House prices in two-thirds of the economies surveyed by the Organization for Economic Co-operation and Development (OECD) recorded declines in quarterly terms, while in another 15 countries house prices continued to rise, however there is no concrete data for Portugal according to idealista/news.
In Spain, for example, it is noted that house prices fell by only 0.3%, contrary to what happened in Denmark and New Zealand, which recorded quarterly falls of more than 5%.
“There is a rule of thumb, based on evidence from several countries, that each one percentage point increase in interest rates reduces the rate of growth in house prices by approximately two percentage points”, point out experts from the International Monetary Fund (IMF).
House prices falling in most OECD countries
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