Tuesday, September 2, 2008
Ireland, Germany, New Zealand, Denmark, Latvia, Lithuania, Estonia, Malta, ….
The property crash that began in the US is spreading across the globe, according to international estate agents Knight Frank, which said today that steep declines are now taking place across Europe and into Asia. Even countries where prices have not fallen are witnessing a rapid deceleration in price growth. In South Africa the rate of house price inflation has collapsed from 15.5% to 3.8%, and is expected to be negative soon. In France, Spain and Greece price growth has halved and is running below 3.2%. The only countries to have bucked the trend (so far) are Bulgaria, Slovakia, Cyprus and the Czech Republic, where house price growth has accelerated. (According to a separate note from Knight Frank, British investors have recently been selling their Bulgarian properties too.)