Categorized | Residential

Housing Market Struggles Globally

Please Share!

The housing market worldwide has struggled as a whole throughout 2012. While residential real estate markets in some nations have flourished, the majority of markets have tumbled either due to adverse market conditions or government regulations.

Only a third of all reporting countries reported an increase in home values throughout the year. The remaining two thirds either saw prices remain flat, or decline. The declines varied in severity, with some nations posting absolutely horrific numbers, while others remained relatively flat with a decline of less than three percent.

The markets posting increases were led by Brazil and India. Prices in major Indian cities rose by nearly twenty-five percent. In major cities in Brazil, prices jumped by approximately twenty percent. Austria and Estonia led European countries with increases near ten percent. Norway and Switzerland were not far off, as each posted increases that were greater than five percent.

The United States posted its first increase in a few years, rising by approximately a half of a percentage point. The United States market has varied tremendously from city to city. Some cities like Miami have posted incredible gains. Others continue to see declines in pricing and sales. Economists believe the market in the United States will start to see greater increases in the next year and a half.

Of the markets experiencing declines, Ireland has exhibited the worst performance. Prices fell by almost twenty percent in the last year. Oversupply and severely tightened credit has been a major factor in causing the decline. Greece and Spain also posted declines that were greater than ten percent.

Please Share!

About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

Leave a Reply

Twitter Chat