Predicted drops in house prices in the U.S., Canada, Britain, Germany, Australia and New Zealand will come off price surges of as much as 50% since the start of the COVID-19 pandemic in 2020
Home prices in several major markets will extend their decline this year, according to a global Reuters poll of property analysts who either predicted slightly steeper drops or kept their view steady from a survey three months ago.
That in turn has pushed up rents sharply in most markets, leaving the overall cost of housing much more expensive in just the past few years. “Those markets that saw the strongest growth during the pandemic, so places like New Zealand, Canada, the Nordic markets, are probably likely to be most heavily affected,” said Kate Everett-Allen, head of international global residential research at Knight Frank.
“A slowdown in new housing construction and drop in building permits are expected to deepen housing shortages in many countries across the world, with population growth continuing to outpace growth in new housing supply,” said analysts at JLL.
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