According to Q2 Knight Frank Global House Price Index it appears that Global housing markets show signs of tentative recovery. For Q2 2009 values increased in almost half (42%) of the countries reported .
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Israel remains the top performer over a 12 month period with prices increasing 12.5% to the end of Q2 2009
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On a quarterly basis, Norway saw the biggest rise with prices up 5.3% during the Q2 of the year
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Dubai recorded the largest annual (-47%) and second largest quarterly (-7.5%) drops in the index, but prices are now falling at a much reduced rate
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The quarterly drop in prices accelerated in less than 25% of locations
London
Knight Frank Prime Central London Residential Index has been raising for five consecutive months
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Prices for residential property in central London rose by 1% in August which is the fifth consecutive month of growth
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Price growth has been driven by the significant bounce in prices in Chelsea, Kensington and St. John's Wood - where prices have risen by 5% in the last three months alone
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Houses continue to out perform flats (4.6% and 3.6% respectively)
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Prices in the £1million to £2.5 million market have risen more than 5%, £10+ million market growth was 2.4%
Outlook
Positive news confirming the recovery trend are coming from the other markets:
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In the US for the first time since 2004 market shows 3 consecutive month sales growth of existing houses
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The number of mortgage loans increased in Spain, UK, USA
“Overall, it seems that market recovery is beginning to take Global. Despite the fact that some markets are still in recession there is a moment when the investors no longer doubt the future direction of the market and determine which markets are the most risky and which are most stable.
