Property prices fell in over two
thirds of countries in the first quarter of 2012 as world property markets
continue to face uncertain times.
New figures show that there were house price falls in 26 countries between
January and March 2012 compared to increases in just 10 nations.
Over a full year house prices had
fallen in 24 of the 36 countries for which house price statistics are available
and rose in only 12 countries during the year to the first quarter of 2012. This is according to the Global Property Guide‘s latest house
price indices survey. Keep reading
to find out more about the worldââ¬â¢s leading property markets.
India and Brazil top the house price charts
The list of 36 countries was
topped by large increases in property prices in India (Delhi) and Brazil (Sao
Paulo), although their momentum slowed during the latest quarter.
Over the year to quarter 1 2012,
Delhi house prices rose by 24 per cent, although they fell slightly during the
last quarter. In Sao Paulo house
prices climbed by 18.7 per cent in the year to the first quarter 2012.
Prices of property in New Zealand
house rose by 0.82 per cent over the year to quarter 2012, after falling 4.79
per cent the previous year.
Other countries which saw property
price rises over the last year include Austria, Hong Kong, Switzerland, Russia
and Norway.
Many world property markets continue to struggle in 2012
The report found that many world
property markets continue to struggle in 2012. Australian house prices fell for the fifth straight quarter
and are 6.04 per cent lower than a year ago, the longest downturn for a decade.
Other Asian markets also fared
badly, with house price falls in Indonesia (-0.13 per cent), Singapore (-1.36
per cent), Tokyo, Japan (-2.64 per cent) and Shanghai, China (-3.68 per cent).
The worst performing country was
Ireland which experienced property price falls which Global Property Guide called ââ¬Ëcatastrophicââ¬â¢.
The report said: ââ¬ÅHouse prices
fell 18.95 per cent year-on-year, contrasting with a decline of ‘only’ 13.12%
per cent during the same period last year.
ââ¬ÅTough credit conditions, an
oversupply of housing, and weak domestic demand have weighed down the Irish
residential property market.ââ¬Â
Author Nick Marr
