By Rajeev Sibal and James Egan of Morgan Stanley
Home Is Where the Heart Is
The largest and potentially most important asset class in the world is housing, but we don’t think of it as an asset because housing is a home. As the sampler in your grandma’s kitchen says, “Home is where the heart is.” Unfortunately, the recent volatility in house prices has probably left some with heartburn. From a global average rise in home prices of 16% in 2021 to a 6% fall in 2022 with a statistically significant breadth of dispersion across countries, this housing cycle has arguably been like no other.
