USA
Mortgage rates in the U.S. have dropped for three consecutive weeks, hitting the lowest level in two years. This decline could make home buying more accessible, particularly in areas where borrowing costs had been a significant concern. However, affordability issues persist in certain regions, like Florida, where rising insurance premiums add to homeownership costs.
Source: U.S. Mortgage Rates Fall to Lowest in Two Years
U.K.
The U.K. property market is still grappling with the aftermath of the economic instability triggered by rising interest rates and the mini-budget crisis of 2022. Despite some recovery, house prices remain volatile, especially in areas outside London. The market continues to bear the scars of weakened demand and affordability challenges, with experts predicting a slower recovery in the coming years.
Source: Property market still showing the scars from Liz Truss's mini-Budget says Foxtons
Canada
Canada’s housing market experienced modest growth in the summer of 2024, with home sales rising 1.3%. Cities like Calgary and Ottawa saw increased activity, while Toronto and Vancouver struggled with high prices and affordability issues. Though some smaller markets show promise, overall sales remain below historical averages, and long-term affordability remains uncertain.
Source: Canada’s Housing Market Growth Flattens Over Summer
Australia
Australia’s property market is facing a downturn, particularly in outer and middle-ring suburbs of cities like Sydney and Melbourne, where interest rate hikes have reduced demand. While these areas are seeing declining property values, inner-city markets remain more resilient, supported by population growth. However, the overall market faces affordability challenges.
Source: Sydney property market forecast for 2024
Dubai
Dubai’s real estate market is booming, with strong demand for both apartments and villas, particularly in areas like Dubai Marina and Jumeirah. Off-plan properties are increasingly popular due to attractive payment plans, while the resale market is benefiting from high rental yields. Investors are drawn to the city's favorable market conditions, making it a hot spot for both luxury and mid-market properties.
Source: Is the Dubai Real Estate Market Destined for Collapse? Insights from Experts
Singapore
Despite a significant slump in private home sales in September 2024, Singapore's condominium prices have surged, driven by demand for luxury properties in areas like Orchard Road. The U.S. Federal Reserve's rate cuts have lowered borrowing costs, benefiting buyers with variable-rate mortgages. This dynamic has maintained high property prices despite overall sales declining
