The latest statistics from Knight Frank indicate that in the second quarter of 2008, the global residential property market continued to slow down with growth falling to 4.8 per cent, down from 6.1 per cent in the first quarter.
Although half the markets listed in the index experienced a drop in prices, certain economies of central and south-eastern Europe appear to be performing strongly.
Nick Barnes, head of international research at Knight Frank explained that the global house price inflation has continuously decreased and as a result of this most of continental Europe is experiencing low or negative growth.
On the other hand there are rapid price increases in some parts of Asia and Eastern Europe with Bulgaria, Slovakia and Czech Republic recording strong performance due to robust economic growth.
In contrast rapidly depreciating housing markets of the Baltic States – led by Latvia, where prices fell by 24.1 per cent over the past year, demonstrate that rising inflation and mortgage costs poses serious threats for the emerging economies of Europe.
Property prices in Spain, Denmark, Ireland, UK and New Zealand are experiencing a sharp fall due to the credit crunch.
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