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GPG Claims Global Property Prices are in Decline

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GPG Claims Global Property Prices are in Decline

By - Monday 30 May 2011

Despite growing evidence to the contrary, Global Property Guide's (GPG) latest house price survey suggests that property values around the world are falling, with the situation expected to get even worse.

The research shows that out of 35 countries with reliable national house price statistics for the year to Q1 2011, 21 had house price reductions, while just 14 saw growth.

According to GPG, this negative trend appears to be accelerating. "To really worry, see the first quarter's figures," the firm told Overseas Property Professional. "These show that during the first quarter of 2011 house prices rose in ten countries but fell in 25 countries."

Meanwhile, GPG found that there some big contrasts across the world. Hong Kong real estate was up 19 per cent, up 28 per cent the previous year and up five per cent during the first three months of this year.

But Ireland's housing market fell 13 per cent during the year, on top of a drop of 13.6 per cent the previous year.

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