(Image: Tom Red/Private Media)

Surging property prices in the pandemic isn't merely an Australian phenomenon -- it's happening across the developed world.

In the US, the UK, Ireland, across western, central and eastern Europe, Turkey and South America, house prices have increased by double-digit rates over the last year -- in some cities, exceeding Australian increases of just under 20%. A Bloomberg series on the phenomenon this week roams the globe, examining the same surge in prices on different continents. Only Spain and India have seen (almost negligible) price falls.

In some cases, there have been variations on the theme -- in France, Parisian prices haven't risen strongly, but prices in regional France and smaller cities have soared.