UBS recently published the 2023 edition of its Global Real Estate Bubble Index. Two usual Asian suspects, Tokyo and Hong Kong, came near the top of the charts. The real surprise was how frothy Europe is looking.
That will force an increasing number of owners to sell, says Pablo Espinosa Uriel, an investment strategist who studies housing markets at German financial giant Allianz. “There is growing consensus that the fall in prices will come mainly in 2024,” he says. U.K. housing prices have already fallen 25% in real terms since 2015, though, Holzhey says, partly on Brexit-related anxiety.
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