In the rapidly transforming commercial world, houses are no more just places providing shelter to mankind. In the changed scenario, houses have become more and more important to the sustenance of entire economies. The World Housing Market is looked upon as the indicator of the current status of national economies. Even the slightest shift in the global house-price indicators can be the cause of economic catastrophes.
The US Housing Market is considered to be the major player in the World Housing Market. The US Housing Market has gained in importance over the years for its economic organizations such as the International Monetary fund (IMF) and the World Bank. Even the World Trade Organization (WTO) is responsible for its present status in the global scenario.
The US Housing Market is the key indicator for most of the world’s major stock markets. However the highly speculative condition of the US Housing Market at the present times is pointing towards the biggest ever global house-price depression. And as a result the World Housing Market is bound to suffer.
The Housing Markets of Spain, Hong Kong and South Africa have experienced huge retardations besides that of the US.
One will obviously notice while studying the World Housing Market that in contrast to the US Housing Market, the Housing Markets of most of the developed countries are undergoing a sharp and steady rise, probably their first ever. The Housing Markets of several European countries have registered a higher rate of house-price inflation, than in the previous years. Most notable amongst these are Denmark, Belgium, Ireland, France and Sweden, where the prices are rising at double-digit rates. Countries like U.K. and Australia are not far behind in the run.
It can be concluded therefore that house prices around the world are appreciating at the same time and this fact itself is pointing towards a unified global economy. The World Housing Market is to be credited, if it happens at all.