By Nikki De Guzman:
Property prices rose globally, recording a 6.6 percent increase in the first quarter of 2013 – the highest increase since Q2 2010.
According to the latest Knight Frank Global House Index, 63 percent of the housing markets posted an increase in mainstream property prices over the three-month period.
Hong Kong posted the highest increase of 28 percent amid the government’s efforts to cool the property market.
Singapore ranked 21st in the list, increasing 0.7 percent from Q4 2012, following the 3.5 percent increase from Q1 of the same year. Among the regions, all except Europe have posted increases during the quarter, with Middle East taking the lead.
“Europe’s difficulties don’t end there – aside from Japan and South Korea all the countries that recorded negative growth in the 12 months to March were based in Europe,” said the report. In particular, Greece posted the biggest 11.8 percent decline, followed by Hungary and the Netherlands.
Meanwhile, a 10.2 percent annual increase was seen in the US, the country’s highest rate of annual growth since 2006.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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