Malaga, Madrid and Seville are among the cities in the world in which housing is most appreciated [1665]
The Spanish cities of Málaga, Madrid and Seville have slipped into the cities where housing is most appreciated, according to a report by the Knight Frank consultancy that studies trends in the main real estate markets in 150 cities around the world. The study indicates that inflation in housing prices slows down in the main cities of the world in the first quarter of the year. Among the key cities in the index, there are some Spanish ones such as Malaga in 22nd place with a percentage change in the last twelve months of 8.6%, Madrid which ranks 53rd with 4.6% and Seville in position 55 with 4.5%.The world's largest cities have experienced slow price growth in response to increased taxes and an uncertain economic outlook. Average annual growth in the 150 cities included in the index is 3.1% in the first quarter of 2023, down from 6.6% in the previous quarter, and well below the recent peak of 11.6 %, reached in the first quarter of 2022.
"The slowdown in property markets is surprising given the impact of rising interest rates in developeded economies. Our latest results confirm that more than half of the world's major urban markets have seen price declines in recent months. It is to expect that they will continue to decline in 2023 as markets adjust to higher debt costs - however, the downward trend changes in inflation in the US and other economies pointing to improving conditions economic, which should allow a return to growth in most markets from 2024”, says Carlos Zamora, partner, director of the Residential area of Knight Frank, in the press release sent to the media.
The Spanish cities of Málaga, Madrid and Seville have slipped into the cities where housing is most appreciated, according to a report by the Knight Frank consultancy that studies trends in the main real estate markets in 150 cities around the world. The study indicates that inflation in housing prices slows down in the main cities of the world in the first quarter of the year. Among the key cities in the index, there are some Spanish ones such as Malaga in 22nd place with a percentage change in the last twelve months of 8.6%, Madrid which ranks 53rd with 4.6% and Seville in position 55 with 4.5%.
The world's largest cities have experienced slow price growth in response to increased taxes and an uncertain economic outlook. Average annual growth in the 150 cities included in the index is 3.1% in the first quarter of 2023, down from 6.6% in the previous quarter, and well below the recent peak of 11.6 %, reached in the first quarter of 2022.
"The slowdown in property markets is surprising given the impact of rising interest rates in developeded economies. Our latest results confirm that more than half of the world's major urban markets have seen price declines in recent months. It is to expect that they will continue to decline in 2023 as markets adjust to higher debt costs - however, the downward trend changes in inflation in the US and other economies pointing to improving conditions economic, which should allow a return to growth in most markets from 2024”, says Carlos Zamora, partner, director of the Residential area of Knight Frank, in the press release sent to the media.
51% of the cities in the index have seen prices fall during the first quarter of the year, with seven markets doing so by more than 5% - including two (Glasgow and Aberdeen) in Scotland and two in Sweden (Malmo and Stockholm). The price correction that began in late 2021 has seen peak-to-trough declines of up to 24% in Wellington, New Zealand, closely followed by 22% in Buenos Aires. In fact, 14 other cities in Europe, the North United States and New Zealand have seen the double-digit price drop.
Some markets have avoided price corrections thus far, led by markets that are experiencing unique inflationary conditions in their economy, such as some Eastern and Southeast European markets that have also continued to see strong price acceleration in recent months. such as: Zagreb (22.5%), Budapest (20.2%), Skopje (18.8%) and Athens (16.4%).
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