Global house prices rise
Global house prices rise
According to the latest results from the Global Property Survey, house prices around the world have risen over the past year.The top growth rate was in Estonia, where prices rose by 54.29 percent, a slight slow down from the 56.69 percent recorded in 2005.
European countries were well represented with six of the top ten largest increases reported in this region.
South Africa, with a rise of 12.65 percent, was the only non-European country in the top five.
Despite these increases, the survey noted that the trend for increasing house prices had slowed since 2005.
A significant slowing in price rises was evident in Poland, the US and New Zealand, where the increase declined by five percent.
Commenting on the results, the report noted: "It is tempting to attribute the slowdown in many countries to interest rate rises, especially in Europe and the US."
Israel was at the bottom of the table with a 3.62 percent decrease which was attributed to the recent political instability in the region.
News of this worldwide decline supports the UN's prediction for a global economic slowdown over the coming year.
12 January 2007
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