"Only 13 countries in which dwelling price indices are regularly published saw prices rise during the year to end Q1 2008, while 21 countries saw dwelling prices fall in real terms, i.e., after adjusting for inflation."
The following table gives you the full lowdown. The one you may well pass comment on is Bulgaria. With all the fallout on the coast and in the ski resorts you may well ask how it manages to post year on year gains. Well the truth is that it is a lot like the Spanish market was for the past decade, where the indigenous housing market posted year on year gains, year in year out, while the holiday oriented coastal market took a severe pounding. The same appears to be happening in Bulgaria at the moment.
If you're looking for gains in the current environment the news is that you've got to look east.
"Strong house prices increases were observed in a handful of emerging economies. Ahead of the pack was China (Shanghai), with an enormous 40.5% nominal house price surge during the year to the end of Q1 2008."
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