Global Market Slow Down On Its Way

Rising mortgage rates and a weakening global economic outlook are cooling some of the ebullience of the last two years, reports Abode2, with the slowdown set to be felt most in lower price brackets and domestic-driven markets – rather than in the prime sector, which is less reliant on mortgage borrowing.

Dubai has seen the highest price growth through the last year, with the average price value surging up by 64.8% – despite a 0.6% dip in the latest quarter. Three American cities – Miami, Los Angeles and San Francisco – comes next in the league table, posting annual growth of 37.3%, 23.4% and 22.2% respectively.

Auckland, Wellington, Toronto and Stockholm, on the other hand, registered some of the largest declines in annual price growth.

Many Asian markets, meanwhile, are showing signs of recovery after prolonged run-ins with Covid-19.

In Europe, Berlin (12.6%), Dublin (10.2%), Edinburgh (11.2%) and Paris (8.9%) have seen the best of the growth, as the appeal of urban living strengthens and international travel resumes.

London (+2.5%) and New York (+7.2%) continue to recovery from pandemic doldrums, recording their strongest rate of price growth for seven and eight years respectively.