Global changes focus of the housing boom

The euro zone is slowing, but prices of houses in the rising Asia-Pacific
Rising global prices continue in 2007, albeit at a much faster and with all the different countries, according to online research firm, the Guide World Intellectual Property ( http://www.globalpropertyguide.com ).

A dramatic slowdown has appeared in several European countries. House prices in Estonia in 2005 and 2006, the star performer, has increased year after year, only 5.68% in Q1 2007, significantly lower increase of 77.52% in the 1st quarter of 2006.

higher interest rates and an overheating market were the main causes of this slowdown. Interest rates European Central Bank (ECB) has raised nine times to 4% in June 2007, its historic low of 2% in November 2006.

Other European countries have experienced lower housing prices-year changes in Q1 2007 compared with 2006 were France, Sweden, Ireland, Spain, Greece, Holland, Switzerland and Portugal.

Ireland annual growth rate of house price fell to 7.44% in the 1st quarter of 2007, a deceleration of 12.07% in the 1st quarter of 2006. In addition to higher interest rates of warming on the question of stamp duty also has contributed to the decline.

Rising house prices also U.S. was reduced to 4.07% in the 1st quarter of 2007, 12.78% year in Q1 2006.

The U.S. Federal Reserve has risen sharply from its lowest level of 1% in May 2004 to its current
5.25%. The Fed has kept the rate unchanged since June 2006. This rate increase has brought problems for subprime borrowers, leading to delays in payments and foreclosures.

strong gains in Europe outside the euro area

Interestingly, European countries have not adopted the euro have experienced a higher price annual housing is in Q1 2007, the countries of the region. Such is the case of Latvia, which plans to adopt the euro in 2010. Latvia has taken the initiative to increase annual house prices in the first quarter of 2007.

Latvian capital, Riga, had a noteworthy recognition of 61.91% in the 1st quarter of 2007, 35.64% increase over year in Q1 2006. However, recent data from Latio, Latvia's first research agency focused on the real estate program that prices began falling in the second quarter of 2007.

Real estate prices in Lithuania increased by 26.32% yoy in Q1 2007 compared to 25% yoy in Q1 2006. Lithuania has recently increased its interest rates in the long term to 4.6% in June 2007, 4.2% in March 2007. The European Commission rejected Lithuania's proposal to adopt the euro in 2007 because its inflation rate has exceeded the required limit.

House prices in Norway increased by 16.69% yoy in Q1 2007. Norway joining the EU was defeated in a referendum in 1972 and again in 1994. Among the positive factors such as continued economic expansion and the strength of the labor market dominated by traction rates.

After a pause in 2005 and early 2006, growth in house prices in the UK accelerated to reach 9.25% in the 1st quarter of 2007 versus 5.3% in the 1st quarter of 2006. In particular, Northern Ireland and London saw double-digit annual rises in house prices in Q1 2007, 57.6% and 14.3% respectively.

Cyprus, which is willing to adopt the euro Since January 2008, is in the midst of a housing boom with rising house prices year on year about 10% in Q1 2007. Household financial sector liberalization, lower interest rates and increased demand for better housing and the second were the main drivers of prices.

Now that is a tour of Asia and the Pacific

The boom in house prices now heads to the Asia-Pacific. Real estate prices in countries affected by the Asian crisis are showing strong signs of recovery, raising fears that a housing bubble is growing again in the region.

House prices in the Philippines, Singapore and South Korea have increased annual years more than 10% in Q1 2007, more than in 2006. Although Japan has experienced a decline in land prices 1.48% nationwide land prices in six major cities increased by a remarkable year 7.75% in Q1 2007, suggesting a recovery from recession Housing prices in 15 years. There are no official statistics on house prices in Japan, while land prices are used as proxy.

Australia has recovered from its 2004-2006 slowdown. Despite interest rates, house prices rose by almost 8% in the first quarter of 2007, a year by 4% in Q1 2006.

House prices in New Zealand increased by 11.36% on year in Q1 2007, significantly versus 9.55% in the fourth quarter of 2006. This despite the fact that the interest rate the Reserve Bank of New Zealand (RBNZ) has increased since early 2004 to cool the housing market.

Moreover, South Africa was 16.74% annual increase in house prices the year in Q1 2007. House prices in South Africa have been rising continuously for seven years, with increased prices reach a maximum of 30% in 2004.

housing prices in Canada increased in Q1 2007, thanks to strong economic growth rates and low mortgage net immigration. House prices have increased year after year to 9.30% Q1 2007, an increase of 7.55% in the first quarter of 2006.

Newcomers

Thailand and Israel, after suffering from political crises, have not regained investor confidence. This resulted in a decrease of 5.09% in the first quarter 2007 home prices in Thailand, below an annual increase of 8.03% in Q1 2006. Real estate prices in Israel fell by 10.52% year on Q1 2007 due to growing political concerns and security in the Middle East.

Portugal slow economic expansion exacerbated the effect higher Euro interest rates. Housing prices rose 1.14% year low in Q1 2007, after a low growth rate of 2.17% and annual in Q1 2006.

Full report:
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