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Use made-in-Nigeria steel products, Firm Tells Builders

Premium Steel and Mines Limited has urged Nigerian builders and civil engineers to encourage the local industry by using steel products manufactured in the country.

The Chief Executive Officer, PSML, Prasanta Mishra, who made the plea at the presentation of some finished products of the one million tons per annum rolling mill to a group of businessmen, said the steels were produced in conformity with the United Kingdom BS 4449:2005 grade for their building and construction projects.

Speaking at the firm’s Ovwian-Aladja Delta State-based factory, Mishra, said builders and civil engineers in the country should embrace and use locally-manufactured steel bars for their construction works, adding that the products could compare with similar imports from Europe and China.

According to him, PSML currently ranks among Nigeria’s foremost suppliers of certified steel products to ongoing national projects including railway, refineries, bridges, flyovers, malls, and high-rise buildings.

“Only buildings and structures that are constructed with certified quality steel and casting products can withstand the devastating impacts of shocks and quakes. The demand for quality steel is undoubtedly increasing in Nigeria in the wake of recent collapse of buildings. PSML is ready to meet customers demand for quality steel,” he said.

Mishra said the steel products were manufactured at the company’s newly groomed 18-stand rolling mill and tailored to meet the evolving needs of Nigeria’s building and construction industry.

He added, “The PSML state-of-the-art equipment plant inaugurated a year ago was re-built by the Austro-German Consortium to produce competitive market products for the construction industry. We are continuously transforming to be a future ready organisation that could meet the growing challenges of modernisation, re-invention and restructuring.

“We will continue to invest in new technologies, state-of-the-art equipment as well as research and development to meet growing demand of the construction industry for quality steel and casting products.”

The Head of Sales and Marketing, PSML, Ujjwal Sinha, said the steel products were accessible in all markets across the country and were competitively priced to cater to all categories of customers.

Source: punchng

Bank Stocks Sell-Off on CBN’s Lending order may be Overdone

…as investors price in worst case scenario

Bank stocks have been selling off since the Central Bank of Nigeria (CBN) announced plans to force commercial banks to maintain a loan to deposit ratio (LDR) of 60 percent, or effectively lend at least 60 percent of their deposits to customers.

Investors, spooked by the potential downside of the July 3 order by the CBN, have largely sold some of the country’s largest banks.

The big lenders are down by an average of 2.19 percent since July 3.

Guaranty Trust Bank has been the biggest loser, after sliding by as much as 6.7 percent since July 3. First Bank follows with a 2.4 percent decline. United Bank for Africa (UBA) and Zenith bank are down 1.64 percent and 0.26 percent respectively.

Access Bank however has been unfazed by the new regulation.

Investors are interpreting the regulation by the CBN as negative for the banks and that has fuelled the sell-off.

Investors are well aware that there is a risk that the new regulation could lead to banks underwriting high-risk loans which could lead to further asset quality deterioration and destabilisation of the industry, at a time when the regulator has limited scope for further bail-outs.

However, Ronak Ghadia, Director of Sub-Saharan African Banks, at EFG Hermes research points out that based on conversation with the management team of some the banks, the LDR will be calculated using gross loans and not net loans as indicated earlier.

On this basis, the impact of the regulation will be even less than earlier estimates.

Access, FBNH and Zenith’s LDR ratios were already above 60 percent as at the First Quarter (Q1) of 2019, while GTB and Stanbic’s (Q1) 2019 LDRs were moderately below the threshold.

“UBA is the only bank with an LDR significantly below the regulatory threshold. Likewise, GTB and Stanbic would have to grow their loan book by a modest 1.5 percent and 0.5 percent respectively to meet the 60 percent LDR threshold while UBA would have to increase its credit portfolio by 8.8 percent, hefty but manageable,” Ghadia said in a July 9 note to clients.

On the upside, the sell-off could also serve as opportunities for bargain hunters to take advantage of the low price of bank stocks and take positions.

Source: businessdayng

With Property Market Upbeat in 1st Half, Investors see Increased Activities, Deals in 2nd Half of 2019

After frustrating 12 straight quarters of a negative growth trajectory that ended in the first quarter of 2019, the property market in Nigeria has started waking up with observable activities and closed deals which investors in the sector hope will record a marginal increase in the second half of this year.

Over the past four years, the last six months of the year have been the most promising period in the market. This was reflected in the high number of calls and inspections which the investors say they have been receiving for both residential and commercial properties.

