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European property price recovery slows

Tuesday, 7 December 2010 2:16 PM

The average yearly growth of global house prices stood at 3.1 per cent in the third quarter of 2010, with European countries among the weakest performers, according to new figures.

The Knight Frank Global House Price Index for Q3 2010 has revealed that the strongest world region was Asia Pacific, with an average growth rate of 9.9 per cent, while Europe managed just 0.8 per cent.

Although the European figure is up substantially on the same period in 2009, the rate is disappointingly lower than the 4.3 per cent hit in the second quarter of this year.

Liam Bailey, head of residential research at Knight Frank, said: "There is a positive story to take from the latest results. For the first time since late 2008, prices are rising in each of our six world regions.

"Unfortunately these upbeat headlines do not tell the full story. Digging into the data, we can see that there are still considerable issues playing out across the global markets. While a majority of countries are reporting positive annual growth, 56 per cent saw prices fall in Q3 this year," he added.

Commenting on the European figures, Bailey said that the performance had improved overall, but that the picture from each individual country varied dramatically.

Annual growth rates in the third quarter were found to range from an impressive 26.1 per cent in Latvia to an extremely negative -14.8 per cent in Ireland.
 

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