As we near the end of the year, it’s time to reflect on the past 12 months. House prices globally continue to rise. The value of an average home increased by 9.4% in the 12 months to Q3 2021, up marginally from 9.2% last quarter.
Furthermore, the proportion of housing markets witnessing annual price growth in excess of 10% now sits at 48%, up from 13% at the start of the pandemic. Some stand out countries, include Australia (22.2%), South Korea (23.9%) and Sweden (20.3%) to name a few!
For the first time since the 1990s, housing prices in non-urban areas have increased faster than in cities. The cost-benefit ratio of urban living has taken a sharp turn for the worse, as entertainment and shopping options have been reduced and city-centre offices have been largely abandoned.
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