US Real Estate Market Has Grown 47.31% in 10 Years After Inflation – How This Compares Globally
Written by Luther Yeates, Co-Founder & Head of Mortgages at UK Expat Mortgage
Looking back a decade, the United States stands out as one of the stronger global property investment markets of the past ten years. Adjusted for inflation, US residential property prices rose by approximately 54 percent between 2015 and 2025, placing the country ninth overall among developed economies according to the latest research by UK Expat Mortgage.
That performance puts the US firmly in the global top tier. It outpaced most large, mature markets including the UK, Italy and Finland, and delivered consistent real returns across a wide range of metropolitan areas. For investors who bought US property a decade ago, the outcome has generally been positive, particularly when compared with other traditionally “safe” Western markets.
However, the global rankings also reveal something more important for investors making decisions today. The strongest property returns of the past decade came from a mix of smaller European countries that benefited from structural growth, demographic shifts and international capital inflows. This raises a key question for US investors. If the US ranked ninth for the last ten years, where do the best opportunities lie going forward?
How the US achieved top-10 status
The US property market benefited from a host of reinforcing trends over the last decade. An undersupply of housing, especially in big metro areas, placed long-term upward pressure on prices. Population surges and internal migration into the Sun Belt states supported demand too, while low interest rates for most of the time period improved buying power across the board.
And the US market also delivered relatively broad growth. Unlike some countries where gains were mainly concentrated in a handful of cities, US price growth was spread across suburban markets and secondary cities.
From a global perspective, a 54 percent real increase over ten years is a strong result – it means US property comfortably beat inflation and preserved purchasing power. But it also means the US was not among the very top performers.
The countries that outperformed the US
When the data is ranked globally, several countries delivered substantially higher real returns than the US over the same period. The Netherlands topped the table with inflation-adjusted growth of around 117 percent – over double the growth of the US market. Hungary followed closely at 109 percent, with Portugal just behind at approximately 104 percent.
Other strong performers included the Czech Republic, Lithuania, Iceland and Luxembourg. These markets shared a number of characteristics: many experienced rapid economic convergence with Western Europe, rising foreign demand, and structural undersupply of housing. In some cases they also benefited from residency incentives – which we’ll go onto talk about with Portugal for example with their VISA offerings -, favourable tax regimes or increased appeal to international buyers.
Portugal is particularly noteworthy from a US investor perspective, not just because of its historical returns, but because of what is happening now.
Portugal and the surge in American investors
Over the past several years, we have seen a clear and growing trend of American buyers entering the Portuguese property market. This is especially pronounced among high net worth individuals, retirees, remote workers and internationally mobile families.
A big reason for this is that they were amoung the first to introduce a ‘golden VISA’ – a special ‘investor VISA’ that grants you residency and tax-breaks based effectively on how much wealth you can invest into the country.
But also in practical terms, Portugal offers a combination that is increasingly rare. Political stability, strong legal protections for property ownership, a relatively liquid housing market and lifestyle advantages that are difficult to replicate in the US. These include lower day-to-day living costs, high quality healthcare, favourable climate and excellent international connectivity.
From an investment standpoint, Portugal also benefits from constrained supply in key regions – mainly the ‘Golden Triangle’ as it’s called, but also particularly in Lisbon, Porto and popular coastal areas. While price growth has already been strong over the past decade, demand from international buyers is still peaking now and we would expect it to continue for 3-5 years at the minimum.
For US investors, it does also create a different risk profile to domestic property. Currency exposure, regulatory differences, finance challenges and local market knowledge all matter. However, for globally diversified investors, Portugal increasingly looks like a market with both capital preservation and lifestyle upside.
Looking ahead
The US has earned its place in the global top ten for property investment over the past decade. However, the data also shows that some of the strongest real returns came from markets that were not traditionally viewed as global leaders.
Portugal’s rise is a prime example. Strong historical growth, sustained international demand and increasing interest from American buyers suggest it will remain a market to watch closely.
For investors planning the next ten years rather than celebrating the last ten, the key takeaway is clear. Past performance matters, but understanding where capital, people and lifestyle demand are flowing next may matter even more. We think Italy could see a similar boom to what Portugal has witnessed.
About: Luther Yeates is the founder of UK Expat Mortgage and serves as the firm’s Head of Mortgages. A qualified CeMAP adviser with extensive experience in international and expatriate lending, he is regarded as a leading specialist in helping overseas clients secure UK property finance.
With a background in Banking and Finance and years of hands-on advisory experience, Luther has built deep technical knowledge across cross-border mortgage lending and property investment.
Luther regularly contributes to the press, providing expert commentary to national and industry publications. He is frequently quoted for his insights into UK lending trends as well as the property market from a global perspective.