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Credit crunch sees global property prices tumbling - Independent

Credit crunch sees global property prices tumbling Independent, UK - May 30, 2008 The once booming Baltic states of Latvia and Estonia – where many Britons have bought holiday homes – suffered the most, crashing 20 and 10 per cent ...

Credit crunch sees global property prices tumbling - Independent
A year ago, 35 per cent of the markets covered by the Global House Price Index saw house price inflation in double figures. Andy Gill: Why I hate Coldplay How stars exploit the power of photography Lunatic fringes: Stars' bad hair days Bollywood gateway: from Ealing to Bombay Will the Pacemaker democratise DJing? CHANGE "YOURSERVER" TO VALID LOCATION ON YOUR WEB SERVER (HTTPS IF FROM SECURE SERVER) Skip Links Skip to navigation Skip to primary content Skip to secondary content Skip to tertiary content Skip to footer Coldplay: pompous, mawkish, and unbearably smug, says Andy Gill. Commented 1 iPhone gets faster and sexier – but will UK pay more?2 Malaria: a miracle in the making offers hope to millions worldwideProperty Search to buy to let e.g. From Dublin to Tokyo, house prices have slumped in the past year as the credit crunch has restricted lending and stunted growth in the biggest economies, new figures have shown. House & Home 19°LondonHi 21°C / Lo 9°CSearchQuery:GoHeadlinesThe IndyBestTaste sensations: ten delicious tarts |see Extras | ');//-->Click here... In Japan, prices fell by 0.7 per cent, while the US, where the Treasury has pumped in billions of dollars to revive the economy, experienced zero house price growth. In western Europe, Irish homeowners experienced the sharpest downturn, losing 8.8 per cent of the value of their homes, while in Germany prices fell by 5.2 per cent. Knight Frank's figures for the first three months show that prices plunged by 8.4 per cent in Ireland and by 3.9 per cent in the UK. Some burgeoning economies have bucked the trend, though, mostly in Asia; Singapore was up 29.9 per cent, Hong Kong 28 per cent and China 11 per cent. The figures indicate the deep impact felt by the slowdown triggered last year by the defaults of sub-prime home loans by Americans, but they miss its severest effect because the trend has intensified in the first half of 2008.