【英文】UBS报告：2024年全球房地产泡沫指数（27页）

英文研究报告 2024年11月05日 09:44 管理员

The financially affordable living space for a skilled servicesector worker is, on average, 40% less than in 2021, before the rise in global interest rates. Current price levels thus seem far from sustainable at prevailing interest rate levels—especially in markets with high homeownership rates such as Toronto or Los Angeles. However, a significant deterioration in affordability does not necessarily cause a strong price correction, as seen in Sydney, Vancouver, Madrid, and some cities in the US. Homeowners are reluctant to sell at a loss and the incentive to stay put increases further if the current home has been favorably financed. With declining transaction volumes, apparent in sharply lower growth of outstanding mortgage volumes, prices can continue to rise, even if overall underlying demand has decreased significantly.