Southern European nations languish at the bottom of House Price Index


Southern European nations languish at the bottom of House Price Index

According to the latest Knight Frank Global House Price Index the economically battered southern European countries are mired close to the bottom of the list as house prices continue to struggle to recover in the wake of the devastating recession.

Topping the index for price rises was Dubai which saw a jump of 34.8% last year. China came in second as the Asian nation continues to become a popular destination for international business and expats.

In destinations that are typically popular amongst UK expats prices remained low. In Greece house prices fell by 9.3%, 4% in Spain, 5.3% in Italy and Cyprus saw prices tumble by 7.3% as the small nation’s economy crumbles.

The top ten nations were:

1. Dubai +34.8%

2. China +27.5%

3. Taiwan +15.1%

4. Estonia +14.5%

5. Turkey +13.8%

6. Brazil +12.7%

7. Indonesia +11.5%

8. Colombia +11.5%

9. USA +11.3%

10. Poland +10.2%

The ten worst were:

1. Slovakia -2.6%

2. Jersey -2.7%

3. The Netherlands -3.7%

4. Spain -4%

5. Italy -5.3%

6. Cyprus -7.3%

7. Hungary -7.6%

8. Greece -9.3%

9. Croatia -14.4%

10. Ukraine -25.9%

There was some improvement for the struggling southern European nations. Kate Everett-Allen from Knight Frank said; “Europe continues to dominate the lower half of the table but the rate of decline is slowing in countries such as France, Spain and the Netherlands. There is evidence that the fortunes of the most embattled housing markets can change, and change swiftly. Prices in Ireland, the USA and UK all rebounded in 2013.”

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