Press Release : IMF Launches Global Housing Watch
June 11, 2014Press Release No. 14/273
June 11, 2014
The International Monetary Fund (IMF) today launched Global Housing Watch, a webpage (www.imf.org/housing) dedicated to featuring its analysis on housing markets across the world. The page will provide a one-stop shop for the Fund’s Global House Price Index and other data on housing indicators. The launch is part of an initiative to highlight the IMF’s research on the housing sector and makes it accessible to all audiences. It also aims to promote cross-country collaboration in this field.
Housing is an essential sector of every country’s economy, but has also been a source of financial crises for institutions and countries. “Understanding the drivers of house price cycles, and how to moderate these cycles, is important for economic stability. It is only by maintaining an open dialogue on these issues that we will gain a solid understanding of how policies can contain housing booms,” IMF Deputy Managing Director Min Zhu said in a blog post.
The Global Housing Watch is a compilation of average housing prices in different countries that allows a global perspective and cross-country comparisons. It also includes charts that provide a benchmark comparison of house prices to incomes and rents. The website will be updated regularly, including through a quarterly report starting in July that will feature other indicators and analysis. “This is the launch of an initiative, not the end point,” said Prakash Loungani, Advisor in the IMF Research Department in an IMF Survey Interview.
IMF COMMUNICATIONS DEPARTMENT