Restoration of global real estate market has slowed

01.03.2011 09:10
Report portal Global Property Guide on the status of 36 leading residential real estate markets of the world shows that the post-crisis recovery in prices has been uneven. By the end of 2010 in 15 markets growth was the cost of housing, but in 21 properties in one degree or another fell.

The absolute record for growth in house prices in 2010 was Latvia. During the year the standard apartment in Riga have risen in price by an average of 19%. It is worth noting that in 2009 real estate in Latvia fell by a record 52.8%. Another significant price increase occurred in the Estonian market. In 2010, an apartment in Tallinn rose 7.91%. At the same time in 2009, housing prices in the capital of Estonia decreased by 31%. Such a strong increase in prices in late 2010, analysts Global Property Guide is associated with the expectation of the country's transition to the euro, which occurred in January 2011.

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The most serious collapse in prices in 2010 was observed in Ireland. The average property of the country fell by 11.6% (up to ? 191 thousand). "Price list" for housing in Ireland steadily declining over the past few years. In general, the relative peak in 2006 (? 310 thousand) property of the country has lost 39,6% of its value.

Real estate markets of the former socialist bloc (Bulgaria, Croatia, Lithuania, Ukraine) last year showed predominantly negative price changes. Housing prices in those countries still on the "bottom", but the dynamics of their decline in 2010 significantly slowed.

Global Property Guide experts concluded that the housing markets of Northern Europe, which in 2009 showed an intense increase in prices, have exhausted the possibility for growth. Real estate markets in Central Europe analysts traditionally have not detected the abrupt changes: for example, Germany, despite the restoration of its economy, showed only 1.5% growth in housing prices. In Switzerland and France, property price has risen almost imperceptibly. Reduced prices in Greece, Spain and Turkey.

U.S. real estate market in 2010 and had not begun to recover. In the fourth quarter of housing in the country has lost 2.3% of its value during the year it has fallen in price on 5,3%. According to analysts Global Property Guide, rising energy costs along with finding the market a large number of seized for debt, mortgage homes may lead to a further fall in prices.

In some Asian countries continued to rise in housing prices: in Singapore, Taiwan and Japan. On the other hand, in Shanghai there was a slight decline in prices - 1,9%. Lodging in Israel, despite the efforts of the Central Bank of the country continues to go up, albeit not as active.
Content tags: Overseas property
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