Hong Kong has recorded the largest annual rise in house prices worldwide.
According to Knight Frank’s global house price index, which tracks 35 of the 55 housing markets, prices in Hong Kong are on average 28% higher than they were a year ago. And in mainland China, prices are up by 23.8% over the same period.
Average prices worldwide increased by 6.6% in the year to March – the highest rate of growth since the second quarter of 2010.
Europe was the weakest-performing region, with prices declining by 0.3% on average during the 12 months to March. Apart from Japan and South Korea, all the countries that recorded negative growth were in Europe.
Prices fell by 8.3% in the Dutch market, driven by rising household debt and growing unemployment.
Irish house prices fell by 3% over the period compared with a 16% decline a year earlier.
UK prices rose by 0.2% and now stand 8.9% above their low in Q1 2009.
Beyond Europe, prices in South Africa and the US rallied in the 12 months to March, rising by 11.3% and 10.2% respectively, up from -3.2% and -1.9% a year ago.
For the US the rise was its highest rate of annual growth since 2006, and the country has now seen prices increase for 12 consecutive months.
Annabel.Dixon@estatesgazette.com
