According to the broker Knight Frank, wealthy home buyers are standing on the sidelines in 46-major cities causing prices to grow at a meager 1.4% pace, versus the same period a year ago. Manhattan, Vancouver and London have seen luxury home prices decline, while Hong Kong remains flat during the second quarter of 2019.
Concerns about a slowing global economy and trade disputes have spurred central banks in many large economies into lowering interest rates to stimulate growth.