Since the financial crisis of 2008, housing markets across the world have begun to show signs of recovery.
Nevertheless, some of the world’s biggest and most popular cities property markets are continuing to cool.
So, which cities are struggling to sell?
Whilst previously consistently ranked as one of the leading prime luxury property markets, these days the London market is considerably more subdued.
In fact, owners of expensive property in the capital are set to see limited improvement over the next few years, with Brexit uncertainty proving a major factor, Savills recently said.
Moreover, stamp duty surcharges of between 1 and 3 percent for overseas buyers, looked also set to impact the market over the next few years.
Whilst property in other parts of the UK show signs of promise, London house prices have continued to decline over the last few years.
Investors will be looking to the chancellor’s upcoming Autumn Budget Speech in October, to see if Hammond is set to address any additional measures directed at the property market.
It seems stagnating house prices are not limited to Europe, with Sydney’s property market also continuing to decline.
According to figures, Sydney’s median home value has fallen 4.4% since the beginning of the year.
By individual capital, listings in Sydney and Melbourne have also surged by 19.5% and 18.4% over the past 12 months, pushing down demand.
Moreover, recent research from the ABS regarding residential housing prices, also shows signs of a cooling market.
The latest residential property price index data indicated that house price in Sydney in the June quarter, marking the fourth consecutive quarter of decline.
Specifically, Sydney prices fell 1.2% in the period, with prices in Melbourne also down 0.8%.
Over in the states, some of the countries largest cities have shown signs of recovery since the housing bubble burst back in 2008.
Nevertheless, whilst cities such as New York prove more resilient, the Big Apple isn’t necessarily the best place to consider investing.
According to Trulia, New York City house prices are behind the national average.
Home appreciation value in New York increased 31% between 2012 and 2018.
This proved significantly behind cities such as Los Angeles, which witnessed a rise of 68.4 percent across the same period.
If the marked decline of house prices across these metropoles are anything to go by, looking beyond major cities may be key for investors going forward.