Posted by Jonathan J. Miller -Tuesday, November 1, 2011, 6:30 AM
Weakening consumer confidence from the European debt crisis and US economic problems are taking their toll.
Prime property in the world’s global cities has been tagged a ‘safe haven’ investment by savvy minded investors for the past three years….
The report shows that the rate of growth is cooling after 3 years of robust gains.
There are now clear signs however that luxury property prices around the world are collectively softening for the first time since the global recession hit in 2008/09. Fears concerning unresolved sovereign debt issues both in the eurozone and US look to be having an impact on buyer confidence.
The big demand drivers from foreign investors in the US seem to be the weak US Dollar and global instability in the financial markets.