House Prices on the Rise Globally

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Knight Frank

According to a report released by Knight Frank on June 17th, house prices now rising in more than half of countries worldwide.

The main points in the press release are:

·         Prices increased in 53% of the locations monitored by the Knight Frank Global House Price Index in the year to the end of March 2010
·         The Asia Pacific region saw the strongest growth with prices increasing, on average, by 17.8%
·         Annual price inflation for all global housing markets moved into positive territory for the first time since Q4 2008, recording 1.6% growth in the year to March 2010
·         The top performers remain the Asian economies of China, Hong Kong and Singapore, all recording annual growth in excess of 24%
·         Ukraine and the three Baltic States continue to occupy the bottom rankings with annual price falls of more than 30%. Ireland trails in fourth from bottom.

The release concludes:

“Generally, however, the Q1 2010 results suggest that whilst global housing markets remain polarised, each quarter provides new evidence that the global recovery is gaining ground as the proportion of countries moving into positive territory increases. It remains to be seen whether this is another period of sustained growth or the middle peak in a double dip recession. Certainly, a number of European economies face growing challenges in the form of tightening fiscal policy and austerity measures.”

You can find the full report here.

About diarmaidcondonadmin

Diarmaid Condon is Ireland's foremost Independent Overseas Property Consultant and Journalist. He has been in the industry since 1995 and, in that time, has been a strong advocate for improved legal protection in the sector.

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