In The Year To Finish Q3 2011, Home Prices Fell In 25 Countries, Of The 44 States For Which Quarterly Home Price Statistics Are Available.
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The planet's housing markets had a puny 3rd quarter of 2011, according to the newest survey of world wide house price indices prepared by the Worldwide Property Guide. During the year to end Q3 2011, house prices fell in twenty-five countries, of the 44 nations for which quarterly house price statistical data are available, and rose in only nineteen countries.
Furthermore, 26 housing markets performed more poorly during the year to the third quarter than last year, while only eighteen countries performed better.
The Global Property Guide's statistics display uses price-changes after inflation, giving a more pragmatic picture than the more upbeat nominal figures typically favored by real estate agents.
What's most noteworthy this quarter is the wide range of outcomes :
The BRICs ' 2 spectacular outperformers
India and Brazil ' housing markets have continued their spectacular outperformance, with Delhi house prices up 22.68% during the year to Q3 2011, according to National Housing Bank (NHB) figures. There were strong house price increases in almost all India's major cities, reflecting the country's current heavy rate of consumer price inflation, regardless of a drop in demand resulting from the repo rate increase in October (now at 8.50%), the 13th since March 2010, making home loans costlier.
Europes housing markets mixed
The worlds 2nd strongest quarter-on-quarter house price rise happened in an unexpected city - Vienna, where house prices rose by 5.44% in the quarter (and +4.25% on the year), continuing 6 years of almost unbroken price rises for Austrias capital.
The Baltics have also performed strongly. Latvia is the 3rd best performer among all reporting states in our survey over the 12 months to Q3 2011. In Riga, standard type apartments rose 13.31% year-on-year, a fast comeback after a fall of 5.40% in the 2nd quarter.
Following Latvia was Estonia, whose home market is rallying after 3 years of brilliant losses that commenced during the start of the global finance disaster. During the year to end Q3 2011, house prices in Tallinn were up 12.30% with a quarterly rise of 2.71%.
And though costs in Lithuanias five biggest cities were down on the year to Q3 (-4.44%), their momentum is up compared against last year. During the latest quarter Lithuanias house prices rose extraordinarily slightly (+0.22%) . Usually Lithuania follows the pattern of Latvia and Estonia, with a lag, so the latest quarters home price rises might be a predecessor to a place price recovery in the new year.
Other Western european markets which have enjoyed satisfactory increases were Norway (+6.74%), France (+4.80%), and Switzerland (+3.35 %).
Modest house price increases were seen in Slovenia (+0.82%), Iceland (+0.76%), Germany (+0.66%) and Luxembourg (+0.55%) in the year to Q3 2011.
The Irish housing market remains the worlds weakest performer. House prices were down 15.61% annual, the steepest decline since 2008. Quarter-on-quarter, Irelands house prices slid 4.25%.
A number of other Western european housing markets experienced sped up recessions during the year ending in quarter 3 of 2011, including Netherlands (-5.20%), Portugal (-6.77%), Slovak Republic (-7.94%), Warsaw, Poland (-7.95%), Spain (-8.41%) and Bulgaria (-9.65%).
Conversely, European states which saw slower home price falls this year than the previous year include Turkey (-0.50%), Russia (-3.47%), Croatia real estate (-4.59%), Hungary (-4.67%), Athens, Greece (-6.57%) and Kiev, Ukraine (-7.02%) as reported tagza.com.
