The global housing recovery will continue in 2011 estate agency Knight Frank reports. It's Global Residential Market Forecast 2011 shows property prices rose rapidly in Hong Kong and Singapore, steadily in China and Australia, but fell in many western markets, in 2010. However, this east-west divide will narrow in 2011.
Price rises in the Asia-Pacific region will slow to more sustainable levels the agency says, while in the United States and European states like Britain, Switzerland, Monaco, Latvia and Lithuania prices will stop falling and even edge up slightly next year.
Some European states will continue to lag, notably Spain and Ireland where prices will fall, though less sharply than this year. Irish prices are already 31 per cent below their 2006 peak, and ongoing economic contraction means there is little cash to go round for home-buying. The Spanish housing market will be drained of cash by Madrid's deficit-busting austerity measures.
SEE GLOBAL PROPERTY MARKET FORECAST 2011, ALSO IN THE WORLD SECTION OF THIS BLOG, FOR THE LATEST PREDICTIONS - 03/01/11
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