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Keep The Faith .......

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House prices dropped further around the world during the year to end-Q1 2009, as personal consumption expenditure decreased, consumer confidence remained low, credit remained tight and the unemployment rate worsened.

The housing crisis contagion reached more countries. Among the 32 countries in the Global Property Guide’s survey of house prices, 27 recorded price falls during the year to the end of the first quarter of 2009, in real terms.

The Global Property Guide uses price-changes after inflation, giving a more realistic picture than the (more upbeat) nominal figures usually preferred by real estate agents.

During the year to end-Q1 2009, price falls of more than 10% occurred in 12 countries, worse than the previously worst-ever year to end of last quarter of 2008 (8 price falls above 10%).

Iceland, Singapore, Latvia and Dubai are the only markets clearly worse than ours. We are approximately tied with the United States.

Portugal, Spain, France, Ireland and Hong Kong are doing less poorly than we are. Bulgaria is doing better on an annual basis although it seems to be catching up quickly on a quarterly basis.

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