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Monday Jan 13, 2014

Global property prices are now above pre-crisis levels

Knight Frank's Global House Price Index, which tracks mainstream residential prices in 53 countries, as well as Dubai and Hong Kong, has exceeded its pre-financial crisis high.

The index now stands 4 percent above its previous peak in the second quarter of 2008 and 12.7 percent above its financial crisis low in the second quarter of 2009.

More than 69 percent of the countries tracked by the index recorded positive growth in the year to September - two years earlier this figure was close to 55 percent.

The index's strong performance has been assisted not just by headline- grabbing price rises in Dubai, China and Hong Kong, where annual price growth ranged from 16 percent to nearly 29 percent but by the performance of a number of emerging markets.

Taiwan, Indonesia, Turkey and Brazil recorded price growth of 15.4 percent, 13.5 percent, 12.5 percent and 11.9 percent respectively in the year to September.

Although Dubai's continued recovery is impressive, Ireland is also experiencing a strong rebound. Ireland now ranks fifth in terms of quarterly price growth, with prices rising 4 percent on average over the three months to the end of September. Less than two years ago, average prices were falling at a rate of 5.4 percent each quarter.

Weekend Argus (Sunday Edition)


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