According to a Global Property Guide survey, momentum is still strong for global house prices, especially in Europe, with Germany up 9.46% and Portugal 7.92%
Real house prices (prices adjusted for inflation) rose in 36 of the countries surveyed and declined in only 9.
European house price rises continue unabated. In fact, 6 of the 10 strongest housing markets in the global survey are in Europe. House prices have risen in no less than 17 of the 23 European housing markets for which figures were available during the year to Q3 2019.
The strongest housing markets in the global house price survey during the year to Q3 2019 were in my opinion, places you could consider living in. In contrast to the countries with falling house prices, which are places you would be unlikely to move to from New Zealand, assuming you had the choice.
Hong Kong is somewhere I would have considered living, until recently. I visited Hong Kong several times. It’s a vibrant city with a breath-taking skyline. It’s people are well educated, cosmopolitan and welcoming to visitors. It’s a city of flair, fashion, culture and business. But unfortunately it’s changing and we’ll have to wait and see how it pans out.
The Top 5 strongest housing markets were:
Puerto Rico +10.59%
Slovak Republic +6.67%
The countries with the largest falls were:
Kiev, Ukraine -5.79%
Hong Kong -5.37%
I’ve attached a table with the house price changes for all 36 countries. As you will see from the table, rising house prices are not just a New Zealand phenomenon.
I hope you enjoyed the article and welcome your comments.