Ireland now tops a global rankings for house property price growth, six years after one of the world's greatest property busts - separately we report today that mortgage loan advances this year in Ireland are at a 40-year low (see below).
Irish commercial property prime rents in Dublin are heading for the top of EMEA (Europe, Middle East, Africa) rankings while there is a residential property shortage in Dublin with prices and credit availability forcing young people into the dreaded rent market.
With price growth in Dubai and much of Asia slowing, the Knight Frank Global House Price Index has lost its main engines of growth resulting in a rise of just 0.1% in the third quarter of 2014, according to the London real estate firm.
Knight Frank says that having languished at the foot of the table for most of 2009 to 2012. Prices increased by 15% in the year to September but remain 39% below their pre-crisis peak in 2007. Dublin prices rose by 24.1% in the year to October.
Nevertheless, Ireland tops the index.
A briefing note says Ireland isn’t the only country to see a remarkable turnaround in fortunes over the last 12 months. "Spain and the UK have also seen an upturn, albeit in Spain’s case this translates into a slower rate of decline as opposed to positive price growth. Hong Kong and Dubai, by comparison, have seen price growth slow."
Knight Frank says China’s slowdown continued with 58 of the 70 cities tracked by the National Bureau of Statistics recording price falls in the year to September; two cities saw prices stay the same and ten recorded price increases. The city of Xiamen saw the strongest annual rise of 4.9%
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