China News Service, Beijing, August 18 (Reporter Pang Wuji) The "Report on the Housing Price Index of the Top 10 International Cities in the Second Quarter of 2020" released by the Yiju Real Estate Research Institute on the 18th showed that in response to the epidemic, central banks of various countries have released water. In the second quarter, the global housing price index of 10 major cities hit a new high.
The report shows that despite the impact of the epidemic, in the second quarter, the housing price index of the world's top 10 cities, including New York, Los Angeles, London, Tokyo, Seoul, Toronto, Singapore, Hong Kong, Beijing and Shanghai, has “contrary to the trend” for two consecutive quarters. In the second quarter of 2020, the housing price index of the 10 major international cities was 150.1, an increase of 1.1% month-on-month and a year-on-year increase of 1.9%. Compared with the trough after the international financial crisis in the second quarter of 2009, an increase of 68.4%.
The analysis believes that this is mainly because since the epidemic, currencies in the world, especially developed countries, have been released unprecedentedly, interest rates in many countries have fallen to the lowest level in history, and prices of various assets such as stocks, real estate and gold have generally risen in various countries.
After the outbreak of the subprime mortgage crisis in the United States, the housing price index of the 10 major international cities fell and hit the bottom in the second quarter of 2009. Since then, with the gradual recovery of the global economy, the housing price index of the 10 major international cities has generally continued to rise for nearly a decade.
The report shows that in the second quarter, among the top 10 international cities, housing prices in Beijing and Shanghai rose relatively more month-on-month. In the second quarter, China had the best epidemic control among the major countries in the world, and its GDP has returned to positive from the negative growth in the first quarter. In the second quarter, housing prices in Beijing and Shanghai increased significantly from the previous quarter. However, Shen Xin, a researcher at the E-House Research Institute, pointed out that the government has repeatedly emphasized that "housing is not speculation", and the current purchase and loan restrictions in Beijing and Shanghai are still very strict, and there is no basis for a sharp rise in housing prices.
In the second quarter, among the top 10 cities, the top three cities with the lowest month-on-month increase in house prices were Toronto, Seoul, and Tokyo. Among them, the house prices in Toronto and Seoul were the same month-on-month, while Tokyo saw a slight increase. In the same period, the housing prices in the 10 major international cities have not fallen, indicating that under the background of global ultra-low interest rates and excess liquidity, real estate in major cities is still a more popular asset.
Shen Xin said that the current global epidemic situation is still severe and economic recovery prospects are not optimistic. It is expected that the global monetary easing trend will not change in the second half of the year, and the overall trend of housing prices in the 10 major international cities will rise slightly. (Finish)