Property News

Global house prices reach new peak

Knight Frank’s Global House Price Index which tracks mainstream residential prices in 53 countries, as well as Dubai and Hong Kong, has exceeded its pre-financial crisis high.
The index now stands 4% above its previous peak in the second quarter of 2008 and 12.7% above its financial crisis low in the second quarter of 2009.

Over 69% of the countries tracked by the index recorded positive growth in the year to September 2013, two years earlier this figure was close to 55%.

The index’s strong performance has been assisted not just by headline grabbing price rises in Dubai, China and Hong Kong where annual price growth ranged from 16% to nearly 29% but by the performance of a number of emerging markets.

Taiwan, Indonesia, Turkey and Brazil recorded price growth of 15.4%, 13.5%, 12.5% and 11.9% respectively in the year to September.

While Dubai’s continued recovery is impressive, Ireland is also experiencing a strong rebound. Ireland now ranks fifth in terms of quarterly price growth, with prices rising 4% on average over the three months to the end of September. Less than two years ago average prices were falling at a rate of 5.4% each quarter.