 |
Asia House Prices Lead the World
Author: The Global Property Guide  | Posted: 07-05-2008 | Comments: 0 | Views: 3 | Rating: (136)  (?) 
 Shanghai, China (up 35.4%) was the world’s strongest residential property market during the past full year, according to a compilation of official and private-sector statistics by the Global Property Guide. Bulgaria (up 34.6%) was in second place, followed by Slovakia (up 32.5%) and Singapore (31.1%).
The worst performers were the United States (down 8.9% by Case-Shiller calculations), Ireland (down 7.3%), and Estonia (down 3.9%).
Asia-Pacific’s strong performance was led by China, Singapore (31.2%), Hong Kong (25%), the Philippines (15.2%), and Japan (8.4%). In most cases, this was due to strong economic growth.
Price rises in Japan have now paused. Outside the US and Europe, Japan has been the hardest hit by the credit crunch. In March, Reicof, a listed property investor, failed with debts of Y42.6 billion (US$422 million). Deals are now being postponed, and the credit squeeze is hitting private real estate funds, which tend to be highly leveraged, and have borrowed mainly from foreign banks. These private funds are finding it hard to refinance and are being forced to unload property.
Hong Kong surged ahead this past year (up 25%), but transaction levels have now fallen sharply, despite declines in interest rates in line with the US.
Singapore’s residential market is still holding steady, but last year’s euphoria seems to be over.
In both Hong Kong and Singapore prices are high by most yardsticks and there are low rental returns, usually a harbinger of price weakness.
China’s housing market seems to be on the verge of significant weakness. It has a history of very strong cycles, and the authorities have discouraged the house price boom by prohibiting foreign acquisitions, by higher interest rates, and by credit controls.
South Africa’s market seems to be weakening, having experienced the first decline in 8 years.
The Baltics has been hard hit. Latvia, last year’s star performer (up 69%), was this year’s biggest disappointment with a price decline of 1.7%. Estonia followed Latvia down with a decline of 4%.
Eastern Europe shows sign of weakening, partly due to the end of inward money flows associated with buy-to-let boom, but more importantly due to past price rises. Yet there are many islands of strength. Slovakia has seen continued price rises. Land prices in Bratislava increased by an average of 50% in 2007. The price of residential apartments also rose strongly. Strong economic growth, continued foreign investment, a burgeoning mortgage market, and a shortage of new developments, are all contributing to Bratislava’s performance, which looks likely to continue at least next year.
In Bulgaria, Sofia prices are still rising strongly, while the coast and mountain resort booms are over.
Those looking for upcoming trends may want to consider Latin America. The increasing willingness of Americans to retire abroad and to look beyond the Caribbean has led to strong buying interest in both beachfront property and in colonial cities such as Guatemala’s Antigua, Nicaragua’s Leon, and Colombia’s Cartagena.
Latin America sadly lacks property price indices, the exception being Colombia whose economic prospects have been transformed by President Alvaro Uribe’s stern anti-rebel policies, causing property prices and the currency to surge.
Rate this Article:
Current: 0 / 5 stars - 0 vote(s).
Article Source: http://www.articlesbase.com/business-articles/asia-house-prices-lead-the-world-407004.html
About the Author:The Global Property Guide is a research publication and web site for the high net worth investor in residential property – providing information about the process and benefits of buying property in any country in the entire world. On-line newspapers, magazines, sites, etc wishing to use material from this press release MUST provide a clickable link to www.globalpropertyguide.com Sites and newspapers found not to be providing a link to us will be removed from our press list.
Description:
The Global Property Guide is an on-line property research house.
Terms of Use:
On-line newspapers, magazines, sites, etc wishing to use material from this press release MUST provide a clickable link to www.globalpropertyguide.com Sites and newspapers found not to be providing a link to us will be removed from our press list.
Publisher and Strategist:
Matthew Montagu-Pollock
Phone: (+632) 867 4220
Cell: (+63) 917 321 7073
Email: editor@globalpropertyguide.com
Address:
Global Property Guide
http://www.globalpropertyguide.com
5F Electra House Building
115-117 Esteban Street
Legaspi Village, Makati City
Philippines 1229
info@globalpropertyguide.com
|
Submitting articles has become one of the most popular means of generating quality backlinks and targeted traffic to your website. Join us today - It's Free! |
|
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
PNB GFMC be used in China to recieve monies ...
By: Paul | 12-06-2008
PNB GFMC be used in China to recieve monies deposited on their account in another country?
How do plastic bags contribute to global warming?
By: Kuzco | 05-06-2008
How do plastic bags contribute to global warming?
How do I create a phone number only address book ...
By: Eric | 20-05-2008
For my BlackBerry Pearl 8130 phone, How do I create an address book and upload onto my phone without using Outlook. I am trying to convert from old phone technology to smart phone and Alltel was unable to transfer phone contact list. Is there an easy way to create and maintain my contact list on my PC and download to my phone?
