Ireland Central Statistics Office, Madlan, ISTAT, Idealista, Ministry of Land Japan, Statistics Netherlands, Opes Partners, Statbank Norway, Statistics Sweden, Swiss National Bank, Office for National Statistics, Federal Housing Finance Agency, Eurostat, Immopreise, INSEE, Figaro Immobilier, Rating and Valuation Department of Hong Kong, Israel Central Bureau of Statistics, Statistics of Japan, Pararius, Statistics New Zealand, Boligbygg, Statistics Singapore, National Statistics Institute Spain, Fotocasa, Citylets, US Bureau of Labor Statistics, Zillow, MSCI, Numbeo, Bestyieldfinder