Langstaff Gateway Condos by Kylemore.Montreal, Canada led the rise. In the context of the global epidemic, economic downturn, geopolitical tensions and travel restrictions, over the past year, house prices in 22 major cities around the world have risen by more than 80%.Please Visit: Langstaff Gateway Condos by Kylemore to Get Your VVIP Registration Today!
The report compares house prices in 22 cities around the world in the first quarter of 2020 with prices in the first quarter of 2021 (updated data are used in some areas).
The results show that among the 22 major cities around the world, housing prices in Montreal, Canada, soared 39% in the outbreak, the highest increase in 22 cities. House prices in Los Angeles in the US and Auckland in New Zealand followed, rising 35 per cent and 32 per cent respectively. House prices in Toronto, Canada have also risen by more than 30%.
In addition, house prices in Manchester, England, Vancouver, Canada and Sydney, Australia also increased by more than 10%, of which Manchester house prices rose by 19.4%.
The report points out that house prices have fallen in only four of the 22 cities over the past year, including London, Bangkok, Phuket and Tokyo. House prices in Tokyo fell the most, with new apartment prices falling 7.4% in more than a year.
So far, the COVID-19 epidemic has caused more than 4.24 million deaths worldwide. According to the International Labour Organization, 8.8 per cent of global working hours were lost in 2020 alone, equivalent to 255 million full-time jobs.
Property prices in many parts of the world have risen to new highs during a catastrophic epidemic. The report points out that this seemingly contradictory situation occurs mainly because central banks, policy makers and other institutions have provided about $17 trillion in government aid after the outbreak, with more policy support to follow. Monetary and fiscal stimulus measures introduced by governments have reduced the economic damage caused by the epidemic, but have also led to the expansion of the real estate market.
George Georg Chmiel, co-founder and executive chairman of Juwai IQI Group, said house prices in these markets are expected to continue to rise by the first quarter of 2022, the second year after the epidemic. More fiscal and monetary stimulus, high economic growth rates (especially in developed countries), and a rebound in entrepreneurial willingness after the outbreak will put further upward pressure on house prices in most of the markets covered by the report.
However, the report also points out that in many of the world’s hottest home markets, housing supply shortages are already easing and bidding for housing is beginning to decline. In Australia, Canada and the United States, buyers are increasingly resistant to rising prices, according to agents.