How the property markets around the world are faring and what is behind the global slide
forecasters are expecting declines of 5% to 7% this year, and after a strong year in Spain, the first price declines are being reported in Mallorca and Ibiza.
The Bank of England has raised rates from 0.1% in late 2021 to 4% today – with a corresponding rise in mortgage rates. Meanwhile, US average long-term mortgage rates are now above 6%. A year ago they were below 4%. However, even during a worldwide slump, there are always places that boom. Prices of luxury properties in Dubai – a refuge for Russian oligarchs barred in the west – soared by an astonishing 89% in 2022, according to the estate agent Knight Frank.apartments down 11% in the 12 months to December 2022, houses down 13.7%. . Stockholm houses down 19.
Among the big cities, Sydney has led the way down, with prices falling 13.8% over the year. Houses in Byron Bay, world-renowned for its beaches and laid-back lifestyle, have fallen 25%. the median house price is down 13.3% over the year to January 2023, with Auckland values down 21.7%. Transactions have fallen by 27%
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