(Financial World) The global property market turns cooler in the second quarter
China News Service, Beijing, September 15 (Reporter Pang Wuji) The second-quarter global housing price report released by the Asian real estate technology company Juwai IQI (Juwai IQI) Group on the 15th showed that housing prices in major global housing markets showed signs of slowing down in the second quarter.
This means that the global property market boom that has appeared almost simultaneously with the epidemic in the past two years is showing signs of fading.
According to the report, among the 58 global housing markets that have released housing price data for the second quarter of 2022, housing prices rose in 49 countries and regions, and fell in 9 countries and regions.
After adjusting the data for inflation, house prices rose in only 34 countries and territories, and 24 countries and territories actually fell.
The area where house prices fell was significantly wider than the previous quarter.
From the perspective of house price growth, the trend of "cooling" is more obvious.
The report noted that prices in most real estate markets showed signs of slowing in the second quarter.
In real terms, only 12 of the world's 58 housing markets saw house price growth outpace last year, while the remaining 46 saw price gains weaken.
The report noted that the global housing boom may have begun to subside amid negative factors such as deteriorating affordability for buyers, soaring inflation, the Ukraine crisis and the ongoing coronavirus pandemic.
By country and region, after nine years of strong home price growth, U.S. home prices continued to rise in the second quarter, albeit at a slower pace.
The S&P/Case-Shiller national home price index rose 8.18% year-over-year (seasonally and inflation-adjusted, the same below) in the second quarter, lower than in previous quarters.
Data released by the Federal Housing Finance Agency (FHFA) also showed that U.S. house prices increased by 8.31% year-on-year in the second quarter, lower than the 12.26% growth rate of the previous year.
Confidence among homebuilders also continued to decline over the same period.
In the second quarter, housing prices in many European countries slowed sharply.
Of the 27 European countries covered in the report, only seven showed stronger house prices in the second quarter than a year ago.
Among them, house prices in major European markets such as Germany and the United Kingdom have narrowed, and real house prices are falling in Spain and Italy.
Asian housing markets also weakened further.
Of the 14 Asian countries and territories, the report noted that only 3 countries and territories showed stronger house prices compared to a year ago.
Housing market fundamentals in the Pacific region remain strong, but the pace of house price growth is slowing.
Home prices were mixed across the Middle East and Latin America, but more places were losing momentum than rising.
It is worth noting that Kasf Ansari, co-founder and CEO of Juwai IQI Group, said that the Russian-Ukrainian conflict and the epidemic have instead helped the Dubai property market out of the past slump.
The influx of Russian buyers, coupled with Dubai's efforts to attract overseas talent, has boosted demand in the local property market.
From the data point of view, in the year ending in the second quarter of 2022, house prices in Turkey rose by 45.88%, in Ho Chi Minh City, Vietnam by 19.44%, Romania by 14.17%, Iceland by 12.92%, and New Zealand by 11.99%.
These markets have seen the highest house price growth.
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