House Price Rise Across The Globe

A leading independent global property consultancy has added a new optimism for overseas property investors with the release of its global house price figures. Knight Frank reports that the recovery in global house prices continues with values increasing in 68% of the countries. The increases are still lower than 12 months ago in 57% of the international locations. One surprise winner comes in the form of Israel who remains the top performer over a 12-month period with prices increasing 13.7% to the end of Q3 2009.

 

Investors seeking a good place to buy in 2010 will read with interest Knight Franks assessment of the global market. More surprises come in the form of Singapore who saw the biggest rise with prices up 15.2% during the third quarter of the year .The top three places in the world for positive house price increases were Israel, Austria,  Malta, Switzerland and  Australia  

The good news coincides with increased U.K. consumer confidence which is at its  highest level in 1 1/2 years in November. Nationwide Building Society survey found that people have became more hopeful for the economy’s prospects in 2010 .

Liam Bailey, head of residential research, Knight Frank, commented:

 

“House prices are now rising in a clear majority of locations around the world with almost 70% of the locations in the Knight Frank Global House Price Index reporting growth in the third quarter of 2009. This compares with fewer than 50% during the second three months of the year.

 

Bad news came for Dubai recorded the largest annual drop (-47%), but posted moderate positive growth in Q3. However many investors may think this is the best time to buy whilst prices are rock bottom in the emirate.

 

Mr Bailey commented

“There is still, however, a clear polarisation from the top to the bottom of the table. Israel remains the best performer on an annual basis and is the only country to have recorded double-digit growth (+13.7%) during the past 12 months. Prices in Dubai have fallen the most (-47%), despite posting a small recovery (1.2%) in the third quarter. The recent debt issues with Dubai World and the subsequent loss of confidence by investor’s means even this nascent rally is already under threat.

 

The Knight Frank Global House Price Index, Quarter 3 2009 

*Results for Q2 2009

 

Countries yet to report data since Q1 2009 or before: Columbia, Cyprus, Japan, Latvia, Philippines, Serbia, South Korea, Taiwan, Ukraine

 

 

The Knight Frank Global House Price Index is compiled using official government statistical office or central bank data where possible. In some instances reliable indices from third-party sources have been used.