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Increased investment in real estate led to a record increase in real estate prices, which could restore memory in 2009, when the real estate market peaked.Global Finance"He said.
The world has experienced an economic recession due to the subprime mortgage crisis, which has led to quantitative easing policies and a reduction in interest rates and mortgages over the years, but Increased investment in the real estate sector has led to a further rise in housing prices.
However, with the expected slowdown in global economic growth in 2019, home prices are starting to fall again, raising fears of a housing boom and a new recession.
According to the results of the global survey of housing costs conducted in 2019, Hong Kong was the first of the most modest cities to allow individuals to buy a home.
The survey is based on the lowest cities where individuals can offer their household income on the average income of major real estate markets: Canada, United States, Hong Kong, Singapore, Australia, New Zealand, UK and Ireland. The 5 most expensive cities in the world are as follows. Where the real estate prices for 2019.
5. San Jose
San Jose is located south of San Francisco Bay and home prices have risen thanks to the success of Silicon Valley west of the city.
While businesses regularly buy houses in San José – benefiting from low interest rates – the low-income population spends about 62% of their rent on apartments.
The price of a family home in Santa Clara County, near San Jose, could reach $ 1.2 million, making the average citizen unable to afford housing.
Melbourne
Although Melbourne is the fastest growing city in Australia, it is experiencing lower domestic prices, but the cost of living is still relatively high compared to other countries.
The Australian population tends to move to large, independent homes, compounding the housing problem, but low interest rates over the last six years have caused housing demand to skyrocket.
Sydney
Sydney, Australia – Sydney property prices have risen 20% between 2016 and 2017, but recent reports indicate that real estate prices in Australia have fallen 4.8% in 2018. Deutsche Bank said the likelihood of the collapse of the real estate market in Australia was 1. Among the major risks likely to affect the global economy.
The price of homes in Sydney alone has dropped 11.1%. Yet the cost of living in Sydney is still 11.7 times higher than its average income, due to the high concentration of the urban population.
2. Vancouver
Vancouver, Canada, has seen an increase in foreign investment, particularly from China, mainly because of the ineffectiveness of the laws. Real estate agents have ruled the fines excessive for irregularities compared to the large commissions they receive in real estate transactions.
Vancouver, like Hong Kong, has become a haven for money laundering in China, where China is now facing an anti-corruption campaign that affects everyone, including the richest and most influential. So there are thousands of people looking for a safe place to put their money.
Hong Kong
The government owns all the land in Hong Kong and earns 27% of its revenue from the sale of land. The sale of some land at auction has reached $ 2.2 billion, leaving few wealthy businessmen dominating the market. sector.
Although the real estate market in Hong Kong has seen prices rise for 28 consecutive months, it has started to fall since July 2018.
The trade war between the United States and China and the high cost of mortgages have led to a loss of investor confidence. In addition, a tax on unoccupied dwellings should allow developers and property owners to sell, which will increase the number of available dwellings.
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