Every corner of the world has seen rising property prices in the year to March 2013 except for Europe, according to analysts Knight Frank. Global house prices increased by an average of 6.6% but in Europe prices actually fell by 0.3%.
Knight Frank’s Global House Price Index looked at 55 domestic housing markets around the world and found that 35 of them had an increase in mainstream property prices in the period covering March 2012 to March 2013.
The single best performing location was Hong Kong, where year on year prices increased by a significant 28%. Mainland China notched up the biggest quarter on quarter rise at 10.7% and over a 12 month period prices there were up by 23.8%.
Elsewhere, Knight Frank noted that the influence of an emergent middle class in South Africa is continuing to make waves with prices rising by 11.3% and Cape Town, Durban and Johannesburg all being tipped as key commercial property opportunities over the coming years.
However, it was the Middle East that proved to be the best performing region, with residential unit values rising by 10.6% across the board. These figures are in stark contrast to those coming out of European countries, where the struggle to emerge from recession continues to hang heavy over property markets.
Hard-hit Greece saw the largest annual fall in mainstream prices for the third consecutive quarter, dropping by 11.8%. Hungary and the Netherlands fared little better with decreases of 9% and 8.3%.
Of course the falls in values have in some places stimulated buyer activity and where this is most evident prices are beginning to start to creep back up. Ireland had seen a fall of 16% last year but now that has pulled back to finish only 3 points down.
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