Property Prices Around the World

Property prices around the world continue to decline as the financial crisis continues its way through the system. I don't think anyone is under any illusions any more that we have not yet reached bottom. These are some headlines, although where bottom is is becoming more and more difficult to predict. With governments in disarray and it becoming clear that the banks have continued to disguise their true losses - even now. Available credit still presents a problem, and mortgage approvals are still extremely low.

Home prices in Ireland fell 1.1% in March, bringing prices down below 2004 levels.

Prices fell 3.1 percent in the first quarter and are down 10 percent from a year earlier, according to an index published today by Irish Life & Permanent. The average house price is now €253,546, the lowest since November 2004. The Independent

UK mortgage approvals fell 25.3% in the last year.

Hopes of a revival in Britain's battered housing market were undermined today by data showing the number of mortgages approved for house purchase fell by 25.3 per cent in the 12 months to March. Figures from the British Bankers Association (BBA) showed 26,097 mortgages were approved in March, down from 34,920 a year ago. The Times

Property prices in Singapore fell for the third consecutive quarter. Developers are scrambling to bring their capital positions up to scratch. Singapore is facing the worst recession on record and even with stronger positions, future earnings are very much in doubt.

As property prices in Singapore continue to tumble, one of the country's biggest developers posted disappointing earnings while another said it will raise capital to protect itself against the downturn. CapitaLand Ltd., Southeast Asia's largest developer by market capitalization, reported first-quarter net profit of 42.9 million Singapore dollars (US$28.8 million), an 83% fall from S$247.5 million a year earlier, when the company recorded divestment gains of S$141.4 million. Revenue for the period fell 23% to S$487 million from S$631.3 million. Wall Street Journal

Property prices in Qatar have fallen a massive 70% since September last year.

Real estate prices in Qatar have retreated by 40 per cent to 70 per cent from their levels before the outbreak of the financial crisis in September 2008, said a recent survey. A state of stagnation and anticipation prevails, the survey showed. Business 24/7

Much the same as Dubai, the Qatar market has all but collapsed. Real estate prices in Dubai have fallen a similar amount and Deyaar is setting up a distressed property fund. Deyaar are now predicting no recovery for 3-4 years in Dubai which is rather at odds with the continuing flow of press releases stating a recovery this year.

Prices in Bulgaria are also declining and have reached 2006/2007 levels.

A recent report suggested that prices for property in Bulgaria had now dropped to the same level as it was back in 2007. There are no official statistics for this and the noticeable drop is simply based on listed selling prices between 2006 and 2007 and the fact that sale transactions have fallen drastically towards the end of 2008 and in the first few months of 2009. Bulgarian property

This is overly optimistic I feel, given that listed prices and sale prices often bear little relation to each other and there are now a fairly large number of properties for sale in Bulgaria on our free listing site. As an example, a plot of land overlooking the sea is only 35 euros a square meter.

Even Greenwich is not Immune - with a single property being offered at a 50 million dollar discount.

By any stretch of the imagination, fifty million dollars is a lot of money, but that is the price reduction on this Manor house in Greenwich, Conn.The house was originally listed at $125 million but has now been reduced to $75 million in what has to be the biggest discount in the history of luxury real estate discounts, putting even Donald Trump’s Florida mansion discount to shame (reduced by $25 million last May.) Luxury property

Tourist number continue to fall to Lanzarote, Spain, France and other tourist hotspots, bank financing is still scarce, and even the FNAIM have admitted property prices fell on the Cote D'Azur on the French Riviera. Tourist numbers to Paris and the Riviera are down 20% for February, and expected to decline more quickly in March and April and one of France's largest banks, Society Generale is currently denying rumors that it will be forced to write off another E10 billion this year.France 24