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Property prices in Spain have been rising slower than average among the 27 most developed countries in the world. The global property boom has shifted from Western Europe to the countries of Eastern Europe and Asia, according to a study titled “Global Housing Boom Shitfs Focus” by Global Property Guide.
The study points out that the worldwide property boom is staying alive in 2007, albeit at a slower pace and in countries other than those in which it took place over 2006.
Spain among the countries where prices are lowest
In Spain price increases have gone from 12% in the first trimester of 2006 to 7.2% in the first three months of the year. This was also the case in France (from 13.6% to 8.7%), Ireland (13.6% to 8.7%) and Greece (15.7% to 7%).
On the other hand, the list of ten countries where house prices rose the most in the first trimester of 2007 is lead by Latvia (from 35.6% to 14.2%) and Lithuania (25% to 26.3%). Three Asian countries also made the top ten list: Philippines (6.8% to 14.2%), Singapore (4.7% to 13.7%) and South Korea (5.7% to 11.6%).
All in all, the only decreases in real estate prices during the first trimester took place in Israel (-10.5%), Thailand (-5%) and Japan (-1.5%).
The study concludes that rises in interest rates within Europe as well as market saturation have been causes of this shift in the worldwide property boom.
