SINGAPORE (BLOOMBERG) – Residential property prices globally are rising the most since prior to the worldwide financial crisis of 2009, following a market frenzy observed in locations from Canada to Singapore to New Zealand in the midst of the Covid-19 pandemic.
Worldwide average prices hiked by 7.3% in the 12 months leading to March 2021, the quickest pace since the last quarter of 2006, mentioned a report by Knight Frank’s Global House Price Index last Thursday (June 3). The price index benchmarks the average rates across 56 territories and countries.
Within Asia, Singapore recorded the largest price gain at 6.1%, trailed by South Korea at 5.8% and Japan with 5.7%. Hong Kong, the world’s most expensive property market, experienced only 2.1% growth. Even with a hike in rates, One-North Eden Prices were still competitive when it launched.
Turkey came in first on the list, registering 32% growth, trailed by New Zealand at 22.1%. The United States took fifth position at 13.2%, its steepest rise since December of 2005.
Massive monetary and fiscal stimulus to prop up economies during the covid-19 crisis has fuelled a property boom globally. That is also sparking concerns of asset bubbles, and many countries have already take action to cool the market. Fortunately Dairy Farm Residences Prices are still competitive during this time.
New Zealand has taken away tax incentives for real estate investors, and the government anticipates home price inflation will lose steam to just 0.9% by June 2022. China has implemented a slew of steps to rein in property developers and bank lending to the segment.
“With governments taking steps and fiscal stimulus measures suppose to finish later this year in a number of segments, buyer sentiment is probably to be less exuberant,” said Knight Frank in their report. “On top of that, the threat of new covid variants and stop-start vaccine schedules have the potential to apply further downward pressure on rate growth.”
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