Analytics, Latvia, Real Estate
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Tuesday, 04.11.2025, 02:26
Dwelling prices in Latvia fell 27.15% in 2008
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House prices in the United States fell 14.8% and in Ireland 8.87%. Dwelling prices also decreased in Luxembourg, Portugal, Malta and Japan, informs LETA.
On the other hand, house prices in China's Shanghai increased the most, 40.47%. Slovenia registered a 34.53% increase, Bulgaria – 31.55%, Hong Kong – 31.14% and Singapore – 29.82%.
The "Global Property Guide" report says that, weighed down by the credit crunch and high inflation, the global house price boom has ended. Only 13 countries in which dwelling price indices are regularly published saw prices rise in the first quarter of 2008, while 21 countries saw dwelling prices fall.
After adjusting for inflation, the biggest house price fall was also registered in Latvia, down by 38.22%. In the United States, dwelling prices dropped 18.07%, in Ireland – 13.24%, in Lithuania – 7.5% and in Estonia – par 6.5%. Slovakia registered the steepest increase in house prices, 29.3%.
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