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Added 20/12/12

European housing markets 'remain extremely depressed'


Many European housing markets remain extremely depressed, and continue their rapid spiral downwards, the Global Property Guide has reported.

House price falls are accelerating in Greece, Spain, Netherlands, Portugal, Croatia and Lithuania, said the property research company.

Of the 23 European countries included in its regular survey, 14 recorded house price falls in the third quarter of 2012 while only nine experienced house price increases.

The nine weakest housing markets in the survey were all in Europe.

Meanwhile the Asian housing market surge has weakened. Seven of the 10 Asian housing markets included in the survey performed worse this year than last - although the survey indicated that Asia 's biggest housing market, China, was recovering.

Good news to come from the third quarter survey was that the US housing market recovery continued. The Federal Housing Finance Agency (FHFA) seasonally-adjusted purchase-only house price index rose by 2.3 per cent year on year, the highest growth seen since the second quarter of 2006.

Dubai has also ‘rebounded strongly’. The price index for all residential properties surged ahead at an annual rate of increase of 14.4 per cent as compared to a meagre year on year increase of under 1 per cent posted at the same time last year.

Pacific housing markets are also now recovering. New Zealand’s median house prices were rising at 5.2 per cent per annum at the end of the third quarter.

Australia’s housing market was also improving although house prices in its eight major cities fell at the rate of 1.6 per cent per annum.

House price falls in Ireland may be decelerating, concluded the survey. Ireland’s residential property price index fell by 13.2 per cent, year on year - the lowest decline since the first quarter of 2011. ‘In addition, house prices have risen significantly in Austria, Turkey, Latvia, Germany, Iceland and Finland’.


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