The Global Property Guide’s quarterly house price report was published on Wednesday offering some sobering statistics on global real-estate prices in the third quarter.
To wit, the fact that “price falls in several countries have been much larger than house price rises anywhere and include unprecedentedly severe falls in Latvia (-59.7% year to date), the UAE (-48.1%), Bulgaria (-28.7%), Iceland (-21.2%), Russia (-19.5%) and Slovakia (-15.3%) (all figures inflation-adjusted).”
Here’s the complete table:
The figures illustrate most clearly how Emerging Europe and the UAE are trailing ever more significantly behind the rest of the world. Indeed, the report’s authors write:
So the trend is toward recovery. More broadly, the world seems polarized between the Asian economies, which are enjoying strong economic growth and high residential property price rises (Thailand excepted), and Eastern Europe and the UAE, where growth has stalled and property markets have crashed. Even there, figures for the latest quarter offer hope.
Related links:
The Emerging Europe debt dog – FT Alphaville
Waiting for Latvia to devalue - FT Alphaville
Dubai tells skeptics to shut up – FT Alphaville