Most of all prices for villas and apartments in the coming year will grow in Madrid, Berlin and Paris
The tightening of rules in leading real estate markets, rising bank rates, uncertainty associated with Brexit, as well as excess housing construction in some countries predetermine a decline in housing prices in the most expensive global markets.
However, among the business centers of the world, where the rising cost of residential real estate is projected in 2019, the top three European cities are Madrid, Berlin and Paris. In all three metropolitan areas next year is expected to increase housing prices at 6%. This forecast was voiced by the international consulting company Knight Frank.
Among the growing markets are also named American Miami, where projected price growth will be 5%, Canadian Vancouver with growth of 3%, American Los Angeles and Australian Sydney with growth in both cities at 2%, as well as Swiss Geneva, Australian Melbourne and the capital UK London with an increase of 1%.
According to experts, property prices in New York and the city of Singapore are unchanged. And among the cities with the largest forecasted price cuts, the Emirate Dubai is named (–2.4%), Indian Mumbai (–5%), and also Chinese Hong Kong, where a 10% price collapse is expected.
The largest increase in housing prices over the past decade was recorded in Vancouver, where the value of real estate has more than doubled (by 101.5%). In Sydney, prices for apartments and houses have increased over ten years by 60%. The smallest ten-year price increase among the most expensive markets in the world is noted in New York – only by 15.2%.
In a series of key events in 2019, which are likely to affect the leading real estate markets and the global market as a whole, as well as the main market segments, besides the UK exit from the European Union scheduled for March 29, experts call the new tax on unsold housing in new buildings in Mumbai, writes International Investment.
In Hong Kong, the stamp duty is likely to remain unchanged. Other notable trends include an increase in the number of buyers from the United States buying property abroad. Non-traditional market segments, such as housing for students and pensioners, will increase their share.
It is also predicted that more cities will enter the ultra-prime market. San Francisco, Chicago, Dallas, Beijing, and Shanghai are expected to join the elite city club, which sells three or more properties worth over $ 25 million annually.