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Prices of prime properties around the world are falling

ONE BLACKFRIARS soars into the sky from the south bank of the River Thames, announcing its presence to central London. The new 50-storey tower contains 274 luxury flats that range in value from a merely expensive ?1m ($1.3m) to an eye-watering ?15m. Thanks to its distinctive midriff the building has been nicknamed “The Tummy” by Robert Shiller, who won a Nobel economics prize for his work on spotting asset bubbles. The name might also apply to London’s bloated housing market. Prices have nearly doubled since 2009.It is not only in London that property values bulged in the decade after a housing bust that nearly took down the world’s financial system: prices are near new highs in many places, according to The Economist’s latest roundup of global housing markets (see chart). In five of the world’s most desirable cities—Hong Kong, London, New York, Sydney and Vancouver—home prices climbed steadily for several years after 2009.
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