According to the most recent housing price survey from Global Property Guide, only 1 third of the countries saw price gains within their real estate markets, while the rest saw drops. In the countries included in the report, India and Brazil show the greatest increases in property prices this coming year, while Greece and Ireland also have the largest decreases.
The world's housing markets moved clearly down in the past year to the first quarter of 2012, in accordance with the Global Property Guide's latest house price indices survey. House prices fell in 24 countries, with the 36 countries for which quarterly house price statistics can be obtained, and rose in only 12 countries.
During the latest quarter the downturn appears to be have accelerated, with house price falls in 26 countries, and house price gains within 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 a more realistic picture than the more upbeat nominal figures usually liked by real estate agents.
Faster-paced deterioration in European housing markets
Ireland's price-declines are actually, over the duration of the crisis, catastrophic. It's disheartening to see more agony, the picture really is alarming. House prices fell 18.95% year-on-year, contrasting having a decline of 'only' 13.12% through the same period last year. Furthermore, house prices were down 5.19% through the latest quarter. Tough credit conditions, an oversupply of housing, and weak domestic demand have weighed around the Irish residential property market.
There was also a truly 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 coming year than the previous year.
Several countries whose housing markets were recently either in recovery or hardly in downturn, saw a substantial deterioration in their position, with house price falls in the past year to end Q1 2012 in Finland (-2.05%), in Turkey (-2.32%), Sweden (-5.34%) and Riga, Latvia (-5.83%).
In other The european union, any positive changes in the momentum from the housing markets were so feeble, which they hardly signal a recovery. These countries include Kiev, Ukraine (-2.51%), Croatia (-2.45%), Great britain (-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. The truth is the upsurge in these two countries' housing markets was so strong as to propel them into third and fourth place in the worldwide league table.
Other strong housing markets over the past twelve months include Switzerland (+5.49%), Norway (+5.43%), Russia (+3.86%) and Iceland (+2.25%). The 'gainers' seem to be countries whose housing markets either never experienced the current downturn (Austria, Switzerland, Norway), or are recovering (Estonia, Russia, Iceland).
House prices in India (Delhi) and Brazil (Sao Paulo) surged further, but momentum down in the quarter
Over the year to Q1 2012, Delhi house prices skyrocketed by 24.41%, though throughout 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 2.57%.
Most Asian housing markets slowing
In the Philippines (Makati Central Business District), prime condominium prices rose by 7.34% during the year. But the figures possibly exaggerate the upsurge, because they are for Makati, the heart of the Philippines' business process outsourcing boom. In Mexico house prices were up 2.67% coming from a year earlier.
Housing markets inside the rest of Asia cooled within the year to Q1 2012, due to government measures implemented last year. House prices in Hong Kong were up only 0.19% on the year, from 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
US house prices rose modestly to 0.48% year-on-year, using a quarterly rise of 0.55%, in accordance with the Federal Housing Finance Agency's (FHFA) seasonally adjusted purchase-only house price index. In inflation-adjusted terms, US house prices were still down 2.27% from a year earlier. But this is the significant improvement from last year's 7.44% decline in-house prices.
Increased affordability and a somewhat smaller inventory of virginia homes 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 fall comes amid popular protests since last summer over expensive, which have not yet waned.
New Zealand firm, but Australia being forced
House prices in Nz climbed by 0.82% within the year to Q1 2012, after falling 4.79% the prior year. Sales activity has been strong for the last few months, with volumes at the highest levels since 2007.
Australian house prices fell for that fifth straight quarter to -6.04% from the year earlier, the longest downturn for the decade. The central bank has maintained the highest borrowing costs among major developed nations.
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