The outlook for major global housing markets looks subdued, with high unemployment from the coronavirus pandemic and lockdowns and low immigration the biggest hurdles over the coming year, according to a majority of analysts polled by Reuters.
FILE PHOTO: A general view of a construction site for luxury residential apartments at the reclaimed West Kowloon in Hong Kong October 25, 2013. REUTERS/Tyrone Siu
With several risks still at play, house prices in Australia, India, Dubai, Britain, Canada and the United States were forecast to fall this year and next under a worst-case scenario. While the availability of affordable homes has been a chronic problem there for several years, the main risk is unemployment, which has jumped from record lows to record highs within a couple of months and is expected to remain well above pre-COVID levels until at least 2022.
More than 80% of nearly 100 respondents said the recovery to pre-COVID-19 levels would be “gradual,” or “slow and long.” The rest said it will be quick or it already has.
France Dernières Nouvelles, France Actualités
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