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Bloomberg Economics: Housing market hottest since 2008

17/06/2021

Based on the key indicators used in the oveview assessment table of the Bloomberg Economics, housing in New Zealand, Canada, and Sweden is ranked as the most expensive housing markets in the world.

Illustration image. (Source: bloomberg.com)

According to Bloomberg Economics, the world's real estate market is "warming up" not seen since the 2008 financial crisis.

Based on the key indicators used in the oveview assessment table of the Bloomberg Economics, housing in New Zealand, Canada, and Sweden is ranked as the most expensive housing markets in the world.

The UK and the US are also close to the top of this "hot" housing market.

In a report, economist Niraj Shah said a range of factors are pushing home prices to unprecedented highs worldwide including record low interest rates, unprecedented fiscal stimulus measures and savings accumulated during the epidemic, limited housing supply and speculation about a rapid recovery of the global economy.

In addition, people working from home have a need for more space, and the fact that many governments offer tax incentives to homebuyers is also stimulating demand.

Bloomberg Economics' overview scorecard combines five factors to estimate a country's "bubble rating".

Among these factors, house price-to-rent ratio and house price-to-income ratio help gauge the sustainability of house price growth.

For many countries in the Organization for Economic Cooperation and Development (OECD), these rates are higher than they were before the 2008 financial crisis, according to an analysis by Bloomberg Economics.