Year

House price growth rate (%)

GDP growth rate (%)

House price growth rate/GDP growth rate

Interval

2007

26.13

14.50

1.80

warning

2008

7.92

12.30

0.64

safe

2009

0.07

11.50

0.01

safe

2010

28.45

13.00

2.19

dangerous

2011

2.52

11.00

0.23

safe

2012

−9.90

10.50

−0.94

safe

2013

7.94

11.60

0.68

safe

2014

11.67

8.60

1.36

safe

2015

1.00

8.40

0.12

safe

2016

4.56

8.20

0.56

safe

2017

6.11%

7.00%

0.87

safe