A global housing affordability crisis is deepening, as costs rise and luxury units dominate development activity. Christopher O’Dea reports\

According to the International Monetary Fund (IMF), real house prices increased in most countries in the past year and, since bottoming out in 2011, global house markets have climbed steadily. The IMF’s Global Real House Price index now stands above its pre-crisis level, and housing prices are increasing faster than rents in more than half of the countries tracked.

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