Overseas Property Market Update Q3 2010
Skip to Headline Statistics or Useful Resources
The third quarter of 2010 showed a slowdown in the 'bounce back' for property prices internationally, according to the latest report from the Global Property Guide. Economies showing strong growth such as Hong Kong (+17.8%) and Singapore (+19%) showed the strongest growth and although Lithuania (-10.36%) posted a big rise versus the previous year, this gives a false sense of recovery as prices still have a way to go before they hit their pre credit crunch peak.
Other countries that are performing steadily include Australia's top cities (+8.5%), while European countries such as Germany, Switzerland and Denmark showed insignificant growth. This may also give a 'false' impression of a market 'doing well' but anyone buying now needs to be cautious, the UK for example posted a small rise, but most pundits (including our MD Kate Faulkner) believe prices are likely to slide a little this year.
Kate comments "The problem we have in the UK is likely to be replicated around the rest of the world. Some property prices where demand is high, people have decent equity in their homes will do OK this year. Other areas are going to be hit hard by government AND consumer spending cuts and where debt levels are higher, property prices could fall by up to 10% or more if repossessions are rife".
Economic growth and debt are the two big influencers on house prices. So places such as Greece (-8.22%) and Ireland (-15%) continue to slide and even the US which had bounced back seems to be suffering again. Areas like Bulgaria (-8.6%) which were overdeveloped and therefore have an oversupply in many areas continue to do badly too.
Overseas Property Investment Warning!
Watch out for property investment companies trying to flog so called 'cheap' deals in these areas.
Need a check list for buying a property overseas? Then email enquiries@designsonproperty.co.uk or call us on 0845 838 1763.
Read the latest report from the Global Property Guide team and the Knight Frank Global Property Reports.
Headline Statistics
There are far too many stats to list here about what's happening in every country around the world! However there are five good statistics resources that are worth studying:-
GLOBAL PROPERTY GUIDE ASSETZ PROPERTY FRONTIERS
SAVILLS KNIGHT FRANK
Useful Resources
REAL ESTATE TV HOMES OVERSEAS
For more market commentary on homes and investments overseas:-
Contact Kate Faulkner on 07974 750562 or 0845 838 1763. To read more about Kate, please visit
ABOUT US, see Kate on video and for media appearances, contact:
Sylvia Tidy-Harris
STH Management Tel +44 (0) 1530 263221
Mob +44 (0) 7970 646872
Fax: +44 (0) 1530 264018
