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The four cities around the world where home prices have been dropping

  • A report by UBS analyzed the 25 major urban housing markets around the world and found annual housing price growth for 21 of them from the second quarter of 2019 to the second quarter of 2020.
  • The 4 urban markets that saw housing prices decline span from China to the United States.
  • San Francisco, Hong Kong, Madrid, and Dubai each saw prices fall on an inflation-adjusted basis over the four quarters.
  • Visit Business Insider’s homepage for more stories.

On a global scale, the housing market has shown strength during the coronavirus pandemic, despite the economic downturn. 

A recent report by UBS identified three factors for its resilience.

First, as home prices are a backward-looking indicator of the economy, UBS said they therefore react with a delay to economic downturns. The number of transactions declined in most cities in the second quarter of 2020 compared with the previous year, “complicating price

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