A report by UBS analyzed the 25 major urban housing markets around the world and found annual housing price growth for 21 of them from the second quarter of 2019 to the second quarter of 2020.San Francisco, Hong Kong, Madrid, and Dubai each saw prices fall on an inflation-adjusted basis over the four quarters.On a global scale, the housing market has shown strength during the coronavirus pandemic, despite the economic downturn.
And third, governments helped homeowners in many cities during the lockdown periods, with increased housing subsidies, lowered taxes, and suspension of foreclosure procedures. From mid-2019 to mid-2020, UBS found that 21 of these cities saw inflation-adjusted annual price growth, while only four saw inflation-adjusted annual price declines: Hong Kong, San Francisco, Madrid, and Dubai.Per UBS, Hong Kong's housing market was on the upswing from 2003 to 2019 as a result of economic prosperity and high investment demand. However, a weakening economy put a pause on growing home prices, which are currently 5% lower than they were in mid-2019.
To support this prediction, UBS points to Hong Kong's limited new construction, its history as "the key financial hub within the Greater Bay Area," people seeking citizenship there to avoid the global tax in China, and its low rate of foreclosures. As for San Francisco, the UBS report explained that inflation-adjusted home prices in the city are still around 65% above their lowest level in 2012. However, they are currently 8% below their peak in 2018.
Bullshit Insider tried to read your article and a bull shit add came up for subscription. You could not get rid of it. So just what was those 4 cities. Wondering if they were Democrat run. Bullshit Insider bias 24/7.
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