The overall picture for the global real estate market
is mixed, with many leading economies showing positive signs of recovery, the latest report has suggested.
However, the forecast still remains bleak for other world markets, with some experiencing price falls and others seeing the sector grind to a halt, the report from Canadian finance house Scotiabank shows.
Indeed, while countries such as Australia, Canada, Sweden, Switzerland and the UK all enjoyed a measure of house price growth there was not such good news in Japan, Italy and Ireland, where prices fell.
Among the markets looked at by the study, there was a climate of muted economic growth, with record-low interest rates helping to support a number of global real estate markets. However, the rebound lost some of its momentum in the latter half of the year, Scotiabank explained.
"Despite still attractive borrowing costs, the expiry of purchase initiatives in many markets, the relatively slow pace of job creation and mounting concerns over the financial strains facing debt-heavy developed nations are weighing on confidence," the report added.
- Friday 07 January 2011