Recovery on track for the world’s housing markets

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) September 9, 2009 -- Recovery on track for the world’s housing markets
The world’s housing markets are showing signs of recovery, according to the latest survey of world-wide house price indices prepared by the Global Property Guide.

Seven countries have emerged from the house price slump (see below). However, most countries suffered sharp house price falls during the year to end-Q2 2009, so that the general situation remains negative.

The Global Property Guide uses price-changes after inflation, giving a more realistic picture than the (more upbeat) nominal figures usually preferred by real estate agents.

After experiencing declines in 2008, house prices in China, Portugal, Australia, New Zealand, France, Sweden and Hong Kong rebounded during the latest reported quarter, Q2 2009.

Seven countries are in recovery

In Shanghai, China, house prices were up 1.96% during the year to end-Q2 2009. These gains occurred entirely during Q2 2009, when Shanghai’s house prices rose 2.09%. China’s house prices started falling in the last quarter of 2008, but a strong increase in government spending revived both the housing market and the economy, which has seen 7.1% GDP growth during the first half of 2009. Chinese property prices are now widely expected to increase further.

Average house prices in the Algarve, Portugal, at EUR1,429 per square metre, were up by 2% during Q2 2009. House prices in Portugal as a whole rose 1.01% during Q2, and were down only 0.43% on the year to end-Q2 2009, compared to -7.24% during the year to end-Q2 2008. New construction orders in Portugal increased 12.3% during Q2 2009.



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