Singapore tops the Knight Frank Global Price Index, registering a 37 per cent leap in property values in the twelve months to the end of second quarter, 2010. China occupies second place and Hong Kong (pictured here) third in the table of 49 countries.
Among 15 nations recording price falls, all but one are European. That odd man out is Japan where prices dropped 4.4 per cent.
Latvia has risen like the legendry pheonix from the ashes. The Baltic state is ranked fourth on the index, registering an 18 per cent surge in prices over the past 12 months. It was badly burned in the property market inferno of 2008. Prices in neighbouring Lithuania and Estonia continue to fall. Finland is the only other European country in the top ten.
Britain and other European nations dominate positions 11 to 20, all registering respectable increases of between 5 to 9 per cent. The only non-European nation in that group is Dubai where prices are up 5.2 per cent, a modest recovery following a halving in values in the emirate during the slump.
Knight Frank's head of residential research, Liam Bailey, says “There is a sense that the headline grabbing double digit price changes that almost became the norm in 2008 and 2009 are lessening in scale and number. Prices are beginning to return to something close to a 'sustainable' level.”
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