Thursday, May 14, 2009

The State of Housing Markets Around The World: Not Bottoming Yet?

Only two countries (Germany and Switzerland) out of 32 main property markets saw positive momentum in 2008 (a slower downward house price movement or faster upward movement), while 28 countries saw momentum deteriorating. Around 8 out of 32 countries saw house prices rise, adjusting for inflation, while 20 countries experienced house price falls with the sharpest in Latvia (37%), Lithuania (27%), U.S. (20%), UK (18%), Iceland (16%), Ireland (12%), and Ukraine (Kiev) (12%). Downward price momentum accelerated in Q4 2008 (Global Property Guide)

While stock market recoveries often precede an economic recovery, a key driver of property occupancy - employment - is often one of the last economic indicators to turn. This suggests that 2009 will remain a difficult year for commercial and residential property globally (Jones Lasalle)

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