Prior to the onset of inflation this year, housing prices in many countries were already climbing, largely due to pandemic-fueled demand and a dearth of inventory. The real-estate pricing surge was widespread globally, with the highest gains in Turkey and New Zealand.
![Prices through the roof](/~/media/mckinsey/featured%20insights/charting%20the%20path%20to%20the%20next%20normal/2022/jul/gifs/cod-recession-ex3-v9-jr-shrunk-timed.gif)
To read the article, see “How inflation is flipping the economic script, in seven charts,” July 6, 2022.