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Asia House Prices Lead The World by Global Property Guide
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China�s housing market seems to be on the verge of significant weakness. Deals are now being postponed, and the credit squeeze is hitting private real estate funds, which tend to be highly leveraged, and have borrowed mainly from foreign banks. Description: The Global Property Guide is an on-line property research house. Hong Kong surged ahead this past year (up 25%), but transaction levels have now fallen sharply, despite declines in interest rates in line with the US. In March, Reicof, a listed property investor, failed with debts of Y42.6 billion (US$422 million). It has a history of very strong cycles, and the authorities have discouraged the house price boom by prohibiting foreign acquisitions, by higher interest rates, and by credit controls. Singapore�s residential market is still holding steady, but last year�s euphoria seems to be over. Slovakia has seen continued price rises. Strong economic growth, continued foreign investment, a burgeoning mortgage market, and a shortage of new developments, are all contributing to Bratislava�s performance, which looks likely to continue at least next year. The worst performers were the United States (down 8.9% by Case-Shiller calculations), Ireland (down 7.3%), and Estonia (down 3.9%).Asia-Pacific�s strong performance was led by China, Singapore (31.2%), Hong Kong (25%), the Philippines (15.2%), and Japan (8.4%). Those looking for upcoming trends may want to consider Latin America.