According to the survey, despite the rise in prices in Moscow and St. Petersburg regions, housing costs in the national average for the year (since March last year) decreased by 13.9 percent. The decline in prices in regional markets experts explain the excess of supply over demand and the launch of government programs for affordable housing.
Related article: Procedure of buying property in Dominican RepublicDuring the first three months of 2011 prices have remained stable or showed a negative trend in 25 of the 50 countries surveyed. A year ago, this pattern was observed only in 18 countries. Global prices for the year increased by 1.8 per cent, the slowest annual growth recorded since the fourth quarter of 2009.
Among the regions of greatest growth was recorded in Asia. Since March last year, prices here rose by 8.4 percent. The lowest result recorded in North America, where house prices fell by 0.4 percent. In all these countries there was a marked drop in average house prices.
Won first place ranking in Hong Kong, where in March last year, housing has risen in price by 24.2 percent. In second place was China (21.9 percent), third - Taiwan (14.3 percent). Then follow Israel (12.1 percent), Singapore (+10.5 percent), France (+8.7 per cent), Poland (8.5 percent), China (performance of markets in Beijing and Shanghai, 8, 4 percent), Norway (8.2 percent) and Malaysia (6.4 percent).
In the ranking of Russia second only to Cyprus. The third line from the end occupied Ireland, the fourth - UAE (Dubai), the fifth - Ukraine.
According to Knight Frank, for the last year the largest rise in house prices was also registered in Hong Kong (20.1 percent). In second place was Latvia, where for a year, apartment prices rose by 16.9 per cent. Israel closes the top three (16.2 percent). In Russia, apartment prices in 2010 rose by an average of 0.9 percent.