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Global house prices 'affected by Europe issues'

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Global house prices 'affected by Europe issues'

The ongoing financial crisis in the eurozone has had an impact on global house prices, but investors may still be looking to transfer money to the UK and purchase British property.

According to the Knight Frank Global House Price Index, there has been a year on year increase of 0.9 per cent, which is the smallest rate of growth for three years.

Some countries performed better than others, with Brazil deemed to be among the best performing nations in terms of house price rises, with the South American nation seeing annual growth of 23.5 per cent.

However, house prices in Ireland continued to take a hit and they were shown to have decreased by 16.3 per cent over the course of the last 12 months.

Africa is also struggling in terms of the price of a home, with the continent seeing a fall of 0.8 per cent, while growth in the Asia-Pacific region has slowed to a little over two per cent.

Nicholas Holt, Knight Frank's director of research in Asia, explained it has been a tough 12 months for the property market in China "as developers and purchasers alike have had bank finance squeezed as a consequence of the on-going cooling measures".

He said: "Lending restrictions, new taxes, the curbing of multiple property purchases and new regulations to restrict the inward flow of hot foreign money have had the desired effect."

It was also noted the problems in Europe are going to continue to have an impact on the global property market, with Germany needing to come to an agreement regarding the future of nations such as Greece and Spain if there is to be stability across the continent.

Peter Elias, founder and managing director of property specialist Allez-Francais, recently claimed the euro as we know it could soon be set to come to an end following the election of socialist Francois Hollande as the new president of France.

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