India Housing Market Could Be Headed For Correction

Mumbai saw its most expensive apartment sale on record last month, with a sea-facing duplex located in the highly sought after Malabar Hill area fetching a staggering $9.1 million, according to local media reports.

This record-breaking sale stands in stark contrast to growing pessimism over the broader outlook for Mumbai’s subdued residential property market, which faces a subdued job market, lower household incomes and higher interest rates.

The combination is increasing the risk of a home-price correction in India’s financial center over the coming months, analysts say, noting housing prices in Mumbai have risen nearly 70 percent over the past four years.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza