Mixed trends in global house prices
Sep 21, 2008 Daily Reads, Trends
According to the latest survey of house price indicators, there appears to be mixed trends on global house price movements.
Global Property Guide (www.globalpropertyguide.com) has reported that in most countries in Europe, major real house price falls occurred during the year to end of Q1 2008. Ireland had a fall of 13.2%.
US prices were also reported to have declined during the year to end of Q1, by -4.2% to -18.1% adjusted after inflation.
On the other hand, strong house prices increases were observed in a handful of emerging economies. Ahead of the pack was China (Shanghai), with an enormous 40.5% nominal house price surge during the year to the end of Q1 2008.
Other countries with impressive nominal house price increases year-on-year to end-Q1 2008 were Bulgaria (31.6%), Hong Kong (31.1%), and Singapore (29.8%). Strong house price gains also took place in Cyprus, Australia and Taiwan.
Again, when adjusted for inflation, many of these price rises look much less impressive. The world’s top-performing housing market (after inflation) was not China or Hong Kong or Singapore, but Slovakia, where real house prices rose by 29.3%.
Tags: global trends, house prices
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