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Global financial capitals no longer immune to property slump

31 14 8

ONCE thought immune to the worst of property market fluctuations, the world’s financial hubs are feeling the pinch as new data from global cities like Sydney and Hong Kong show they are in the grip of one of the worst property slumps in decades.

The likes of London and New York are also struggling. These global cities were, until recently, considered a safe haven for international investors, a trait that left them largely unscathed by past housing market cycles. A high concentration of well-paying financial jobs also maintained a steady ship. But data from 2018 has some investors worried, showing the plain sailing may be coming to an end – at least temporarily.

According the Bloomberg, Hong Kong home values have seen their longest losing streak since 2008, and prices in London’s outer neighbourhoods fell for the first time since 2011. New York’s famous Manhattan neighbourhood also saw the median condo price fall below US$1 million for the first time in three years.

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© Asian Correspondent