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The Planet's Housing Markets Were On Balance Weaker In The Year Ending In The 2nd Quarter Of 2011, According To The First-Ever Published survey Covering The Q2 2011 Info.
The world's housing markets were on balance weaker in the year ending in the second quarter of 2011, according to the first-ever released survey covering the Q2 2011 info, released today by the World Property guide, which historically publishes world housing information before other research homes.
Few European countries ' markets rose, most dropped, and many worse-hit countries like Eire, Greece and Spain performed much worse this year than last year. The US figures were also disappointing, due to high unemployment.
Globally, more housing markets experienced price falls than rises.
Only thirteen out of 39 countries which have so far released information for the period saw home price increases in the year to end Second-quarter 2011.
Out of 26 countries with house price falls, eighteen saw accelerated rates of decline.
The Global Property guide's probabilistic show uses price changes after inflation, giving a pragmatic picture than the more upbeat nominal figures customarily favored by real-estate agents.
HK had the biggest increase among all countries surveyed by the Global Property Guide, despite cooling measures implemented by the governing body. House prices were up 19.76% over the year to end Q2 2011, after inflation, with a quarterly rise of 3.51%.
The underlying dynamic has been Hong Kong's extraordinarily strong business expansion, with GDP up 5.1% over 12 months earlier, and really low rates resulting from the HK dollar's peg to the US dollar.
In Thailand, single-detached homes rose impressively by 7.75% in the year to Second-quarter 2011, after inflation, after last year's fall of 4.83%.
Thai home prices zoomed by 18.29% during Q2. This rise potentially resulted from the 0 interest loan scheme launched by the Government Housing Bank (GHB), targeted at increasing home ownership among lower and middle class earners. However , it must be noted the Thai house price database is dated and unrepresentative.
Western european housing markets have been puny
Prices of homes in Europe generally slid lower in the year to the second quarter of 2011. In reality most EU countries experienced quicker rates of decline than last year.
The information can be grouped into one or two categories : a) quicker declines this year than last, b) recoveries last year which have turned into declines, c) continued declines, but not as severe as last year, and d) real recoveries (a small category).
A few European countries which saw house price falls last year performed worse this year
Eire had the worst house price decline among all reporting countries in our survey over the 12 months to Q2 2011. Home prices were down by 14.84% yearly, a far worse decline than the 11.83% fall the previous year.
EU countries which experienced weaker performances than the previous year include Netherlands (-4.07%), Slovak Republic (-6.49%), Croatia real estate (-6.55%), Spain (-8.43%) and Athens, Greece (-9.88%) (all figures inflation-adjusted).
Some European countries which recovered last year, sunk back this year
In Latvia, standard type residences in Riga slid by 5.40% year-on-year, after a solid comeback since Second-quarter 2010. Quarter-on-quarter, apartment costs were down by 3.80%.
In the UK, average house prices were down by 5.33% yearly, after rising 6.04% the previous year. The housing market began bouncing back as early as Q4 2009, but started falling again in the last quarter of 2010. The price-falls in the UK are fascinating, because UK interest rates have been low and sterling has fallen, enticing foreign buyers.
In Sweden, home prices slipped by 1.35% over the year to end Q2 2011, probably thanks to the 85 percent mortgage ceiling introduced last year.
In Portugal, home prices have been falling since Q3 2010, and in the year to Second-quarter 2011, prices flattened by 5.67%.
In Germany, apartment costs have been slowing since the first quarter of 2011. In the complete year to Q2 2011, costs dipped by 0.65%.
In Finland, home prices rose, but were up a mere 0.18% annual, down from 10.24% expansion over the same period last year.
A few EU countries have seen their housing markets recover
Norway led the little group of European countries which experienced home price increases, up by 5.93% over the year to end Second-quarter 2011. Norway's home market began to rebound in Q3 2009 and has not slowed, driven by low rates and strong economic expansion (4.80% over 12 months earlier).
Housing markets in Estonia (Tallinn), France and Iceland rose in the year to end Q2 2011 after suffering house price falls in the previous year. In Tallinn, house prices were up 4.94% yearly, after last year's fall of 0.66%. In France (data is from FNAIM), prices of existing dwellings rose 4.65% yearly, after a fall of 1.71% the previous year. In Iceland, house prices rose slightly by 0.60% yearly, after falling by 9.04% in the previous year.
After a decade-long decline in the 1990s, the housing market in Switzerland has been stable since 2000. In the year to Q2 2011, residence costs rose by 2.19% yearly, up from 0.92% the previous year.
Israeli housing market softening
Israel home prices were up 5.40% year-on-year to Q2 2011, but the pace is slowing thanks to the steps taken by Bank of Israel. These include interest rate hikes (currently 3.25%) and the new limit on prime interest based mortgages (33% of the property's price).
During Q2, Israeli house prices fell by 3.38%, the steepest decline since the last quarter of 2008. Furthermore, the continued increase in the quantity of building starts, and steps taken by the Ministry of Finance in property taxation, are predicted to be mirrored in house prices in the course of next year,writes tagza.com.
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