* Date : 2021-09-30
Countries around the world have been experiencing an unprecedented surge in housing prices in the past year. Home prices in the U.S. have risen over 40 percent from the level seen at the peak of the property boom in 2006. According to the Global House Price Index published by UK-based real estate consultancy Knight Frank, major economies including the U.S., Australia, New Zealand and Turkey recorded double-digit annual price growth in the first quarter of 2021 compared with the same period last year. Among the factors fueling the current boom are historically low interest rates and excess liquidity in the property market. This trend has many worried, as the 2008 global financial crisis was preceded by the bursting of the U.S. housing bubble. Meanwhile, China’s second largest property developer, Evergrande Group, is on the brink of default amid Beijing’s crackdown on its property market. In this week’s edition of Foreign Correspondents, we sit down with our panel of journalists to discuss possible reasons behind the global property boom and efforts by governments to cool off the overinflated housing market.
- Frank Smith / Deutsche Welle
- Hirohiko Sakaguchi, Seoul Bureau Chief / Mainichi Newspapers
- Steven Borowiec / Nikkei Asia
Skype Interview Guests
- Hal Pawson, Professor of Housing Research and Policy / University of New South Wales