According to them, even before the general elections, this was happening, and the second quarter of this year was really more active than the first, meaning that buyers and investors’ confidence level in the economy which was slightly eroded by election concerns has started rising again.

Indications that the market might witness a rebound in 2019 were visible from its performance in the last two quarters of 2018. The growth rate in the real estate sector in Q3 2018 was higher than the growth recorded in Q3 2017 by 1.44 percentage points.

Dolapo Omidire, founder, Estate Intel, a real estate research company, affirmed that the performance of the sector in 2018 generally was better than what was seen in 2017.

Modupe Anjous, managing director, Rydal Mews Limited, a real estate firm, agrees, predicting an increased performance and growth in the sector and basing her projections on the country’s economic growth.

But there was a flipside to the perceived and anticipated growth in the sector. The sector was among the least attractive sectors to commercial banks and other institutional lenders. Not surprisingly, the sector got one of the smallest portions of loans advanced in the third quarter of 2018.

Available records show that the sector was only able to attract N710.2 billion in the third quarter of 2018 as against the N744.56 billion and N784.2 billion it got in Q2 and Q1 of the year, respectively.

However, despite this development, the sector still exited a three-year recession in the first quarter of 2019 following a 0.93 percent growth it recorded.

“We have seen movements in the market; we may not see what we had in 2008 nor the boom days of 2011 to 2013, but what we see happening now are increased activities and deal closures in the market,” Gbenga Olaniyan, CEO, Estate Links, confirmed to BusinessDay in an interview.
“Though the economy is passing through a slowdown, I don’t see that affecting real estate, unless something crazy happens which we don’t expect,” Olaniyan said.

He noted that commercial properties that were not leasing before are now leasing, even though prices have not moved much. He cited a development that his company did, called ‘The Parade’, at Osapa area of Lekki, Lagos, where they sold eight units early last year and the remaining two units just refused to move.

“But in the last two months, we have sold both of them,” he said.
Olaniyan also cited another project, a mini estate of seven housing units in Oniru area of Lagos which, he said, has attracted so many calls and traction that confirm to them that the market was really waking up again.

“People are having more confidence in the country and its economy and this is coming from the angle of investors and owner-occupiers,” he said, adding that “somehow, there seems to be more disposable income in the hands of the people now”.

Since exiting recession in the first quarter this year, the sector has been experiencing positive growth trajectory and expectation is that it will record an estimated 2.5 percent growth within the next six months to the end of the year.

Source: businessdayng

Inter-State Journeys Now High Risk in Nigeria

…As kidnappers, killers lay siege to major roads …Murder of Fasoranti’s daughter, others mirrors nation’s hopeless situation …Country risks DR Congo, Colombian experience

The brutal murder Friday of Funke Olakunrin, daughter of Reuben Fasoranti,national leader of the pan-Yoruba socio-cultural organisation, Afenifere, by suspected Fulani herdsmen along the Ore-Sagamu Expressway at Kajola Village in Odigbo Local Government Area of Ondo State, has again strengthened a recent report that terrorists had established thousands of pockets of militia bases across Nigeria from where they ambush and unleash terror on innocent citizens.

A police spokesman in the state, Femi Joseph, who confirmed the attack was quoted as saying that the bandits ambushed the victims and that a man was also kidnapped in the process.

According to Joseph, “Young Shall Grow Motors Limited, a Toyota Land Cruiser Jeep with Registration Number LAGOS AAA 147 FM and a Toyota Camry were involved in the incident. The vehicles were ambushed by gunmen at Kajola on the Benin-Ore Expressway around 2pm.”

One of the recent videos going viral on the social media about some people who were shot at by suspected killers along Benin-Ore road showed private vehicles riddled with bullets. The bandits scampered into the bush because of repelling shots from some travelling escort who happened to be at the scene at that material point in time.

A woman, a tutor with one of the highbrow schools in Lagos, who was at the centre of it all, later narrated their near-death experience.

“It was last Monday, July 8, 2019. We (my husband, daughter and I) were returning from a burial in Anambra State. Shortly after Okada Junction, suddenly, we saw someone emerge from the bush, shooting pointedly at on-coming vehicles. What saved the day was a MOPOL, the escort, that goes with my husband.

He quickly alighted and responded fiercely. The armed man ran back into the bush. The bullets from his AK 47 had shattered windscreen of two vehicles and torn some parts of the vehicles. It was a narrow escape,” she said.

