Photo: David McNew / Getty Images
In the first quarter of 2020 housing prices in most developed countries has increased in spite of the pandemic coronavirus. An increase has been recorded on 55 of the 56 study of real estate markets, according to Global Mansion, citing data from the consulting company Knight Frank.
The exception was Finland, where the average cost of residential property in January-March fell by 1.2 percent year on year. The leader of growth, in turn, has become Turkey, where housing for the year rose by 15 percent. In second place — New Zealand (plus 14.5 per cent). Significantly more than 10 percent increased prices in Lithuania, Ukraine, Luxembourg and Portugal.
According to analysts, the first quarter results do not fully reflect the current situation on the global real estate market, as the calculations were made before the active spread of coronavirus infection and the introduction of quarantine measures around the world.
“We expect that the pandemic is more likely to hit in terms of sales, not prices. It is unlikely that the sellers will go to significant decrease price tags. To prevent the distress sale of assets can help low mortgage rates and the vacation credit, running in most developed countries”, — say at Knight Frank.
As revealed earlier in June, most of the players of the real estate market believe that the global quarantine coronavirus prices per square meter will decrease, but will gradually recover after the pandemic.
Video, photo All from Russia.