Israel saw a 345.7% increase in house prices over the last decade, the greatest increase in the world, according to new research by money.co.uk.
Israel’s house prices per square meter rose from $2,130 (£1,553) in 2010 to $9,490 (£6,920) in 2020, a 345.7% increase. However, average wages in the country only increased by 17.50%, while inflation changed by 0.92%.
The study looked at how the average property price in OECD countries has changed over the last 10 years and compared it to the difference in average wages and inflation over the same period, to discover which nations are seeing the cost of property outstrip that of earnings.
Switzerland ranked second place with property prices increasing by 165.5% since 2021. Switzerland is well-known for having a high cost of living, which has clearly increased dramatically over the last ten years, compared to average wages which have only risen by 2.4%. Closely following Switzerland was Germany where property prices increased by 162%, while wages rose by 14.2%.
In comparison, four countries actually saw a decrease in house prices over the last decade! Greece experienced the biggest decrease in prices per square meter (-17.9%), however, the country's average annual wage also dropped dramatically by 16.1%.