The woman, whose name is not mentioned here for security reasons, lamented: “I thank God for saving our lives, but no one knows how many other Nigerians that may have been kidnapped at that very point or would be abducted minutes, days or weeks at that very spot after our miraculous escape. From our experience, I think the security situation is even worse than it is being reported, because it is he who feels it that knows it. And people are going through that hellish experience every day. Majority of them are not being captured in the media. Nigeria is really under fire.”

The Nigerian security challenge seems to be worsening by the day. It also appears that efforts by the Federal Government to rein in the ugly situation may not have struck the right cord yet, despite series of security meetings at the highest level of government.

The ugly state of affairs is affecting the country in all fronts. Businesses are being affected as people no longer travel freely either to render services or supply goods. Inter-state transporters are complaining of low patronage as volume of passengers has drastically reduced.

It has also affected agric productivity as farmers have abandoned their farms. In all, the country’s gross domestic product (GDP) is being negatively impacted.

Although Nigeria is not in a full-blown war situation, informed analysts say the country is in a low-grade war, and this has reduced the quality of life as though it were DR Congo, where security has since taken flight.

Nigeria also appears to be sharing brotherhood with Colombia, whose level of insecurity is pronounced as a result of activities of drug barons that have made the vast parts of the country inaccessible.

A few weeks ago, the British Government had advised its citizens against travelling to about 21 states in Nigeria. The warning, according to the Foreign and Commonwealth Office (FCO) of the United Kingdom, is as a result of the growing security concerns in the country.

The FCO noted that attacks by Boko Haram terrorists in the North-East, raids by bandits in the North-West and militancy in the South-South, have worsened the security situation in the nation.

The states that made the infamous list were Borno State, Yobe State, Adamawa State, Gombe State, riverine areas of Delta, Bayelsa, Rivers, Akwa Ibom, and Cross River States, within 20km of the border with Niger in Zamfara State.

The FCO advised against all but essential travel to Bauchi State, Zamfara State, Kano State, Kaduna State, Jigawa State, Katsina State, Kogi State, within 20km of the border with Niger in Sokoto and Kebbi States, non-riverine areas of Delta, Bayelsa, Rivers and Abia.

The insecurity in Nigeria has become so scary that people now dread major roads. There have been several accounts of survivors who were kidnapped, robbed or raped by bandits on that route.

As a result of the increasing menace of kidnappers along the Abuja-Kaduna road, for instance, many people have resorted to boarding train instead of going by road. Even at that, BDSUNDAY gathered that the trains now move under heavy security escort as the kidnappers have also resorted to attacking the passengers on train tracks.

The highways in Nigeria have become “high way to hell”, as no day passes without gory tales of abduction for ransom and rapes of innocent commuters.

Today, almost all the major roads in the country have been taken over by kidnappers and ritual killers, making inter-state commuting a high-risk venture.

Some years back, when a notorious gang under the leadership of Osisikankwu took over Abia State and made lives uncomfortable for indigenes, the then Goodluck Jonathan administration gave the bandits no breathing space until they were subdued.

Osisikankwu, around whom was weaved a myth of invincibility, succumbed to the superior power of security agents.

What has become very difficult to understand in the spate of killings and kidnappings across the country is the seeming inability of governments at all levels to stem the ugly tide.

Chidi Amuta, a publicist and former university don, in an interview with BDSUNDAY, said that it appeared the state has lost the capacity to guarantee security of lives and property.

“The capacity of the state to guaranteeing security of lives and property is also a function of the state of the economy. It is the duty of the state to buy guns, to maintain a police force, military and all which is superior to those of the ones challenging them. But a situation where non-state actors are now challenging the state, in the area where the state used to have monopoly; then there is problem,” Amuta said.

According to him, “In those days, if you hear that government is coming, you run away because government has uniform and has big guns. But today, uniforms and guns are no longer a monopoly. In fact, non-state actors- the militants and all the others- have bigger guns. Theirs is even more frightening. Armies and soldiers have a protocol for deployment of forces. Now, a militant or terrorist has no protocol, they have no rule of engagement; in fact, the bigger the gun a person wields, the more the person is a commander. And as a result of that, insecurity which breeds instability becomes the order of the day.”

The escalating incidence of kidnapping said to be perpetrated by Fulani herdsmen, BDSUNDAY gathered, was one of the reasons the Federal Government’s RUGA settlement policy was stoutly resisted across the country.

