Overall, housing markets around the world were weaker over the course of the year that ended in the second quarter than in the previous 12 months. This is the finding of the Global Property Guide, which highlighted the real estate sectors in the US and Europe as posting particularly poor performances. The organisation has collated data published around the world, with just 13 out of 39 countries so far reporting house price rises.
Among the European nations to be hit hardest by declining property values were Spain, Ireland, Bulgaria, Greece and Ukraine. Meanwhile, Australia was the worst performing country in the Asia-Pacific region, with Japan also registering a fall. The research described the US property market as "alarmingly weak", noting that the high rate of unemployment is driving foreclosures in the residential sector.
Earlier this month, the National Association of Realtors in the US revealed that commercial property in the country has been negatively affected by low job creation, while lower than expected economic growth will result in a "slower recovery" for many sectors, chief economist at the body Lawrence Yun explained.
- Thursday 01 September 2011