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World housing market is weakest since 2009

Friday, 16 September 2011 3:35 PM

Global house prices are rising at an annual rate of 1.7 per cent, the weakest performance since 2009, according to the latest survey by Knight Frank.

The estate agent said prices rose just 0.1 per cent in the three months to June 2011 and fell in 23 of the 50 countries monitored.

Asia continues to outperform all other regions, with prices rising 8 per cent in the last 12 months. In Hong Kong prices rose by 26.5 per cent.

However, Knight Frank says Asian policy measures aimed at cooling asset price growth are having an impact, with house price inflation slowing in Singapore, India and China.

Prices are down by 0.9 per cent in North America and 0.1 per cent in Europe over the last 12 months.

Knight Frank commented: “Looking forward it is difficult to be positive about price prospects in the developed world’s mainstream housing markets. Ongoing low interest rates and other market support measures are likely to spur increased sales activity rather than price growth.”

However, it says the world’s prime or luxury markets appear to be insulated for the moment from the market weakness, with the wealthy elite seeing them as a safe haven.

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