Home prices are very unique to each area of each country. What is happening in one part of the market in one country is not necessarily happening in the same way globally.
To give you an example of this property in both Switzerland and Italy has increased in price over the last 12 months despite the rest of the developed world taking a tumble. This is not to say that sub classes of property have not dropped in either country. There is significant downward pressure on prices for Luxury Homes in both countries for instance.
In the United States 9.1% of borrowers had missed at least one payment by the first quarter of this year (The Economist) . A further 3.9% were in foreclosure. These are huge figures and need to be considered carefully when looking at how far through the recovery process we have indeed traveled. I have put together a list of countries with their overall property price performance for you – with the help of the Economist of course.
Country % change on Last 12 months
Switzerland…………….+5.3%
Italy……………………….+1.1%
China……………………. -1.1%
United States ………….-19.1%
Japan……………………..-3.4%
Canada………………….. -3.6%
Australia……………….. -6.7%
France …………………. -6.6%
Germany………………. -4.2%
New Zealand…………..-9.2%
Spain……………………. -6.8%
Britain…………………. -11.3%
Michael Marquette on +61 433 170 170
Marquette Turner Luxury Homes on MarquetteTurner.com
