http://www.straitstimes.com/archive/...oving-20130622
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Global housing markets improving
Survey shows rise in Q1 home prices in US and HK, dip in value for S'pore
Published on Jun 22, 2013
By Rachael Boon
HOME prices in many countries rose in the first quarter although Singapore was the standout exception with a slight drop in values.
The findings come from British research firm Global Property Guide, which releases quarterly surveys using data from official statistics to check prices in countries and selected cities.
Overall prices were up in 30 countries and down in 12 countries in the 12 months to March 31, compared with the same period a year earlier.
The firm said "this is the most significant global acceleration in house prices since the boom years of 2006 and 2007".
The key American market looks to be improving with the price index up 8.31 per cent, the highest annual rise since 2006.
Asian markets showed resilience in the 12 months to March 31.
Prices in Hong Kong surged 20.14 per cent, the second highest rise recorded after Dubai at 28.02 per cent - while in New Delhi, values grew 7.61 per cent.
Hong Kong's economy rose 2.8 per cent in the same period, and the expected economic growth this year is about 3 per cent.
Singapore is one of the few Asian markets where prices after adjusting for inflation fell.
The research house said this is an improvement for the Republic, from a 1.36 per cent decline in the same period last year.
Some European housing markets showed signs of recovery in the quarter with 14 of the 25 countries surveyed reporting better results.
Turkish home prices rose 8.13 per cent, a major turnaround compared with a 1.55 per cent decline last year.
Popular destinations for Singaporeans, such as New Zealand and Australia, were up as well.
Median house prices in New Zealand rose 7.23 per cent for the year while those in eight Australian cities moved up an average of 0.11 per cent.
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