Values increasing for property in most countries
12 December 2009
International property price values have been increasing in 70 per cent of countries, according to the Knight Frank Global House Price Index.
Results for the third quarter of 2009 reveal that Israel has performed best over the past 12 months with overall price increases of almost 14 per cent.
Singapore has also performed well recently, registering an increase in values of 15.2 per cent during quarter three.
Dubai was at the bottom of the table with prices plummeting by nearly 50 per cent since this time last year. The state faces an uncertain financial future after Dubai World announced that it would be delaying repayment of its debt.
Liam Bailey, head of residential research at Knight Frank, said: "House prices are now rising in a clear majority of locations around the world… That is not to say prices are on a guaranteed one-way trajectory but it does seem that any further falls are likely to be corrections rather than the start of another round of drastic reductions."
Locations which the index found were doing well included Asian economies, such as Hong Kong, and Australia, which was one of the developed nations least affected by the recession.
Reports from the Reserve Bank of Australia suggest there could be an improvement in international recruitment as the labour market is performing better than expected.
Source: Halifax International Expats
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