Martins Onovo, a former presidential candidate of the National Conscience Party (NCP), in an interview with BDSUNDAY, said: “Look at Ruga; how simple can it be? I take the land of Christian, an animist farmer, and hand it over to terrorist Islamic Fulani herdsmen. How well can you define Islamisation? Now, when I hand over this land; the Fulani herdsmen and the terrorists settle there, it becomes a militia base for further attack.”

Cabinet; game-changer or business as usual?

Ask any of the ministers, they would tell you that they performed excellently. In fact, some would score themselves 80 percent. They would rather blame the system rather than themselves for whatever was their rating in the eyes of the Nigerian people.

While they engage in self-adulation, there is nothing much on ground to justify their occupation of the seats for over three years. Some ministries were so quiet that it appeared there were no activities or rather there were nothing to do there. Many of the ministers were not even heard let alone seen; their faces were only shown on camera during the weekly Federal Executive Council meetings.

But we hear that about 70 percent of those ministers are likely to return, and people are wondering, to do what? The President himself came out last week to confess that some of the ministers were forced on him by some interests in the party; if it is so, is it likely that he would tread that path again? Good a thing, he has promised to assemble a formidable team this time around. Nigeria is sick, needing urgent healing in all fronts.


Osinbajo Visits Pa Fasoranti, says FG ‘ll Deploy Soldiers to Highways

Vice President Yemi Osinbajo on Sunday morning paid a condolence visit to the leader of the pan-Yoruba socio-political organisation, Afenifere, Pa Reuben Fasoranti, in Akure, Ondo State.

The VP visited the 94-year-old Afenifere leader over the death of his daughter, Mrs. Funke Olakunrin, who was killed by some suspected Fulani herdsmen on Friday.

Osinbajo said the Federal Government would explore all options, including deploying soldiers on the highways, towards addressing the growing cases of security challenges in Nigeria.

He told our Correspondent, “As you know, I am here to commiserate with the families of Olakunri and Pa Reuben Fasoranti.

“This is a massive tragedy, as you can imagine.

“We have seen it replicated here and there, which is kidnapping death and killings.”

The VP had revealed on Saturday night that he had spoken on phone with the bereaved elder statesman.

He had tweeted: “I spoke earlier today with Pa Reuben Fasoranti, on the sad news of the death of his daughter, Mrs. Funke Olakunrin.

“I pray the Lord comforts him and the entire family.

“Our security agencies have been tasked with ensuring (that) perpetrators of this crime are apprehended and brought to justice.”

Source: punchng

Tunji Bello, 24 Others Make Sanwo-Olu’s Commissioners List

Former Secretary to the State Government (SSG) in Lagos State, Mr Tunji Bello, has been named in the 25-man list of commissioners and special advisers designates sent to the state house of assembly for confirmation.

The nominees’ list was transmitted to the parliament on Sunday for ratification in fulfilment of Governor Babajide Sanwo-Olu’s election promise to accelerate his administration’s development agenda.

A statement by the Governor’s Deputy Chief Press Secretary, Mr Gboyega Akosile, said Mr Sanwo-Olu carefully picked the nominees based on their cognate experience in their respective professions.

According to him, the list contained names, who are to assume duty as Commissioners and Special Advisers upon ratification by the legislature.

It was said to comprises technocrats and politicians, who understand the challenges of the state, noting that the painstaking and laborious selection process was aimed at constituting the best team that will serve Lagos in line with the agenda of his administration vision of delivering a city-state that will rank among the top most liveable cities in the world.

“We took our time to pick the best hands for the tough job Lagosians have elected us to do. The nominees for the 25 Commissioner and Special Adviser positions include women and men who have made their mark and at the zenith of their professional callings,” the statement said.

Governor Sanwo-Olu’ media aide stated further that the current list is first batch, saying that consultation was going on with regard to the complete number of the cabinet members.

He further disclosed that the new cabinet would be unique, because of its diversity. Quoting Governor Sanwo-Olu, he said Lagos would continue to take the lead in innovation, gender-balance and youth inclusion in the administration of the State.

“We have a blend of youth who are under 40 among nominees for Commissioners and Special Advisers. Women too are well represented in the list. We believe Lagos deserves the best and we cannot give the people anything less than that,” the statement said.

Breaking down the list of nominees, there are 17 men and eight women that will be sworn in as members of the State Executive Council. Also in keeping his promise of millennial’s inclusion, Governor Sanwo-Olu included youths who are in their early and mid-thirties in the list of nominees.

