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Irish, Bulgarian Housing Markets World's Most StrugglingIreland and Bulgaria are the countries, whose housing markets saw the sharpest fall in prices during the third quarter this year on an annual basis, a survey by the Global Property Guide shows.
The Irish housing market remains the world's weakest performer. House prices were down 15.61% year-on-year, the steepest decline since 2008. Quarter-on-quarter, Ireland's house prices slid 4.25%.
Bulgaria registered the world's second-biggest fall in residential property prices from July to September, down by 9.65% year-on-year.
It is one of several European housing markets, which experienced accelerated downturns during the year ending in the third quarter of 2011 - Netherlands (-5.20%), Portugal (-6.77%), Slovak Republic (-7.94%), Warsaw, Poland (-7.95%), Spain (-8.41%).
On a quarterly basis however Bulgaria recorded a slim 0.11% decrease in housing prices.
The world's second strongest quarter-on-quarter house price rise occurred in an unexpected city - Vienna, where house prices surged by 5.44% during the quarter (and +4.25% on the year), continuing 6 years of nearly unbroken price rises for Austria's capital.
The Baltics have also performed strongly.
India and Brazil' housing markets have continued their spectacular out performance, with Delhi house prices up 22.68% during the year to Q3 2011, according to National Housing Bank (NHB) figures.
Brazil's Sao Paolo had the second highest house price rise in the world during the third quarter, with house prices up 5.88% during the quarter.
The country is experiencing an unprecedented boom, not least because it is the host country for the World Cup in 2014 and the Olympics in Rio de Janeiro in 2016.
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[You must be registered and logged in to see this link.]The 5 Worst Property Markets In 2011Property remains the number one investment choice for financial gain;
however, 2011 will not go down in history as one of the more successful years for some property investors! With this in mind, we have compiled a report outlining “The 5 Worst Property Markets To Invest In 2011.”
5. The Czech RepublicIn fifth place was the Czech Republic where annual property price increases of between 20 to 30% are a distant memory and now a combination of high prices, oversupply and some of the lowest rental yields in Europe have made this a property investor’s bohemian nightmare.
4. BulgariaIn fourth place was Bulgaria which was once regarded as the ‘the new Spain’ for overseas investors, not any more! Property prices are in free-fall and with the exit of British and Irish buyers, Russian investors now dominate the market and their strong bargaining skills result in continued falling prices.
3. GreeceIn third place was Greece. With a debt to the tune of 340 billion Euros and property prices falling by 10% in the first half of 2011 alone, it is deserving of its podium placing.
2. CyprusIn second place was Cyprus. A long time favourite with British investors, but now even its biggest advocates are losing interest. A stagnant economy and its vulnerability to the Greek crisis with two of its largest banks exposed to a total of 5 billion Euros doesn’t bode well.
1. IrelandFinally in first place was Ireland. It seems that ‘the luck of the Irish’ has finally deserted them. Once the envy of the world when the property markets boomed between 2000 and 2006, the sheer scale of their downward spiral becomes apparent when you recognise that apartment prices fuelled by yet another painful 15% fall in 2011 are now down by a massive 60% from their peak.
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