Newworld markets suffer slowdown
A COMBINATION of cooling measures in Asia and the threat of a double dip global recession has led to a slowdown in many housing markets in new world economies, says Savills.
This created conditions in the second half of 2011 that favoured the old world markets.
“Modest growth levels in an uncertain world should come as no surprise,” says Yolande Barnes, head of Savills residential research.
“But the outperformance by the more stable ‘old world’ markets of London, New York, Paris, Sydney and Tokyo compared to the ‘new world’ markets of Hong Kong, Shanghai, Singapore, Moscow and Mumbai is a pattern we expect to be repeated over the coming year.”