Annex C. Trends in overall investment in housing

Direct investment (gross fixed capital formation) in housing grew significantly in most countries prior to the financial crisis, before dropping sharply around 2007 and then increasing steadily from around 2013. However, trends vary considerably across countries (Table C.1):

  • A number of countries experienced considerable volatility in housing investment during the years around the crisis, but have since recovered to surpass pre-crisis investment levels (e.g. Australia, Belgium, Estonia, Iceland, Korea, Lithuania, the Netherlands, New Zealand, Norway, Sweden and Switzerland).

  • Meanwhile, housing investment has steadily increased since 2000 in Canada, Chile, the Czech Republic, Finland, Israel, Luxembourg.

  • Housing investment has yet to fully recover from the Great Recession in Hungary, Ireland, Italy, Spain, the United States, the United Kingdom and, in particular, Greece.

  • Relative to 2000, Latvia, Portugal and Slovenia have experienced a drop in overall housing investment.

  • Housing investment levels have remained relatively stable in Austria and Germany since 2000, nonetheless declining somewhat in the 2000s.


[3] Eurostat (n.d.), Experimental Statistics - Overview, 2019, (accessed on 15 July 2019).

[1] OECD (2019), Under Pressure: The Squeezed Middle Class, OECD Publishing, Paris,

[2] UN Department of Economic and Social Affairs - Statistics Division (2018), Classification of Individual Consumption According to Purpose (COICOP) 2018, United Nations, (accessed on 15 July 2019).

Metadata, Legal and Rights

This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Extracts from publications may be subject to additional disclaimers, which are set out in the complete version of the publication, available at the link provided.

© OECD 2020

The use of this work, whether digital or print, is governed by the Terms and Conditions to be found at