Real estate is 3-5% of GDP for construction of new homes. And 12-13% for housing. That includes rent, but also the owner's imputed rent that they would pay. I t

Real estate is 3-5% of GDP for construction of new homes. And 12-13% for housing. That includes rent, but also the owner's imputed rent that they would pay. I think sales are counted as capital gains and I think not included in GDP. I'm not too surprised that countries have similar housing, there is percent of rent that can afforded. I'm surprised that higher home prices aren't reflected, but that may show up as higher overall GDP.