Good news for property investors and owners — the Global House Price Index has risen again. It is the eighth consecutive quarter in which the figure has risen, with the annual growth figure at 7.1%.
These figures come as part of a report from real estate consultants Knight Frank, and demonstrate the continual recovery of the global property market. There was a caveat to the news, in that growth in the first quarter of 2014 was up only 0.6%, compared with 1.2% in the last quarter of 2013.
However, this can perhaps be explained by the fact that many deals are often pushed through during the end of the year, as buyers look to get transactions finalized before any tax changes that come into effect in the new year.
Where are the places to be?
Dubai again topped the growth rankings, as it has done for the previous four quarters. During the first quarter of 2014, prices rose by 3.4% in the Emirate.
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China, Estonia, Taiwan and Turkey have also performed well over the last year, as has Brazil. The buzz surrounding Brazil’s impending FIFA World Cup has likely contributed to this interest, with many new complexes and developments being constructed for the influx of tourists due to hit the South American country.
Elsewhere, the US market is one to watch, enjoying a turnaround and emerging alongside the likes of Iceland and Australia as one of the emerging places for property growth. Prices in America rose 11.3% in the last quarter of 2013 and 10.3% in the first quarter of 2014.
Worst Performing Countries
In terms of the poorer performing countries, Southern and Eastern Europe appear for now to be places to avoid. Greece and Cyprus have been performing particularly over the last year, although this might be understandable given the recent economical difficulties faced by those nations in recent times.
Despite this, house prices, although declining, are falling at a slower rate in these places.
Away from Europe, Japan has also struggled to overturn falling prices, whilst Singapore has also experienced similar results; a factor blamed on tighter lending and mortgage deals in the country.
Overall, it appears that the global property market is continuing to rise, and even in those places where growth is not yet happening, at least the rate at which property prices are falling is slowing. For property owners and investors across the globe, it appears to be a good time to be in the market.