Despite jaw-dropping declines in places like Dubai and Bulgaria, the latest data from Global Property Guide shows signs of recovery in many housing markets. Of the 27 areas surveyed, 16 posted increases in the latest quarter, indicating “the trend is toward recovery,” the analyst site concludes.
Some of the markets showing in uptick from the previous quarter included Hong Kong, Singapore, Australia and the U.K. For the year, Singapore and the U.K. are still down from a year earlier, “however the annual data is somewhat like a car’s rearview mirror,” considering the decimation of the later part of 2008, the report notes.
In sharp contrast, the United Arab Emirates posted a 48.1 percent decline in valuations for the year and Bulgaria prices were down 28.7 percent.
“More broadly, the world seems polarized between the Asian economies, which are enjoying strong economic growth and high residential property price rises (Thailand excepted), and Eastern Europe and the UAE, where growth has stalled and property markets have crashed,” the report concludes.
Read the full report here.
