Westport condos . Global house prices soared by 7.3%, panic buying started, and the real estate bubble came again? In the first quarter of this year, of the 57 countries and regions that have released housing statistics, nominal house prices rose in 50 countries, while prices fell in only 7 countries.Please Visit: Westport condos to Get Your VVIP Registration Today!
Knight Frank’s global house price index also shows that average global house prices rose 7.3 per cent in the 12 months to March 2021, the fastest pace since the fourth quarter of 2006. Among them, the United States rose 13.2%, the biggest increase since December 2005. Australia rose 10.6%, while Sydney posted the biggest increase in the past 33 years.
Reuters analysis believes that the monetary easing policy of various countries is the main driving force of the rise in the real estate market.
Since 2020, central banks around the world have launched an unprecedented wave of monetary easing, with interest rates falling to record lows in many countries. Interest rate cuts directly lead to a decline in home loan interest rates, reduce the cost of home buyers, and stimulate purchase demand.
The rise in prices coincides with the dwindling supply of housing. “New homes everywhere will be sold out soon,” said Fairwade (Daryl Fairweather), chief economist of real estate website Redfin. “if you are a little slow, you will miss it.”
Rebecca and Dan are newlyweds living in the United States. They planned to buy a house of their own in early 2021, but they have not been able to do so since January.
The couple have seen 40 houses, but each one is highly competitive. Rebecca said each seller received offers from at least 10 buyers, all of which were sold at a higher price than the original price in just a few days.
“can you imagine? You finally saw the house you wanted and offered a price, but two days later it was taken away by someone else at a higher price, “Rebecca said.” it’s so frustrating. “
For example, Rebecca’s favorite independent cabin north of Seattle, the seller offered $985000 (about 6.29 million yuan), the final transaction for $1.303 million (about 8.33 million yuan), a price increase of 32.3%, like this more than 30% price increase, it is everywhere in the current American housing market.
Home prices are rising in almost all states, with median home sales prices in dozens of metropolitan areas rising by double digits compared with a year ago, according to Zillow, a listed real estate valuation company.
It’s not just America that is hot. On June 2nd, Juwai IQI Group, Asia’s largest real estate technology company, released the Global House Price report for the first quarter of 2021. The report shows that the global housing market was booming in the first quarter of this year, with house prices soaring in the United States, Canada, Europe and parts of the Asia-Pacific region.
The report argues that house prices have risen to “an alarming degree” and that “the degree of prosperity is completely unprecedented”.
Turkey has seen the highest growth in house prices in the past 12 months, at 32 per cent, as a result of the sharp depreciation of the lira, according to Knight Frank’s global house price index. New Zealand, which was closely followed, rose 22.1 per cent, while the US ranked fifth with an increase of 13.2 per cent. In Asia, Singapore had the biggest house price increase of 6.1 per cent, followed by South Korea, which rose 5.8 per cent, and Japan, which rose 5.7 per cent.
