USA
Mortgage applications in the U.S. increased by 33.3% for the week ending January 10, 2025. This marked the largest rise in a month, driven by both purchase and refinance applications. Refinance applications saw a 44% increase, while purchase applications grew by 27%. Refinance applications also saw an increase in share, rising to 42.7%.
Source: Mortgage Applications Increase in Latest MBA Weekly Survey
U.K.
In November 2024, U.K. house prices rose 3.3% year-over-year, the fastest increase since February 2023. This follows a 3.0% rise in October. Despite high borrowing costs, the property market remains strong. Private-sector rents also increased by 9.0% in December, with London seeing the highest increase at 11.5%. Investors expect further interest rate cuts from the Bank of England in 2025 after a surprise drop in inflation.
Source: House prices in UK rise by most since February 2023
Canada
In Q4 2024, Canadian home prices rose 3.8%, with the average price reaching $819,600. The median price for single-family homes increased 4.9% to $855,900, while condos saw a 1.5% rise to $592,700. Housing market activity picked up, especially in major cities, as buyers regained confidence, helped by interest rate cuts and mortgage rule changes. The market is expected to continue recovering, with a projected 6% increase in home prices by the end of 2025.
Source: Canada real estate: Home prices rose 3.8% in Q4 as sluggish market starts to pick up
Australia
Australia’s housing market showed resilience in 2024, with cities like Perth, Adelaide, and Brisbane reaching record highs in house and apartment prices. Perth led with a 19.5% rise in house prices, and apartment prices saw a 28.2% increase. However, growth slowed in the second half of the year, indicating market stabilization. Listings increased, favoring buyers, with Sydney seeing its highest number of listings in three years.
Source: Australian housing market: Record highs amid slowing growth
Dubai
Dubai’s real estate market saw $136 billion in transactions in 2024, a 27% increase. Investors earned $27.36 billion, with strong demand in Palm Jumeirah, Downtown Dubai, and Dubai Marina. Key factors driving growth include 3.3% economic growth, high rental yields in areas like Dubai Investments Park and Discovery Gardens, and a strong population growth of 4.66% in 2024.
Source: Dubai investors earn $27.36 billion from real estate sector in 2024
Singapore
In 2024, landed home sales in Singapore rose 18.6%, reaching S$6.1 billion. While prices for landed homes grew slightly by 0.1%, demand remained stable despite a 0.9% quarterly decline in Q4 2024. The Good Class Bungalow (GCB) segment also saw more transactions, with 14 GCBs sold in the second half of the year, 45% more than in the first half of 2024. Buyers continued to pay high prices, with the average unit land price rising to S$1,971 per square foot. Prices are expected to rise by 3% in 2025.
Source: Singapore landed home sales up 18.6% to S$6.1b in 2024
