Housing prices were up during the first quarter in 19 of 36 countries included in a survey of official house-price statistics compiled by online property research site Global Property Guide.

Global Property Guide calculates changes in real home prices after adjusting for inflation. While home prices in North America remained weak, "massive recoveries" under way in Hong Kong (up 27 percent from a year ago), Singapore (up 24 percent) and Taiwan (up 18 percent) could signal that a bubble is forming in Asia, the report warned.

Housing prices were up during the first quarter in 19 of 36 countries included in a survey of official house-price statistics compiled by online property research site Global Property Guide.

Global Property Guide calculates changes in real home prices after adjusting for inflation. While home prices in North America remained weak, "massive recoveries" under way in Hong Kong (up 27 percent from a year ago), Singapore (up 24 percent) and Taiwan (up 18 percent) could signal that a bubble is forming in Asia, the report warned.

Analysts have expressed concern about the rapid price appreciation in Hong Kong, "and there is a lot of very un-Hong Kong-like outrage at ‘speculators,’ " the report said.

In Europe, strong recoveries were underway in Finland (up 11 percent from a year ago), Norway (8 percent) and the United Kingdom (5 percent). Home prices in London were up nearly 16 percent from a year ago, the report said.

Norway’s recovery has been spurred by "a massive stimulus package and low interest rates," Global Property Guide said, although the Norges Bank raised a key short-term interest rate on May 6 by 0.25 percentage points, to 2 percent..

France and Germany saw more modest price appreciation — less than 1 percent after adjusting for inflation — but it was the second consecutive annual increase for France, the report said.

While year-over-year price declines were observed in Spain (-6 percent), Iceland (-14 percent), Lithuania (-22 percent) and Latvia (-32 percent), there were signs that those markets were bottoming, the report said. Latvia, for example, saw a 10.7 percent increase in home prices from the previous quarter.

Countries in "severe crisis that show no sign of recovery" include Ireland (-16 percent), Bulgaria (-19 percent) and Thailand (-20 percent), the report said, with political instability playing a role in Thailand’s downturn.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We are less than 1 week away from Inman Connect! Get your ticket for $99 before prices go up next week.GET YOUR TICKET×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription