Post by account_disabled on Mar 11, 2024 3:08:11 GMT -6
Housing price inflation slows in the world's main cities in the first quarter of the year, according to the report 'Global Residential Cities Index' , prepared by Knight Frank , which analyzes trends in the main markets of the housing in 150 cities around the world .
Among the key cities in the index, there are some Spanish cities such as Malaga in 22nd place with a percentage change in the last twelve months of 8.6%, Madrid , which is in 53rd place with 4.6% and Seville in the 55th place with 4.5%.
Key global cities have experienced slow price growth in response to rising taxes and a more uncertain economic outlook, the study notes.
Average annual growth in the 150 cities included Cambodia Telegram Number Data in the index is 3.1% in the first quarter of 2023, below the 6.6% recorded in the previous quarter, and well below the recent peak of 11.6 %, achieved in the first quarter of 2022.
In total, 51% of the cities in the index have seen prices fall during the first quarter of the year, with seven markets doing so by more than 5% , including two in Scotland (Glasgow and Aberdeen ) and two in Sweden (Malmo and Stockholm).
The price correction that began in late 2021 has seen peak-to-trough declines of up to 24% in Wellington, New Zealand , closely followed by 22% in Buenos Aires. In fact, 14 other cities in Europe, the United States and New Zealand have seen double-digit price drops.
Some markets have avoided price corrections so far, led by markets that are experiencing unique inflationary conditions in their economy, such as some eastern and southeastern European markets that have also continued to see strong price acceleration in recent months. such as: Zagreb (22.5%), Budapest (20.2%), Skopje (18.8%) and Athens (16.4%).
Inflation prospects and interest rates, key According to experts, the key issue for all markets remains the outlook for inflation , interest rates and the development of economic activity. The Federal Reserve in the United States appears to be closing peak rates in the current cycle and other central banks are likely to follow in 2023 with declines in the Eurozone and UK inflation lagging behind that of the United States.
Thus, Knight Frank considers that economic growth this year is likely to be slower than that experienced in 2022, although recent forecasts have pointed to an improvement in expectations, which would entail possible advantages for the housing market.
"The slowdown in real estate markets is surprising given the impact of rising interest rates in developed economies. Our latest results confirm that more than half of the world's major urban markets have recorded price declines in recent months," explained the partner, director of Knight Frank's Residential area, Carlos Zamora.
Among the key cities in the index, there are some Spanish cities such as Malaga in 22nd place with a percentage change in the last twelve months of 8.6%, Madrid , which is in 53rd place with 4.6% and Seville in the 55th place with 4.5%.
Key global cities have experienced slow price growth in response to rising taxes and a more uncertain economic outlook, the study notes.
Average annual growth in the 150 cities included Cambodia Telegram Number Data in the index is 3.1% in the first quarter of 2023, below the 6.6% recorded in the previous quarter, and well below the recent peak of 11.6 %, achieved in the first quarter of 2022.
In total, 51% of the cities in the index have seen prices fall during the first quarter of the year, with seven markets doing so by more than 5% , including two in Scotland (Glasgow and Aberdeen ) and two in Sweden (Malmo and Stockholm).
The price correction that began in late 2021 has seen peak-to-trough declines of up to 24% in Wellington, New Zealand , closely followed by 22% in Buenos Aires. In fact, 14 other cities in Europe, the United States and New Zealand have seen double-digit price drops.
Some markets have avoided price corrections so far, led by markets that are experiencing unique inflationary conditions in their economy, such as some eastern and southeastern European markets that have also continued to see strong price acceleration in recent months. such as: Zagreb (22.5%), Budapest (20.2%), Skopje (18.8%) and Athens (16.4%).
Inflation prospects and interest rates, key According to experts, the key issue for all markets remains the outlook for inflation , interest rates and the development of economic activity. The Federal Reserve in the United States appears to be closing peak rates in the current cycle and other central banks are likely to follow in 2023 with declines in the Eurozone and UK inflation lagging behind that of the United States.
Thus, Knight Frank considers that economic growth this year is likely to be slower than that experienced in 2022, although recent forecasts have pointed to an improvement in expectations, which would entail possible advantages for the housing market.
"The slowdown in real estate markets is surprising given the impact of rising interest rates in developed economies. Our latest results confirm that more than half of the world's major urban markets have recorded price declines in recent months," explained the partner, director of Knight Frank's Residential area, Carlos Zamora.