The world's housing markets moved clearly down in the past year to the first quarter of 2012, in line with the Global Property Guide's latest house price indices survey. House prices fell in 24 countries, from the 36 countries for which quarterly house price statistics are available, and rose in only 12 countries. Through the latest quarter the downturn appears to have accelerated, with house price falls in 26 countries, and house price gains in only 10. In nominal terms only 16 countries experienced house price falls in the past year, while 20 countries recorded house price rises. But the Global Property Guide's statistical presentation uses price changes after inflation, giving an even more realistic picture than the more upbeat nominal figures usually preferred by real estate agents.
Faster-paced deterioration in European housing markets
Ireland's price-declines happen to be, over the duration of the crisis, catastrophic. It can be disheartening to see more agony, the picture really is alarming. House prices fell 18.95% year-on-year, contrasting using a decline of 'only' 13.12% throughout the same period last year. Furthermore, house prices were down 5.19% in the latest quarter. Tough credit conditions, an oversupply of housing, and weak domestic demand have weighed along the Irish residential property market.
There was also an alarming increase in momentum of house-price declines in Athens, Greece (-11.68%); in Warsaw, Poland (-10.94%); in Portugal (-10.45%); vacation (-9%); in the Netherlands (-6.05%); and in the Slovak Republic (-5.89%). All saw bigger house-price declines this year than the previous year.
Several countries whose housing markets were last year either in recovery or only just in downturn, saw a substantial deterioration in their position, with house price falls during the year to end Q1 2012 in Finland (-2.05%), in Turkey (-2.32%), Sweden (-5.34%) and Riga, Latvia (-5.83%). In other Europe, any positive changes in the momentum of the housing markets were so feeble, that they hardly signal a recovery. These countries include Kiev, Ukraine (-2.51%), Croatia (-2.45%), Uk (-3.14%), Lithuania (-3.87%) and Bulgaria (-6.21%).
Some strong European markets do relieve the gloom. In Estonia house prices surged by 9.13% year-on-year, as well as in Austria house prices rose by 8.24% year-on-year. Actually the upsurge in these two countries' housing markets was strong as to propel them into third and fourth place in the worldwide league table.
Other strong housing markets within the last twelve months include Switzerland (+5.49%), Norway (+5.43%), Russia (+3.86%) and Iceland (+2.25%). The 'gainers' are most often countries whose housing markets either never experienced the recent downturn (Austria, Switzerland, Norway), or are recovering (Estonia, Russia, Iceland).
Over the year to Q1 2012, Delhi house prices skyrocketed by 24.41%, though during the last quarter, they fell 0.07%. Various other Indian cities like Chennai and Kolkata saw house price falls year-on-year, as outlined by NHB Residex. In Sao Paulo, house prices climbed by 18.70% that year to Q1 2012, but the latest quarter saw a price-decline of two.57%.
Most Asian housing markets slowing
Inside Philippines (Makati Central Business District), prime condominium prices rose by 7.34% in the past year. But the figures possibly exaggerate the upsurge, since they're for Makati, the heart of the Philippines' business process outsourcing boom. In Mexico house prices were up 2.67% from a year earlier. Housing markets within the rest of Asia cooled within the year to Q1 2012, as a result of government measures implemented recently. House prices in Hong Kong were up merely a 0.19% on the year, after having a rise of 19.80% the previous year. There were house price falls in Indonesia (-0.13%), Singapore (-1.36%), Tokyo, Japan (-2.64%) and Shanghai, China (-3.68%).
US housing industry making progress
inflation-adjusted terms, US house prices remained as down 2.27% from a year earlier. But this is a significant improvement from last year's 7.44% decline in-house prices. Increased affordability plus a somewhat smaller inventory of homes for sale are positively impacting house prices, says FHFA Principal Economist Andrew Leventis.
Israeli house prices weakening
House prices in Israel were down 4.94% year-on-year to Q1 2012. Prices were hit by worldwide uncertainty, plus measures taken from the Israeli government and the Bank of Israel. The autumn comes amid popular protests since last summer over high prices, which have not yet waned.
New Zealand firm, but Australia under time limits
House prices in Nz climbed by 0.82% on the year to Q1 2012, after falling 4.79% the year before. Sales activity has been strong the past few months, with volumes in the highest levels since 2007. Australian house prices fell for that fifth straight quarter to -6.04% coming from a year earlier, the longest downturn for any decade. The central bank has maintained the very best borrowing costs among major developed nations.
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