Global housing markets suffer from virus-driven unemployment surge

The outlook for major global housing markets was monitored at a weak level. This could be attributed to pressing factors including unemployment surge, lockdown restrictions, and low immigration over the coming year, a Reuters survey showed.

Fears of sustained housing inactivity increased in the June 9-24 global poll of more than 100 property market experts. This followed even as average home prices in surveyed countries were predicted to advance this year or next or both. Due to several pressing concerns, house prices in Australia, India, Dubai, Britain, Canada, and the United States are likely to drop in 2020 and 2021 under a worst-case scenario.

The coronavirus crisis has taken a toll on people and on the global economy, recording a total of 480,000 death cases across the globe while millions ended up jobless. It also dragged the global economy into a sharp recession with recovery seen at a much gradual pace.