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2021年全球不动产泡沫指数
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数据简介
Housing prices around the world have limbed in lockstep to new heights.
详情描述
Housing prices around the world have limbed in lockstep to new heights. And urban markets have shared in the spoils, which is noteworthy for two reasons. First, pandemic-related restrictions and the rise of remote working have actually weakened the case for urban housing. Indeed, rents in the cities analyzed have declined on average- -some thing that happened rarely in the past Second, housing affordability in cities was alre ady he avily strained even before the pandemic struck. And yet the lack of affordability of homeownership for large parts of the population has evidently not been an obstacle to price increases. Re cord low financing costs and the entrenched expectation of long-term value gains have made owning a home so appe aling that the price level doesn't seem to matter- -at least for the time being. However, higher prices inevitably lead to higher household leverage, as the current acceleration in mortgage volumes clearly demonstrates. Worsening affordability, unsustainable mortgage lending, and a rising divergence between prices and rents have historically served as forerunners of housing crises. As long as financing costs trend toward zero, property prices, incomes, and rents can continue to decouple. But ever-higher prices and leverage imply ever-higher risks, a spiraling path that will likely prove a dead end in the long term. This report studies the housing market outlook for a broad range of global urban centers and reveals where imbalances are currently the greatest Miami is replacing Chicago in this year's edition, as it has attracted increasing investor attention.
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