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House Prices around the Globe continue to CRUMBLE

ad44downey
Posts: 2,246 Forumite
House Prices around the Globe continue to CRUMBLE
http://news.bbc.co.uk/1/hi/business/8079169.stm
Global house prices drop further
Apartment prices in Riga have fallen 50% to 747 euros per square metre
House prices around the world dropped further in the first quarter of 2009 as the global recession worsened, with Latvia seeing the largest falls.
Out of 32 countries studied, 27 saw price falls over the year to the end of March 2009, property researchers the Global Property Guide said.
Apartment prices in the Latvian capital Riga fell 50% over the year.
The guide uses price changes after inflation to try to give a realistic picture of the property market.
Latvia is deep in recession - its economy contracted by 18% in the first quarter of 2009 compared with the same period a year earlier.

YEARLY HOUSE PRICE CHANGES
Latvia (Riga) -50.42%
UAE (Dubai) -35.3%
Singapore -22.7%
Iceland -20.5%
US (Case-Schiller) -19.1%
UK (Land Registry) -18.5%
Yearly change Q1 2009 compared to Q1 2008, adjusted for inflation
Source: Global Property Guide
The second biggest fall was seen in Dubai, where prices were down 35% over the year.
It indicates the extent to which Dubai's recent property boom has come to an end in the face of the worldwide recession.
Prices had shot up by 59.7% the previous year.
http://news.bbc.co.uk/1/hi/business/8079169.stm
Global house prices drop further

House prices around the world dropped further in the first quarter of 2009 as the global recession worsened, with Latvia seeing the largest falls.
Out of 32 countries studied, 27 saw price falls over the year to the end of March 2009, property researchers the Global Property Guide said.
Apartment prices in the Latvian capital Riga fell 50% over the year.
The guide uses price changes after inflation to try to give a realistic picture of the property market.
Latvia is deep in recession - its economy contracted by 18% in the first quarter of 2009 compared with the same period a year earlier.

YEARLY HOUSE PRICE CHANGES
Latvia (Riga) -50.42%
UAE (Dubai) -35.3%
Singapore -22.7%
Iceland -20.5%
US (Case-Schiller) -19.1%
UK (Land Registry) -18.5%
Yearly change Q1 2009 compared to Q1 2008, adjusted for inflation
Source: Global Property Guide
The second biggest fall was seen in Dubai, where prices were down 35% over the year.
It indicates the extent to which Dubai's recent property boom has come to an end in the face of the worldwide recession.
Prices had shot up by 59.7% the previous year.
Krusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."
"Buy now because house prices only ever go UP, UP, UP."
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Comments
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My Latvian BTL empire is crumbling.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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At least you can celebrate on eurovision night.
So with the above news I presume we are saying house prices were over priced all over the world and not just the UK?
If you believe some of the posters on other threads today, Brown has saved us. The deepest recession for 70 years has been overcome in less than a year and we are now coming out the other side. Get your deposit together ASAP, the boat is leaving. :rotfl:"For those who understand, no explanation is necessary. Those who don't understand, dont matter."0 -
Green Shoots this afternoon....
U.S. Home Resales Surge the Most Since 2001
"The number of Americans signing contracts to buy previously owned homes climbed 6.7 percent in April, the fourth increase in five months and almost 14 times as much as forecast, as lower prices attracted buyers"
http://www.bloomberg.com/apps/news?pid=20601087&sid=aUox8hHm9OqY&refer=home0 -
ad44downey wrote: »House Prices around the Globe continue to CRUMBLE
http://news.bbc.co.uk/1/hi/business/8079169.stm
Global house prices drop furtherApartment prices in Riga have fallen 50% to 747 euros per square metre
House prices around the world dropped further in the first quarter of 2009 as the global recession worsened, with Latvia seeing the largest falls.
Out of 32 countries studied, 27 saw price falls over the year to the end of March 2009, property researchers the Global Property Guide said.
Apartment prices in the Latvian capital Riga fell 50% over the year.
The guide uses price changes after inflation to try to give a realistic picture of the property market.
Latvia is deep in recession - its economy contracted by 18% in the first quarter of 2009 compared with the same period a year earlier.
YEARLY HOUSE PRICE CHANGES
Latvia (Riga) -50.42%
UAE (Dubai) -35.3%
Singapore -22.7%
Iceland -20.5%
US (Case-Schiller) -19.1%
UK (Land Registry) -18.5%
Yearly change Q1 2009 compared to Q1 2008, adjusted for inflation
Source: Global Property Guide
The second biggest fall was seen in Dubai, where prices were down 35% over the year.
It indicates the extent to which Dubai's recent property boom has come to an end in the face of the worldwide recession.
Prices had shot up by 59.7% the previous year.0 -
ad44downey wrote: »
YEARLY HOUSE PRICE CHANGES
Latvia (Riga) -50.42%
UAE (Dubai) -35.3%
Singapore -22.7%
Iceland -20.5%
US (Case-Schiller) -19.1%
UK (Land Registry) -18.5%
.Krusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."0 -
UK, especially London rents are still really high.
I bought my flat when the pound was at an all time low against all the other currencies and saved 12k in the process (parents helped me out with my deposit), on top of countless incentives...0 -
pickles110564 wrote: »Who cares what is happening else where in the world?0
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