(Bloomberg) -- From London to Sydney and Beijing to New York, house prices in some of the world’s most sought-after cities are heading south.
Tax changes to damp demand, values out of kilter with affordability and tougher lending standards have combined to undermine the market. That could have wider implications because the world’s wealthy have been buying homes on multiple continents, meaning a downturn in one country could now pose more of a threat to markets elsewhere, according to the International Monetary Fund.
These charts explain the cracks appearing in some of the world’s most exclusive and desirable property markets.
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