2000
Buying a U.S. home in 2000 and selling it in 2003 would generally have been very profitable, even as the dot-com bubble collapsed. According to the Case-Shiller U.S. National Home Price Index, home prices increased approximately 28% over those three years, or about 8.5% annualized.
Unlike in the U.S., buying residential property in Tokyo, Singapore or Hong Kong in 2000 and selling in 2003 would generally have lost money.
Chart by ChatGPT
2021
Buying a home in 2021 and selling in 2024 was profitable in the U.S., Tokyo and Singapore, but disastrous in Hong Kong.
Chart by ChatGPT
Some nuances
- Policy. The Bush administration actively promoted homeownership after the dot-com crash, particularly from 2002 onward
- Hong Kong and Singapore suffered from SARS in 2003
- Hong Kong suffered from China geopolitical tension with US/western countries in 2021-24 cycle