Global property markets take a beating
Tuesday 26th May 2009, 12:01AM BST.
House prices worldwide are floundering against a backdrop of economic stagnation and rising unemployment, research has shown.
The Knight Frank global house price index for the last quarter shows a sector under “intense pressure”, its authors claim.
In the last three months 72 per cent of countries submitted data that showed house prices falling against last year, compared to 59 per cent in the previous quarter.
Bright lights against the gloom included Israel and the Czech Republic, where house prices were up 10.9 per cent and 9.9 per cent annually respectively.
But Latvia, Dubai and Singapore led the fall, which house prices declining by 36 per cent, 32 per cent and 23 per cent.
Knight Frank predicts the global property market is likely to suffer “for some while”.
“The inescapable trend is that the worst and most widespread economic recession since the 1930s continues to batter housing markets across the globe,” said Nick Barnes, head of international research at the estate agent.
“Rising unemployment and concern among those still in jobs, added to constrained credit conditions, means that buyer demand for housing remains suppressed and confidence is low in most markets which is inevitably having a negative impact on house prices.”
Shropshire Star on Twitter
Keep updated with the latest breaking news and content on our Twitter feed.
Lifestyle
Interactive Dining Out map
Hundreds of reviews by the Shropshire Star and Express & Star's teams to help you decide where to eat.
Entertainment
All the film reviews
Before you plan a trip to the pictures, get our critics' verdicts on all the latest movie releases.
OUR NEW APP
Get the new Shropshire Star app
Download the Shropshire Star’s new app to your iPad or iPhone to get one week of access to our digital newspapers absolutely FREE.
shropshirestar.com
Popular sections
Useful links
