International Markets

'The rapidity of recent price declines in economies like Sweden, Canada, New Zealand, and Australia suggests prices may retrace a large part of their previous boom,' says Adam Slater of Oxford Economics.

17 of the 30 locations tracked by the Savills prime residential world cities index are expected to record slower growth in 2023 than in 2022, but 13 are forecast to equal or exceed last year's price…

A new act in Canada bans non-citizens, non-permanent residents and foreign commercial enterprises from buying Canadian residential properties;

A Canadian-style ban on non-resident property buyers 'would be a definitive step to start solving the housing problem' on Mallorca and Ibiza, suggests a senior politician.

'The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,' says Canada's ruling party.

Sales of high-end properties in the States plummeted by over 38% at the back-end of last year, the biggest decline on record, as wealthy buyers retreated from the market.

Luxury rental values in New York, Singapore and London have bounced back hardest from pandemic lows, according to Knight Frank's latest index.

The world's billionaire population fell by 3% last year, according to UBS, while the UK saw a 12.5% decline.

'Rich people are very clever,' says a real estate broker in California. 'They know how to manage cash, and they have time to look for loopholes.'

'Real estate returns have slowed, and transaction activity has fallen as some deals agreed at prices prior to the slowdown have been aborted,' says UBS.

Knight Frank's Global House Price Index showed an 8.8% increase in the year to Q3, down from a peak of +10.9% in Q1 2022.

58% of Los Angeles residents voted for a new levy on property transactions above $5mn.