Newworld mar­kets suf­fer slow­down

Yorkshire Post - Property - - PROPERTY -

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.”

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