It's been a tumultuous 10 years for urban real estate markets. Residential property prices have been on a rollercoaster ride in many cities, driven by everything from the shock of the COVID-19 pandemic and volatile interest rates to gentrification, the rise of remote work, and specific factors like Brexit.

The result is a strikingly uneven global picture, with booms in some places and deep corrections in others. Against this backdrop, read on to discover how home prices have shifted in 20 major cities since 2015, based on Numbeo data for the typical price per square metre of an apartment in the centre of town.

Driven by historically low interest rates and fierce demand, home prices spiked in Japan in 2015, with condos hitting decade highs. Tokyo itself was in the midst of a mini housing bubble and demand was exceeding supply, pushing up prices to record levels.

The mini bubble burst in 2016, leaving some buyers in negative equity. Prices remained subdued until last year, when they shot up again amid an upswing in tourism and foreign buyers. But with interest rates on the rise, the market has slumped of late, and the typical price per square metre for an apartment in central Tokyo is down by over a third compared to 2015.

Back in 2015, homes in central London were selling for unprecedented prices, with the market red-hot. Then Brexit happened. Britain's split with the EU has led to fewer foreign buyers, with prices for prime properties 20% lower than a decade ago and apartments 18% cheaper, according to Numbeo data.

Plus, with interest rates high and living costs elevated, fewer homegrown buyers are willing or able to splurge. And earlier this year, demand for UK property from overseas investors plummeted to an all-time low as wealthy foreigners fretted over the Labour government's tax changes.

The central New York City housing market was also sizzling in 2015 as factors like super-low interest rates and an influx of rich foreign buyers sent prices skyrocketing. But the boom turned out to be a mini bubble, and it came to an abrupt end the following year. With buyers no longer willing to pay silly prices, the market dipped, starting with the luxury sector.

Since then, the market has grappled with various headwinds, including the COVID-19 pandemic (which prompted many residents to flee) and much higher interest rates. In fact, prices in Manhattan are 20% below the pre-pandemic average and prices for apartments in central NYC overall are down 13.4% from 2015.

Residential property prices in Hong Kong jumped in 2015 and climbed to record highs in 2021. But it's all been downhill from there. The slump in the wider Chinese property market has hit Hong Kong hard, and with the economy in the doldrums and mortgages significantly more expensive, prices have plummeted.

All in all, the price per square metre for an apartment in central Hong Kong is down 8.6% compared to 2015, and has dropped by almost a quarter since 2021.

Going up and down like a yo-yo, apartment prices in central LA have been volatile over the past decade. A sharp upswing in 2015 was followed by a dip in 2016 before prices started rising again. They peaked in 2021 during America's pandemic homebuying boom, fuelled by ultra-low interest rates (LA saw much less of an exodus than NYC).

Prices then dropped as interest rates increased and mortgages got pricier, then spiked earlier this year, partly due to wildfires reducing housing stock and stimulating demand. As it stands, prices are up nearly 10% from last year and 4.3% from 2015, but around 11% below the 2021 peak.

Home prices in the Austrian capital have also fluctuated widely over the past 10 years. That said, they've risen overall since 2015, with the cost per square metre of an apartment in central Vienna up by 5.3%. And though the figure has dropped slightly from 2024, the modest decline is likely a blip rather than a long-term trend.

The population of the city has been expanding in recent years as people relocate to Austria both from elsewhere in the country and overseas, putting upward pressure on home prices.

A hub for multinational companies thanks to Ireland's favourable tax regime, Dublin's fair city has been booming since 2015, but housing supply hasn't kept up with the burgeoning population.

The situation has become critical since the pandemic and subsequent jump in interest rates, with the market now reportedly starved of stock. As a result, prices have mushroomed, with the cost per square metre for an apartment in the centre up 14.3% since 2015. And for the city as a whole, home prices have increased by 12.3% from 2024 alone.

In contrast to places like London, prices in Paris' prime residential property market have grown since 2015, and the cost per square metre for an apartment in the centre is up almost 15%.

Nevertheless, prices have dropped since 2023, with heightened interest rates among the key culprits, though they do appear to be picking up again as rates soften and mortgage costs moderate.

Over the past decade, home prices In Mumbai have grown in tandem with the vibrant Indian economy. According to Numbeo, the price of an apartment in the centre of the nation's bustling financial and commercial capital is up over a fifth from 2015.

The most impressive growth has emanated from Mumbai's upscale suburbs. Affluent Thane, for instance, has seen home prices increase by 46% in the space of just three years.

