Global Property Markets - A look back at 2007 and a look forward to 2008
At the year end it a worthwhile exercise to take a look at property investments you are involved in and compare them with what is happening in the world at large.
So we are publishing top performing property markets from overseaspropertymall for you to a spot of comparison and see how you stack up.
Our target, Spain, only achieves 5% but that still does not stop it being one of the highest volume performers.
2007 saw some major changes in the World’s property markets.
The U.S subprime crash bought about massive drops in property values and increases in foreclosures in certain markets and states – notably Florida, California and Nevada. Latest statistics show a national foreclosure rate of one foreclosure for every 555 households and Realty Trac, a U.S based online market place is claiming over a million listings as of November 29th. The crash does not seem to be affecting the high end condominium market which continues to flourish, particularly in Manhattan.
Western Europe saw a swift slowdown particularly in Ireland, the U.K and Spain, although, as with the U.S, the high end markets in major cities such as London are also flourishing with record prices being seen for both residential and commercial properties, and the U.K still managed a 9% increase in prices. London is still the most expensive office market in the World for 2007 thanks to the West End, followed by Mumbai, India.
The Baltic markets in general saw a slow down in price growth, with one major exception being Bulgaria, knocking previous success story Latvia well back in the rankings and Estonia falling behind also.
Top performers world wide for the year were Bulgaria, China and Singapore, with Bulgaria showing a stunning 30.59% increase in residential house prices.
Top performers for 2007 percentage increase (- decrease) in local currency
- Bulgaria 30.59
- China (Shanghai) 27.85
- Singapore 27.59
- Estonia (Tallinn) 23.38
- Lithuania 13.64
- Philippines 13.04
- Colombia 12.82
- South Africa 12.52
- Norway 11.56
- Hong Kong 11.25
- Australia 10.63
- Latvia 10.22
- Sweden 9.86
- UK 9.68
- South Korea 9.01
- Poland 8.38
- France (Paris) 8.27
- Japan (6 cities) 7.75
- New Zealand 6.67
- Canada 6.13
- Finland 5.88
- Italy 5.60
- Spain 5.31
- Indonesia 5.24
- Greece 4.18
- Denmark 3.95
- Netherlands 3.77
- Malaysia 3.20
- Switzerland 2.56
- Germany 2.04
- Portugal 0.49
- Israel -0.51
- Thailand -0.78
Tags: property, market, performance, bulgaria, china
