A new report urges investors to be on guard for a “correction phase” in global housing markets.
The coronavirus pandemic may have triggered the worst global downturn in more than 60 years, but home prices in the world’s biggest cities still have shot higher into the stratosphere.
In Paris, it would take about 17 years of work to buy a similarly sized property, while in New York City it runs closer to 11 years. The report urges investors to be on guard for a “correction phase” in global housing markets as pandemic stimulus wears off and household income gets pressured lower.“To what extent higher unemployment and the gloomy outlook for household incomes will affect home prices is uncertain at this point,” they wrote. “However, it’s clear that the current acceleration is not sustainable.”
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