World’s housing markets recovering
The latest report from the Global Property Guide has found many of the world’s property markets still in distress, but a pattern developing of high price inflation in the Asia-Pacific Region contrasting with continued steep falls in Eastern Europe.
Of the 27 countries which have published their latest data, the report says 17 countries are experiencing year-on-year price falls while 10 are enjoying price rises; some falls have been extremely steep including Latvia (-59.7%), the UAE (-48.1%), Bulgaria (-28.7%) and Iceland (-21.2%) in particular.
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More recent data, however, shows more of a recent recovery as prices have risen in 16 countries with quarter-on-quarter figures showing price changes in the UK, Canada, Germany, Singapore and South Africa back into positive territory.
Although the trend seems to be towards recovery, says the Global Property Guide, the world seems polarised between Asian economies where prices rises are extremely strong and there are concerns about overheating, and Eastern Europe and the UAE where growth seems to have stalled completely for this year, although there are some hints of a recovery ahead.