Global house prices close to bottoming out, BIS stats show
Economists puzzle over absence of sharper correction
Global house prices appear to be close to bottoming out, despite widespread concerns among economists that high interest rates would trigger a sharp correction.
Data published today (February 21) by the Bank for International Settlements (BIS) highlights the first pick-up in nominal terms since early 2022. Prices rose 2.5% in the third quarter of 2023, compared with a rise of 2.3% in Q2, thereby ending a period of deceleration.
In real terms, prices are still falling on average worldwide. The rise
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