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Luxem-bourgeoisie

Global house prices rise the most since 2006. Is it rational?

by Murray Gunn
Updated: June 09, 2021

"According to the Knight Frank Global House Price Index, the average price for residential property around the planet advanced by 7.3% in the 12 months to March this year. Topping the list was Turkey, where house prices rocketed by 32%. Then came New Zealand, up 22.1%, and tiny Luxembourg, up 16.6%. U.S. prices rose by 13% and in the U.K., 10%. This is the fastest pace of increase in the Knight Frank index since 2006, when property in the U.S. in particular was in a bubble. Its deflation was a prime contributor to the global financial crisis of 2008. Is this time different?"

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