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Originally Posted by peter12
The whole western world
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It's also hit pretty much the entire rest of the world too:
Asia:
https://blogs.adb.org/blog/housing-u...ty-crisis-asia
Brazil:
https://rioonwatch.org/?p=60460
Mexico:
https://www.forbes.com/sites/scottbe...h=5ef6ddeb4ec8
South Africa:
https://www.enca.com/news/people-des...g-johannesburg
https://www.bnnbloomberg.ca/the-glob...ries-1.1654418
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In South Korea, President Moon Jae-in’s party took a drubbing in mayoral elections this year after failing to tackle a 90 per cent rise in the average price of an apartment in Seoul since he took office in May 2017. The leading opposition candidate for next year’s presidential vote has warned of a potential housing market collapse as interest rates rise.
China has stepped up restrictions on the real-estate sector this year and speculation is mounting of a property tax to bring down prices. The cost of an apartment in Shenzhen, China’s answer to Silicon Valley, was equal to 43.5 times a resident’s average salary as of July, a disparity that helps explain President Xi Jinping’s drive for “common prosperity.”
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Rental apartment listings in Buenos Aires city are down 12 per cent this year compared to the average in 2019, and in the surrounding metro area they’re down 36 per cent, according to real estate website ZonaProp.
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Baby boomers consuming the youth that they need to support them.