Is the global economyslowing down? That is the hot debate among economists and policymakers, as contradictory data emerges from the largest economies (even without that pesky trade war).

In one sector the answer already seems clear: real estate. According to the Dallas Federal Reserve’s global index, house price growth fell to 1 per cent at the start of this year, down from 4 per cent in late 2016 — a swing last seen during the 2008 crash.

Moreover, residential property investment for the largest 18 economies tumbled in this period from a growth rate around 7.5 per cent to minus 1.4 per cent, according to data compiled by Oxford Economics. “The current slowdown in global housing is a cause for concern,” the research group warns, adding that this “could see global growth dip to its lowest pace in a decade.”