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Housing Prices In The World Are Falling In Favor Of Other Forms Of Accommodation 

In the fourth quarter of 2019, the global price index of housing units in the world decreased for the first time since 2012, by 0.6 percent.

The fall in real estate prices is the result of turbulent political and economic trends late last year, according to a study by real estate agency Knight Frank.

The Ukrainian crisis, tensions over Greek debt and the prospect of China’s economic slowdown, as well as the fact that global economic growth did not exceed 3.3 percent and was projected to be 3.8 percent, have led to falling housing prices worldwide.

The study states that the prices of luxury real estate are still on the rise, while the global index of residential real estate, which is calculated for each country in relation to the gross domestic product, has decreased, reports the newspaper Figaro.

In a small number of countries, real estate has risen in price, led by Ireland, followed by Turkey and Hong Kong.

In and around Dublin, housing prices rose 16.3 percent year-on-year in the fourth quarter of last year, but prices are still 38 percent lower than in the same period in 2007.

The highest decline in real estate prices was recorded in Ukraine, and it is the only country with a double-digit reduction of 16.7 percent.

At the continental level, the lowest price growth was in Europe, 1.6 percent, while in the Middle East there was a rise in price of 7.7 percent and in Oceania 6.4 percent.

In the Middle East and Asia, there is a noticeable trend of higher demand for standard real estate, smaller square footage and lower prices, which was not the case until recently. Buyers are giving up luxury real estate due to rising taxes on exclusive premises in a number of countries.

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