Globally, the housing market has weakened further, with prices stalled or sliding downwards in the first quarter of this year, according to the latest global house price index report from international property consultancy Knight Frank.
Global house prices increased by only 1.8 per cent in the year to March, the lowest annual rate of growth recorded since the fourth quarter of 2009.
House prices in half of the 50 countries surveyed in the index remained flat or saw negative growth in the first three months of this year, compared to only 18 countries a year earlier.
The survey found that Ireland was 48th on the global scale, with a recorded drop in property prices of 4.5 per cent in the first three months of this year.
The biggest drop was in Russia, where house prices fell by 13.7 per cent in the same period. Malta was just above Ireland’s drop, at 4.1 per cent.
Year on year Ireland’s prices have fallen by 11.9 per cent, with Russia’s decrease higher at 13.9 per cent. Dubai house prices fell by 8.2 per cent for the year, putting it ahead of Ireland in the index.
On the worldwide scale, Russia lies below Ireland in the rankings, with Dubai just ahead at number 47 with a small increase of 0.6 per cent for the first quarter.
The strongest performing countries were Hong Kong (24.2 per cent increase), where the government is fighting to pull inflationary pressures under control; India (21.9 per cent) and Taiwan (14.3 per cent).
Liam Bailey, head of residential research at Knight Frank, said globally, price growth had faltered highlighting ongoing problems underlying the world’s housing markets.
Monday, June 20, 2011
Falling house prices a global phenomenon