Housing markets continue to collapse around the world. According to Knight Frank's Global House Price Index, Quarter One, 2009, three-quarters of the 46 countries surveyed experienced house price falls in the twelve months to March 2009. Indeed, first quarter data could not be collected from 14 countries, because their authorities could not or would not provide it, a reflection of their ailing property markets researchers say.
Top performers, Israel, the Czech Republic, Jersey, Switzerland and India, reported modest, mainly single digit price rises year-on-year. Bottom of the heap was Latvia, where prices fell 36 per cent.
“The inescapable trend is that the worst and most widespread economic recession since the 1930s continues to batter housing markets across the globe,” says Nick Barnes, head of international research at Knight Frank, “the shorter term future direction of most underlying economies suggests that the world’s residential markets are likely to continue to suffer for some while.”
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