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Global house prices fall at start of 2012

Global house prices fall at start of 2012

Global house prices fall at start of 2012

By: Nick Marr -  Category: India - Added: 2012-06-19


Property prices fell in over two thirds of countries in the first quarter of 2012 as world property markets continue to face uncertain times.  New figures show that there were house price falls in 26 countries between January and March 2012 compared to increases in just 10 nations.

Over a full year house prices had fallen in 24 of the 36 countries for which house price statistics are available and rose in only 12 countries during the year to the first quarter of 2012.  This is according to the Global Property Guide's latest house price indices survey.  Keep reading to find out more about the world’s leading property markets.

India and Brazil top the house price charts

The list of 36 countries was topped by large increases in property prices in India (Delhi) and Brazil (Sao Paulo), although their momentum slowed during the latest quarter.

Over the year to quarter 1 2012, Delhi house prices rose by 24 per cent, although they fell slightly during the last quarter.  In Sao Paulo house prices climbed by 18.7 per cent in the year to the first quarter 2012.

Prices of property in New Zealand house rose by 0.82 per cent over the year to quarter 2012, after falling 4.79 per cent the previous year.

Other countries which saw property price rises over the last year include Austria, Hong Kong, Switzerland, Russia and Norway.

Many world property markets continue to struggle in 2012

The report found that many world property markets continue to struggle in 2012.  Australian house prices fell for the fifth straight quarter and are 6.04 per cent lower than a year ago, the longest downturn for a decade.

Other Asian markets also fared badly, with house price falls in Indonesia (-0.13 per cent), Singapore (-1.36 per cent), Tokyo, Japan (-2.64 per cent) and Shanghai, China (-3.68 per cent).

The worst performing country was Ireland which experienced property price falls which Global Property Guide called ‘catastrophic’.

The report said: “House prices fell 18.95 per cent year-on-year, contrasting with a decline of 'only' 13.12% per cent during the same period last year.

“Tough credit conditions, an oversupply of housing, and weak domestic demand have weighed down the Irish residential property market.”

 

Author Nick Marr

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