Irish, Bulgarian Housing Markets World's Most Struggling
Ireland and Bulgaria are the countries, whose housing markets saw the sharpest fall in prices during the third quarter this year on an annual basis, a survey by the Global Property Guide shows.
The Irish housing market remains the world's weakest performer. House prices were down 15.61% year-on-year, the steepest decline since 2008. Quarter-on-quarter, Ireland's house prices slid 4.25%.
Bulgaria registered the world's second-biggest fall in residential property prices from July to September, down by 9.65% year-on-year.
It is one of several European housing markets, which experienced accelerated downturns during the year ending in the third quarter of 2011 - Netherlands (-5.20%), Portugal (-6.77%), Slovak Republic (-7.94%), Warsaw, Poland (-7.95%), Spain (-8.41%).
On a quarterly basis however Bulgaria recorded a slim 0.11% decrease in housing prices.
The world's second strongest quarter-on-quarter house price rise occurred in an unexpected city - Vienna, where house prices surged by 5.44% during the quarter (and +4.25% on the year), continuing 6 years of nearly unbroken price rises for Austria's capital.
The Baltics have also performed strongly.
India and Brazil' housing markets have continued their spectacular outperformance, with Delhi house prices up 22.68% during the year to Q3 2011, according to National Housing Bank (NHB) figures.
Brazil's Sao Paolo had the second highest house price rise in the world during the third quarter, with house prices up 5.88% during the quarter.
The country is experiencing an unprecedented boom, not least because it is the host country for the World Cup in 2014 and the Olympics in Rio de Janeiro in 2016.
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