Global real residential property prices increased by 2% year on year in the first quarter of 2018. They continued to rise rapidly on average in the group of advanced economies, posting 3% growth, but at a more modest 1% in emerging market economies. Looking at individual countries, house price inflation was particularly vigorous in Germany and the United States, but fell further in Brazil and Russia. Nevertheless, the previously significant disparities in G20 countries’ house price inflation rates have narrowed recently. In aggregate, residential property prices continued to rise steadily, by 3% year on year and in real terms, for the group of advanced economies (AEs) in the first quarter of 2018. Real prices rose the most (by 3–4%) in Canada, the United States and the euro area as a whole, as well as in the United Kingdom to a lesser extent. Among the euro area countries, real property prices increased significantly in Germany, Ireland, Portugal and Spain, but continued to fall in Italy. Prices were almost stable in Japan. Taking a longer-term perspective, real residential property prices in the AEs as a whole declined sharply after the Great Financial Crisis (GFC). They started to recover in 2012 and their aggregated level now slightly exceeds the pre-GFC level for the first time. Among the various AE regions, the euro area has lagged the global recovery, with average real property prices still 7% below pre-GFC levels. Real residential property prices increased by an average 1% year on year in emerging market economies (EMEs) in the first quarter of 2018. They increased by 2% in emerging Asia, especially in China and India. Real prices were broadly stable in both Latin America and in central and eastern Europe, reflecting mainly the progressive easing of the sharp deflation seen in Brazil and Russia in recent years.