(CU)_Over the past year house prices across the globe have been on the rise. According to official figures, in many countries, they have been increasing at their fastest rate in many years despite their economies grappling with the effects of the pandemic. The situation was put into perspective by the International Monetary Fund (IMF), in its Global House Price Index. According to the international financial institution, house prices increased by more than 5 per cent in 23 out of 60 countries, including several developed economies like The United States, the United Kingdom, Canada, Russia and New Zealand.
“While most economic indicators deteriorated last year, house prices largely shrugged off the effects of the pandemic. Of the [more than] 60 countries that enter into the IMF’s Global House Price Index, three-quarters saw increases in house prices during 2020, and this trend has largely continued in countries with more recent data,” the IMF said.
The situation has triggered memories of the global financial crisis back in…
