Global Housing: Prices Up, Despite Europe

The numbers are in and property values around the globe are rising, except in the European Union.

The US saw major housing increases, up 10.2%, the highest annual increase since 2006, while China's housing experienced an annual rise of 10.7%. The highest price jumps went to Hong Kong, whose values shot up by 28% on annual record, a huge increase.

On a quarterly basis, global housing values were up 2% from the first quarter of 2013. All housing regions of the world experienced this global increase, except Europe. The greatest increases went to the Middle East with values up by 10.6%.

Some of the less fortunate global housing markets included Greece, Hungary, and the Netherlands, whose increased unemployment is affecting economy. And, despite the European Union's lower standings in global housing, the UK is seeing an improved market (up 0.2%) with positive projections through 2013.

The US is seeing consistent improvements in housing and has for 12 consecutive months. This news has buyer confidence at the highest it's been in five years. This, also, is good news for the market as buyer demand will increase value.

Are you seeing these global trends in your local market? How does this change your approach to the current market in your area, if at all?  Does this buyer demand affect your decision to buy or sell in your market?

Be sure to let us know these answers and any thoughts, comments, or questions in the comment section below.

Photo courtesy of Torbein Ronning’s Flickr