The cost per square metre for an apartment in central Barcelona has jumped by more than 44% since 2015. And not everyone is happy, least of all priced-out first-time buyers. An explosion in Airbnbs and other holiday rentals has strained the already limited housing supply, and with demand off the scale, prices have reacted accordingly.

In an effort to quell the housing crisis, which has sparked a series of bitter anti-tourism protests, Barcelona is stepping up homebuilding and has announced plans to phase out short-term holiday lets from 2028.

Likewise, Auckland has undergone significant population growth since 2015, but the housing supply has failed to keep pace with the rapidly growing demand. Unsurprisingly, the cost per square metre for an apartment in the centre of town has risen 45.9% over the past decade, with much of the growth occurring during the pandemic.

However, prices have started to moderate as New Zealand's economy has slowed, and they're not expected to return to their pandemic peak for years.

The housing market in Bogotá has been on a roll since 2009, and the price per square metre for an apartment in the centre of the Colombian capital has risen by more than half since 2015.

Once a notorious hotbed of violent crime, the city has become considerably safer in recent years, attracting foreign investors and digital nomads in their droves. This has helped push up residential property prices, particularly in the most prestigious neighbourhoods.

Toronto's home prices hit the roof during the pandemic as historically low interest rates triggered a buying frenzy while supply remained tight. The Canadian government then hiked up interest rates and banned foreign buyers for two years to cool the market. Overseas investors evaporated and priced-out locals began to shun the city for Ontario's smaller, more affordable towns.

As a result, the price per square metre of a central Toronto apartment has fallen almost 10% since 2023, though it's still much higher than it was in 2015.

Sydney experienced a similar home-buying boom during the pandemic when interest rates dropped to record lows. Again, a paucity of supply sent prices soaring. Since then, higher interest rates have dampened the market.

While the suburbs are holding up, the price per square metre for an apartment in central Sydney has dropped over 15% since 2023. However, prices are currently 67.7% higher than in 2015, and buying in the city remains unaffordable for many residents.

Dubai's residential property market floundered in the late 2010s as disappointing oil revenues combined with fewer buyers from the UAE and surrounding Middle Eastern countries led to muted demand and lower home prices.

The market shifted dramatically during the pandemic. Dubai's lack of lockdowns and generous visa policies attracted hordes of moneyed buyers from stricter countries. At the same time, the war in Ukraine spurred an influx of Russians looking to escape Western sanctions and conscription. Needless to say, home prices in the Emirate have ballooned and show few signs of slowing down.

Cape Town experienced a mini housing bubble in the late 2010s, with prices peaking in 2019. But the overheated market cooled drastically in 2020 and stayed muted until 2022. Prices then picked up, before dropping back. They're now on the rise once again.

The upturn is largely down to an increase in foreign buyers. The downside is that fewer housing options are available for many locals, who are being priced out en masse by these wealthier overseas investors.

Berlin was long renowned for its edgy vibe and incredibly affordable housing. But a wave of gentrification in recent years has cleaned up much of the city and helped push up home prices significantly, much to the annoyance of many of its long-time residents.

Fortunately, renters have been protected from the increase in home prices thanks to Berlin's Mietpreisbremse (rental price brake), which limits annual hikes. But when it came into effect a decade ago, an apartment in the centre of town was almost half as cheap to buy based on the price per square metre.

In the space of 10 years, Lisbon has become the least affordable city in Europe for housing when local salaries are factored in. A surge in tourist numbers and digital nomads has pushed up home prices to jaw-dropping levels as short-term holiday lets eat up the housing supply and foreign remote workers increase demand. While rundown areas of the city have benefited to an extent from gentrification, locals are up in arms over the hike in home prices.

To help tackle the issue, Lisbon City Council is limiting holiday lets, banning them outright in some areas.

Mexico City is in a similar boat. The typical price per square metre of an apartment in the centre has leapt by 125.7% since 2015. Again, a huge increase in tourism coupled with an influx of relatively wealthy digital nomads appears to be fuelling the trend, driving gentrification and housing demand, which have boosted prices.

With locals increasingly priced out, anti-gentrification protests have erupted in the city, sometimes turning violent, and tourists as well as expats are being increasingly demonised. In response, city officials have developed a 14-point plan to address residents' concerns.

The price per square metre for an apartment in central Istanbul has grown a staggering 1,794% since 2015, making it a clear outlier among global cities.

Türkiye's infamously high rates of inflation are a major factor behind the breathtaking rise, but prices have shot up in real terms too. Factors like higher construction costs, heightened pandemic demand, and an increase in Russian buyers have put upward pressure on prices. Meanwhile, a series of earthquakes across the country prompted many buyers in Istanbul to seek out newer, more seismically resilient homes, further contributing to the demand.

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