The State House of Assembly is expected to carry out a screening of the nominees to set the machinery of governance in full swing.

Below are names of the nominees:

  1. Mr. Rabiu Olowo Onaolapo
  2. Mrs. Folashade Adefisayo
  3. Prof. Akin Abayomi
  4. Dr. Idris Salako
  5. Mr. Tunji Bello
  6. Mr. Gbenga Omotoso
  7. Mrs. Toke Benson-Awoyinka
  8. Mrs. Bolaji Dada
  9. Mr. Lere Odusote
  10. Dr. Frederic Oladeinde
  11. Mr. Gbolahan Lawal
  12. Ms. Adekemi Ajayi
  13. Mr. Femi George
  14. Dr. Wale Ahmed
  15. Mr. Moyo Onigbanjo (SAN)
  16. Mr. Hakeem Fahm
  17. Mrs. Ajibola Ponnle
  18. Engr. Aramide Adeyoye
  19. Mr. Segun Dawodu
  20. Mrs. Uzamat Akinbile-Yusuf
  21. Mr. Sam Egube
  22. Ms Ruth Bisola Olusanya
  23. Princess Aderemi Adebowale
  24. Mr. Tunbosun Alake
  25. Mr. Afolabi Ayantayo

Source: businesspostng

CBN Reduces Banks’ Daily Excess Cash Deposit by 73.3% to N2bn

The Central Bank of Nigeria ( CBN) on Wednesday reduced the amount of excess cash that banks and merchant banks (discount houses) deposit with it, which is known as Standing Deposit Facility (SDF), by 73.3 percent to N2 billion from N7.5 billion since 2014.

In a circular, FMD/DIR/ CON/OGC/12/019, to all banks and discounts houses on ‘Guidelines on Accessing the CBN Standing Deposit Facility’ and signed by Angela Sere-ejembi, director, financial markets department, the CBN said the remunerable daily placement shall not exceed N2 billion.

The circular published on the CBN’S website yesterday stated that the SDF deposit of N2 billion shall be remunerated at an interest rate prescribed by the Monetary Policy Committee (MPC) from time to time.

“Any deposit by a bank in excess of N2 billion shall not be remunerated,” the CBN said in the circular which takes effect from today July 11, 2019. Reacting to the development Uche Olowu, president/chairman of council, Chartered Institute Bankers Committee (CIBN), said the CBN is trying to change the behaviour of banks towards lending to the real sector of the economy. Olowu who spoke with Businessday by phone said banks have to look for an alternative way of making sure they direct credit to the real economy. “We are going to be better for it as we are going to have the productive sector to put the excess cash,” the CIBN president added. Before now, banks have had preference for keeping their idle funds with the CBN as well as transacting on government securities rather than lending to the productive sector.

Ayodele Akinwunmi, head of research, FSDH Merchant Bank Limited, said this means that the amount of excess money that Nigerian banks can place with the Central Bank of Nigeria ( CBN) to earn overnight interest rate of 8.5% per annum has been reduced from N7.5 billion to N2billion. Any amount in excess of N2billion will not earn interest income for banks. “This, in a way, will reduce the interest income of banks going forward.

It will also force banks to trade more with one another in the interbank market than before”, Akinwunmi said. He said It may also reduce the cost of managing system liquidity for the CBN as the apex bank will now have access to more funds from the banking system at no cost than before. In addition, interbank interest rates may drop further as a result of increased system liquidity.

This is part of the efforts of the CBN to increase banks’ credit to the real sector of the economy in order to stimulate growth of the economy. In his response, Ayodeji Ebo, managing director, Afrinvest Securities limited said, this is another regulatory pressure on the banks in a bid to get them to lend. The reduction of the SDF from N7.5bn to N2.0bn may lead to revenue loss (8.5% on N5.0bn in a year is N425m assuming the average deposit placed with the CBN daily N7.5bn and above). This may not translate into improved lending as the banks will prefer to earn zero interest on their funds than risk the funds.

Source: businessdayng

Why San Francisco Just Voted Against Affordable Housing for Teachers

On Thursday, a Board of Supervisors committee tossed out a plan by Mayor London Breed to make it faster and easier to build new housing for teachers in San Francisco, squashing Breed’s proposal after months of debate.

Breed’s plan would have amended the city charter and done away with certain tools that the public can use to appeal new building projects in the case of developments meant for teacher housing.