Difference b/w global,automatic and static variables
By: poison | 30-04-2008
What is a difference between global,automatic and static variables?
What is better, Quad Band or GSM?
By: sublimemike1603 | 23-04-2008
What is better, Quad Band or GSM? ans can i use quad band in China with China Moble as the carrier?
Measuring umbrella jellyfish
By: jania | 08-04-2008
my question is.... how measuring the umbrella in jellyfish. I work with the medusa stemolophus meleagris and need to know this measure morphogenetictks
Q&A Powered by: 
Latest Business Articles
The Basics of Creating a Filing System That You Can Benefit From Starting Today
By: Tracey Lawton | 19/07/2008
In my brand-new article, I'm going to share with you 7 easy steps for getting your filing system in place. The summertime is generally a quieter time with a more slower pace of business, so use this time to get one of your core office systems in place.
The 9 Things You Will Want to Include in Your Email Newsletters
By: Katrina Sawa | 19/07/2008
You probably get numerous newsletters across your desk each month. How many of those do you really read? I am sure that you scan certain newsletters for valuable information, while you just toss others. Then, of course, there those like mine (chuckle), which you read every last word of.
CEO Tips for Getting Staff to Understand You
By: Pamela Scott | 19/07/2008
This article is directed to the CEO, but it can help anyone in a management position communicate more clearly with staff.
Protect Your Internet Home Business
By: John McRae | 18/07/2008
Running an internet home business or any small business for that matter involves some degree of risk. The business could fail and if you are not protected creditors will be coming after you. There is also the very real possibility that your business could be a success and give you the financial freedom every person dreams of. With that new found freedom brings another creditor, the IRS.
How to Promote an Office Cleaning Business
By: Brent Wale | 18/07/2008
If you are either thinking about start your own janitorial/ office cleaning business, or if you already own and operate a cleaning business..Here are some tips on how to promote and market your cleaning company.
How to Establish yourself as an Expert
By: Katrina Sawa | 18/07/2008
Establishing yourself as an Expert in your field is a great way to get added exposure, publicity and credibility for you and your business which will ultimately bring you more sales and more money!!
Are Your Prices High Enough?
By: Stephen Oliver | 18/07/2008
Conventional wisdom dictates that you should discount to get the business at any cost. This article suggests that you in fact should be raising your prices instead and focussing on your most valuable customers instead.
Women Owning the Workplace: Tips to Guide Female Entrepreneurs
By: Melissa Mashtonio | 18/07/2008
Women are taking the business world by storm, and it doesn't look like they're backing down. According the Womenentrepreneur.com, women-owned firms are the fastest growing in the country. Women are looking beyond the traditional roles and moving ahead to a new role: entrepreneur. This does not necessarily mean women are...
More from The Global Property Guide
The End of the Global House Price Boom
By: The Global Property Guide | 07/07/2008 | International Business
Weighed down by the credit crunch and high inflation, the global house price boom has ended, according to the latest Global Property Guide survey of house price indicators.
Gloomy Days Ahead for Asia’s Housing Markets
By: The Global Property Guide | 08/05/2008 | Business
Asian property markets, though still relatively unaffected by the credit crunch, will soon be affected by inflation and higher interest rates, warns the Global Property Guide, because of rising food, fuel and other commodity prices.
Research Firm Assails Rent Control in Middle East
By: The Global Property Guide | 06/05/2008 | Business
In an extended research article, regimes in about 40 countries are reviewed by the Global Property Guide, an international research firm.
Buying a Piece of the Caribbean
By: The Global Property Guide | 28/04/2008 | Business
In its latest survey of Caribbean property prices (March 2008), the Global Property Guide finds that in Bermuda, the average price of a three bedroom house and lot is around US$1.5 million.
The Global Property Guide – Relaunched!
By: The Global Property Guide | 28/04/2008 | Business
The Global Property Guide today re-launched its web site to make its data more accessible.
Swiss, US Rental Taxes Highest in Oecd
By: The Global Property Guide | 25/09/2007 | Business
Buy-to-let income tax rates are high in some foreign countries, but in others, rental income is completely tax free.
Housing Transaction Costs in the Oecd
By: The Global Property Guide | 25/09/2007 | Business
For people buying property outside their own countries, the high costs of buying and selling residential property abroad (the transaction cost) are a significant negative factor. The Global Property Guide (http://www.globalpropertyguide.com) believes that in some OECD countries, such as South Korea, Belgium, Italy, these transaction costs are unnecessarily high.
Global Housing Boom Shifts Focus
By: The Global Property Guide | 15/08/2007 | Business
The global house price boom continues in 2007, albeit at a much slower pace and with different set of countries, according to the online research house, the Global Property Guide (http://www.globalpropertyguide.com).
|
|
Business 
