In this episode, we discuss the resilience of house prices in many countries despite rising interest rates and slowing economic growth. We explore the factors contributing to this resilience, including high levels of net migration, strong household finances, and changing preferences for housing. While the housing market has not experienced widespread defaults or foreclosures, there is still a possibility of a lag effect and a potential housing bust in the future. We also delve into Botswana's efforts to seek a better deal with De Beers in the diamond industry. The government plans to take a stake in HB Antwerp, a diamond company, to increase local processing and value-added activities. However, concerns have been raised about transparency and the potential for a shift away from Botswana's reputation for good governance. Lastly, we discuss the devastating impact of a freeze on Georgia's peach crop, with 90% of the state's peaches destroyed. We explore Georgia's identity as the "peach state" and how the loss of the peach crop will not have a significant impact on the state's economy, as the peach industry is relatively small compared to other crops.

Much to the chagrin of hopeful first-time buyers, property prices remain stubbornly high across the West. Our correspondent explains why housing is defying the laws of financial gravity. A new diamond deal in Botswana risks jeopardizing the country’s sparkling record. And why a failed crop of peaches will not cripple America’s Peach State.

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