Part 10/13:
New listings are down just 1.5% YoY, but home sales have plummeted over 32%.
Average prices have declined 6.6%, partly due to restrictions on foreign buyers and increased taxes on quick flips, which curb demand.
Mortgage rates have remained relatively short-term (up to 5 years), adding to market uncertainty.
Germany
The German market shows signs of a major correction:
The real estate firm Vinovia reports its price-to-book ratio dropping below 1, signaling that assets are worth less than their book value—a classic sign of declining confidence.
The entire market appears vulnerable to a deep correction, echoing the risks seen in other overheated markets globally.
China: A Crisis Deepens
China’s housing market faces a crisis of epic proportions: