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Swiss financial group UBS has published a new study: its analysts have determined which cities are most quickly inflating bubble in the property market.
the leaders of the list – Munich, Toronto, Hong Kong, Amsterdam, Frankfurt, Vancouver and Paris. In these cities real estate is overvalued the most. And in Munich, Amsterdam, Frankfurt and Paris prices continue to rise.
From the Russian cities in the index hit only Moscow. According to UBS, over the last 5 years property prices in the capital of Russia fell by almost 5%. But last year alone, Moscow is played back, and now apartments here are sold at prices higher than before the crisis. If in 2017-2018 analysts determined the Moscow housing as a "fairly priced", now it is again overrated. By the way, all calculations were performed taking into account inflation. Faster from all 24 cities ranking prices over the past year, growing only in Frankfurt.
for the First time, Moscow has come to the area of the bubble in the real estate market in 2007, write the authors of the report. Prices then fell due to the financial crisis. In 2013, they only started to recover, as fell the price of oil, and with it the ruble. By the end of 2017, the actual level of real estate prices in Moscow were 40% lower than ten years earlier. Since prices are constantly rising, and today the property is again overrated.
However, the further rise in prices can be constrained by the weak economic recovery and the projected sharp slowdown in the growth of Moscow's population.
Still, UBS has interesting statistics about how much should be handled by a specialist, receive an average salary in the field of high-quality services to earn a flat 60 square meters near the center of the city. Have in mind that he defers his entire salary on housing. In other words, the analysts considered how much the price of the 60-meter apartment, higher than the annual income of a specialist.
In Paris, this apartment is 15 annual salaries in London – 14, Singapore 12, in Tokyo, tel Aviv and new York, 11 in Chicago is only 3. The apartment would have gone 8 annual salary (from 6 to 10).
here's another fun little table – it shows how many years it is necessary to hand over the apartment to recoup the cost. The average Moscow level 24. This means that rather expensive rent relative to real estate prices at the level of Madrid and Amsterdam.
More expensive to rent an apartment (compared to purchase) in Tokyo, Dubai and USA. On the contrary, in London, Paris or Munich to rent an apartment is a relatively benign (probably, including because of the overvalued real estate for sale).
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