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Gauging real estate recovery: A global perspective

From The Real Deal

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Editor's note: This article is reposted with permission by The Real Deal. Click here to view the original article. By CANDACE TAYLOR New York City may have some of the priciest housing in the world, but the London and Hong Kong residential markets are bouncing back faster from the downturn. (Source: Newmark Knight Frank) Courtesy of The Real Deal, Copyright 2010 "In the second half of 2009, prices started to pick up again in New York," said Liam Bailey, head of residential research at London-based brokerage Knight Frank. "But it's a slower recovery." A recent report by Knight Frank found that residential prices in Hong Kong, which fell 25 percent during 2008, rebounded by 40.5 percent in 2009. London, also initially hard-hit, saw prices grow 6 percent last year, while Manhattan experienced a drop of 12.5 percent. Meanwhile, on Global Property Guide -- a Manila-based website aimed at investors looking to purch...