Worldwide House Prices continue to fall
In some of the world's major markets such as the US, UK, and Germany, experts are forecasting that house prices will continue to fall this year.
In the US, Canada, UK, Germany, Australia, and New Zealand, house prices are predicted to fall by up to 50% compared to when the pandemic began in 2020. The markets that experienced strong growth during the pandemic, such as New Zealand, Canada, and Northern Europe, are expected to be hit the hardest. A survey found that home prices in Canada and New Zealand could potentially fall by at least 20% from their peak. Other countries that may experience double-digit declines include Australia (16%), Germany (11.5%), the US (10%), and the UK (8%).
However, there are still some markets that are expected to continue to increase steadily like Dubai. In India, the real estate market is forecasted to remain relatively stable despite rising interest rates. The previous increase in house prices was driven by limited supply, which became scarce during the pandemic. The stoppage of construction activities while demand continued to increase has resulted in the escalation of house prices.
“Slowing progress on new home construction and sluggish licensing have exacerbated housing shortages in many countries around the world. Meanwhile, population growth continues to outstrip the growth of new housing supply," analysts at JLL revealed.
Despite these challenges, China's real estate market is expected to recover in 2023 thanks to government support measures and the lifting of the Zero Covid-19 policy.
The housing market remains fluid, and the forecast for house prices in 2023 is a mix of rising and falling trends depending on the market. Although not all markets are likely to experience declines, it is generally necessary to tread with caution for potential first-time buyers contemplating a real estate investment in 2023.
Worldwide House Prices continue to fall
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