PETALING JAYA: Five out of six best performers in a global housing market survey were all in Asia, while all nine Asian markets surveyed saw a rise in house prices during the year. According to the survey conducted by the Global Property Guide, house prices rose in 30 of 42 housing markets with published housing statistics.

House prices rose by 14.52% during the year to the second quarter of 2013 (2Q13) in Taiwan while house prices jumped 13.7% in Hong Kong. The price index of second-hand residential buildings grew by 10.7% in the Philippines’ Makati central business district. The average price of three-bedroom condominiums rose 9.98%. In Japan, the average price of new condominium sales rose 9.02%.

In the US, house prices rose in all the 20 major cities. Las Vegas registered the biggest year-on-year (y-o-y) jump of 21.7% in 2Q13, followed by San Francisco (19.8%), Los Angeles (16.1%), San Diego (15.7%) and Phoenix (14.9%).

Dubai, the United Arab Emirates, maintains its spot as the survey’s world best performer with house prices rising by 17.99% during the year to 2Q13. In Israel, average price of owner-occupied homes saw a 5.06% increase in the same period.

House prices in Australia’s eight major cities rose during the year to 2Q13 by 2.65%, recording its highest growth y-o-y since 3Q10.

The survey said the 12 weakest housing markets were all in Europe. Cyprus has the weakest market globally with house prices falling 12.74% during the year to 2Q13. Nevertheless, several European housing markets have improved sharply. In Denmark, for example, the price index of owner-occupier flats increased to 7.76% compared with a decline of 4.12% y-o-y (2Q2012). House prices in Turkey rose by 6.94% y-o-y to 2Q13. The same period also saw housing markets stronger in Kieve, Ukraine (6.24%), Vienna, Austria (6.01%), Tallinn, Estonia (4.65%), Germany (3.83%), Switzerland (3.63%), Norway (3.37%) and Sweden (3.34%).


This article first appeared in The Edge Financial Daily, on September 13, 2013.

 

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