The global housing market has “stumbled” estate agency, Knight Frank, says. It's Global House Price Index, quarter four, 2010, shows property values rose 2.8 per cent in the year to December 2010. This is slightly down on the 3.1 per cent rise in prices recorded in the twelve months to the end of quarter three, 2010.
Hong Kong's prices rose fastest in 2010 - 20 per cent. Latvia, Israel, China and Singapore were the other top five locations. Cyprus and Ireland filled the bottom two slots.
Knight Frank's head of residential research, Liam Bailey, says the number of countries recording price falls in late 2010 grew.
"It looks increasingly likely that Asian markets will escape a crash in prices, but in many of the previously ‘hot markets’ (India and China) price falls later this year seems a realistic assumption,” says Bailey, "Across Europe and the US the lack of bank lending is likely to extend the recent period of price reversals. Outside of the luxury markets in the global city hubs, it is difficult to see what could bring about a rapid improvement in the housing markets of the developed economies."
Knight Frank's report follow's The Global Property Guide's survey which shows some European markets weakening and Asian markets rising.
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