Hot housing markets are a global phenomenon, according to new data from the Bank for International Settlements (BIS).

Global residential property prices rose by 4.6% on a year-over-year basis in the first quarter of 2021 — the strongest quarterly gain since the global financial crisis — the BIS reported.

This marked an increase from the 4.1% growth rate recorded in the fourth quarter of 2020.

The rise in housing prices was particularly strong in advanced economies, which saw a 7.3% gain on average in the first quarter, whereas emerging market economies averaged a 2.5% increase.

“Prices grew rapidly in the United States (+10%), the United Kingdom (+8%), Canada (+7%) and Australia (+6%) and less so in Japan (+4%),” the report noted.

The BIS said that global house prices are now 22.4% higher from their level in the immediate aftermath of the financial crisis, and they’re up 29.2% in the advanced economies.

“Among the G20 economies, real prices have risen markedly — by more than 40% — over the past decade in India, Canada, Germany, and the United States,” the BIS noted.

The report also found that housing demand has generally shifted toward suburban and rural areas from major cities during the Covid-19 pandemic, “reflecting the impact of several potential factors, such as lockdowns, restrictions, social distancing rules and home office arrangements developed to adapt to the consequences of the pandemic.”

This trend represents a departure from longer-term house price movements, the report noted.

Until this recent shift away from cities was observed, residential property prices have increased more in cities than other regions, it said.