Asia Real Estate Prices Cool In Early Sign Of Global Slowdown
New Zealand to China and South Korea saw declines in the second quarter, even as real estate prices rose in most places around the world.
(Bloomberg) -- Real estate prices are cooling in Asia.
Home prices held up across most of the globe in the second quarter, with just seven of the 56 markets surveyed by real estate firm Knight Frank showing price declines in June compared to March. Of those, six were in the Asia-Pacific region.
New Zealand, which was one of the world’s hottest markets during the pandemic, led the way with a 3% decline. Malaysia, Australia, China and South Korea also slumped.
Read more: New Zealand’s Hot Housing Market Cools in Global Warning Signal
Higher interest rates have cooled the sizzling price gains posted across much of the world during the pandemic, including in the US. On an inflation-adjusted basis, home prices across the world gained 1.6% in the first six months of 2022, down from 6.2% a year earlier, according to Knight Frank’s report.
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