New global house price data reveals uneven recovery

New time-series data from the Global Property Guide reveals that house prices are now rising in more countries than they are falling.

During the last quarter of 2009, property prices rose in 22 of the 34 countries analysed and fell in only 11 countries.
The data suggests that recovery is now taking place in most residential property markets despite large year-on-year declines in many national markets.

Asia leads the real estate recovery

The largest quarter-on-quarter rises came from Asian countries, most notably Singapore (6.58%), Taiwan (4.7%) and Australia (4.63%). Asian countries also saw the largest year-on-year increases in 2009 with Hong Kong, Taiwan, Israel and Australia topping the table.

More bad news for Ireland

Ireland saw the largest drop in property prices in the final quarter of 2009. A fall of -5.83% is the worst since the Irish time-series began. It is sharp contrast from the boom years when Ireland enjoyed steep house price appreciations.

UAE and Eastern Europe the biggest losers in 2009

The UAE and the Eastern European states of Latvia, Lithuania and Bulgaria took the biggest hits to their property markets in 2009 declining 43%, 50%, 29% and 26% respectively. Of the four, only Latvia looks like it has turned the corner with prices increasing 4.6% in the final quarter.