Analytics, EU – Baltic States, Latvia, Real Estate

International Internet Magazine. Baltic States news & analyticsThursday, 02.09.2010, 22:31

Latvia registers world's biggest decrease in house prices in Q3

Nina Kolyako, BC, Riga, 25.11.2009.Print version
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House prices in Latvia in the third quarter of 2009 fell by 59.7% year-on-year, which was the biggest fall in residential property prices in the entire world, according to the international property market research company Global Property Guide report.

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Compared to the second quarter, house prices in Latvia fell 6.75%, which was also the world's steepest decrease, writes LETA.

 

However, Global Property Guide data show that more countries have experienced house price falls during the year to date, than have enjoyed price rises.

 

More broadly, the world seems polarized between the Asian economies, which are enjoying strong economic growth and high residential property price rises, and Eastern Europe and the United Arab Emirates, where growth has stalled and property markets have crashed, Global Property Guide points out.

 

The house price fall in the UAE in the third quarter was the second severest after that in Latvia – 48.05%.

 

Bulgaria recorded a 28.66% fall in residential property prices, and Iceland a 21.21% fall.

 

On the other hand, Israel's housing market has been the best performer for two quarters in a row. House prices rose 10.15% over the year to end-Q3 2009, an acceleration from 8.4% increase over the year to end-Q2 2009.




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