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The world’s weakest housing market

Cyprus was the world’s weakest housing market during the year to the second quarter of 2013, based on the latest survey of house price statistics conducted by the Global Property Guide.

THE influential Global Property Guide recently published the findings of its global house price survey covering forty two locations around the world ranging from Iceland to New Zealand.

According to its survey, Cyprus was the worst performing housing market globally during the year to Q2 2013, with house prices in the capital, Nicosia, plummeting 12.74%; the country ‘s biggest house price fall in recent years.

Greece came second in the list of the world ‘s worst performers, with house prices dropping 11.12% during the year to Q2 2013 – a slight improvement from the 12.73% year-on-year drop seen in Q2 2012.

Although house prices in some countries have improved sharply, the twelve weakest housing markets in the Global Property Guide global survey were all in Europe.

global house price survey

Readers' comments

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  • andyp says:

    Thank you Nigel.

    The recipe can be adjusted to suit individual tastes. I would welcome any improvements to the recipe but not sure I will live long enough to see any.

  • @andyp – you forgot ‘total lack of transparency’

  • John Swift says:

    I regularly get emails from an estate agent who is still talking in fantasy land prices.

    If I sold my house in the UK to buy in Cyprus I would now have to put a considerable amount towards the purchase, whereas 12 years ago I could sell up in the UK, buy in Cyprus, and have a nice sum left over. This was a major attraction of retiring to Cyprus.

    Regardless of how this upsets some ex-pats who bought at the high price times it is not the Title Deeds issue alone or the drop in the UK prices that has caused the decline in the Cyprus property market.

  • Martyn says:

    Well, RoC was the last country really to face up to economic realities!, And it had previously been on a 20 year or so ‘Roll’. So hardly surprising that Nicosia now points the decidedly downward direction, which given the massive remedials now required to turn the Country, let alone its Housing markets around, will likely continue to plummet for several further years. The Turnaround though, when it finally comes (my ‘guesstimate would be 2017/18 earliest) could equally be dramatic. There will of course be a few ‘bargains’ along the way as Forced, Repo and Distress sales gain momentum. The Vultures are already circling it seems!

  • andyp says:

    Rightly so and here is why:-

    The power of the internet.
    Lawyers cannot be trusted.
    Developers cannot be trusted.
    Bankers cannot be trusted.
    The Government cannot be trusted.
    Developer mortgages.
    Lack of building control.
    Poor building standards.
    General propensity for lies and deceit.
    No redress for victims.

    All in all a recipe for a healthy property market!

  • Costas Apacket says:

    It’s not hard to figure out how we got here is it?

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