The now-defunct proposal defined teacher housing as: “A project for the development of residential units, where no less than two-thirds of the units are deed-restricted for the life of the project or a minimum of 55 years (whichever is longer) […] to occupancy by at least one employee of the San Francisco Unified School District or San Francisco Community College District.”

City lawmakers didn’t like the broadness of those terms—or the mayor’s requirement that the housing “be affordable to households with an income up to 140 percent of the unadjusted area median family income,” wanting to see homes cheaper and aimed more exclusively at educators.

At Thursday’s Rules Committee meeting, Supervisor Sandra Lee Fewer also chafed at the idea of altering the city charter.

“These definitions should not be set in stone,” she said.

Supervisor Aaron Peskin called the charter “sacrosanct” and pointed out that even the teacher’s union did not back the mayor’s proposal.

“That should be a very clear signal,” he said.

After the committee voted against the plan, Breed offered a stinging statement, saying via email, “I’m tired of people saying we’re in a housing crisis and then rejecting solutions that will actually make a difference. The status quo means less affordable housing will be built, more people will be priced out, and the crisis will only get worse.”

In lieu of Breed’s amendment, the committee pushed forward a competing idea for teacher housing, one written by supervisors, which would build new housing for teachers on public land.

This plan—which would not amend the charter—requires all homes in a qualifying development to go to school employees, rather than just two-thirds of them. It also lays out different ideas about affordability:

At least four-fifths of the units in an Educator Housing Project must be deed restricted for the Life of the Project or 55 years (whichever is longer) and consistent with any applicable tax credit regulatory requirements to be affordable to households with an income from 30 percent to 140 percent of the unadjusted area median family income (AMI), with an overall average of l00% AMI across all such units. Up to one- fifth of the units may be deed restricted up to a maximum 160 percent AMI.

Breed has pressed lawmakers to back her proposal, which would have require six votes on the board in order to move ahead to the November ballot, since introducing it in April, but with little luck.

The writing was already on the wall Thursday: The board’s teacher housing plan went to the committee with four supervisors listed as backers—Fewer, Peskin, Shamann Walton, and Matt Haney.

But Breed’s proposal appeared on the agenda with only one sponsor cited: “mayor.”

If the full board votes in favor of the new teacher housing plan, it will appear on the November ballot.

Source: sf.curbed

Pensioners Left Waiting For More Than Two Years For Council Housing

Documents from the district council showed from 1 July 2018 to 30 June 2019, just 15 pensioners moved into council housing, having waited 817 days on average for that accommodation to become available.

Council figures showed some pensioners on the Kāpiti Coast were waiting so long they were dying before being able to move into a suitable unit.

In the past three years, 50 pensioners withdrew from the waiting list.

But only one of those had found alternative accommodation; the other 49 either moved from the area or died.

A Kāpiti Coast District Council spokesperson said the waiting list reflected a growing need in the community, but the responsibility fell to central government to address it.

“The provision of social and affordable housing is a central government responsibility and this council continues to advocate on behalf of the Kāpiti Coast community for better housing outcomes and increased rental subsidies.

“Council and the Kāpiti Coast community look to central government to address the underlying issues of social and affordable housing in our district, and are committed to partnering for collaborative solutions.”

There are 118 council houses for pensioners on the Kāpiti Coast.


These Are the Countries Most at Risk of Housing Bubbles

Canada and New Zealand are the most vulnerable economies to a correction in house prices, with Australia and the U.K. also drawing concern, according to new research from Bloomberg Economics.


Seeking to build a “housing bubble dashboard,” economist Niraj Shah studied ratios of house prices to rent and income as well as inflation-adjusted prices and household credit.

The results showed that Canada and New Zealand seem to be on the most unsustainable path, with the cost of housing compared with wages the highest in the world in both countries. Australia, Norway, Sweden and the U.K. also raise alarm bells, Shah said.

Policy makers may be acting already. Canada’s government has introduced a tax on foreign buyers, while overseas purchases have been banned in New Zealand. The next challenge will be whether prices keep rising as the Federal Reserve and other central banks get ready to cut interest rates.

“There’s a risk that a global round of monetary easing may fuel housing bubbles,” said Shah. “While central bankers are focused on avoiding a global economic downturn, looser monetary policy could sow the seeds of the next crisis.”

House prices have only just returned to the peak they reached prior to the last period of financial turmoil, according to an index consisting of 57 economies.

Source: bloomberg

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