PARAGON PROPERTIES IN THE NEWS: Major property markets to experience house price falls in 2023

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These price declines will not make housing affordable, as mortgage rates have doubled since the start of 2022 and are expected to rise further

House prices in most major property markets will fall in 2023, according to nearly 100 housing market analysts, but they predicted double-digit peak-to-trough declines will not come close to making them affordable.

Mortgage rates have doubled on average in developed economies since the start of the year as their central banks fight runaway inflation with higher interest rates.

With a few more hikes still expected to come, that trend was unlikely to reverse in the short-to-medium term.

House prices in the US, Canada, Britain, Germany, Australia and New Zealand rose between 25% and more than 50% since the outbreak of the coronavirus pandemic in early 2020.

Market Leaders

Only China’s beleaguered property market, alongside outliers India and Dubai, were forecast to rise, according to the latest Reuters polls.

Dubai property expert Angelos Kazantzas, of Paragon Properties, said the Dubai property market was showing no signs of slowing down.

“As the demand increases, prices climb. And, right now, the demand is only accelerating. Property investors are clamouring for Dubai inventory as a safe bet on profitability and certain growth during uncertain times in most of the world.”

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