Dubai became the leader in the fall of housing prices

Housing prices in Dubai decreased by 47%per year, which became the maximum fall in the world for the period since the beginning of the fourth quarter of 2008 to the end of the third quarter of 2009, follows from the global housing value prepared by the consulting company Knight Frank.

"Estonia took the second place in terms of reducing the cost of housing over the past 12 months - here prices have fallen by 35.8%," the company's analysts say. The report data is given by RIA Novosti .

According to the study, the third place in the ranking of countries with the most maximum cost of residential real estate went to Lithuania, where prices fell by 34.2%over a year. The fourth place was taken by Bulgaria with a decrease in prices by 28%, and Thailand turned out to be in fifth - here housing fell in price by 18.4%.

"In Russia, the cost of housing over the past year fell by 9.1% - she got 11th place in the list of countries with maximum reduction of residential real estate," Knight Frank experts said.

As emphasized in the materials of the company, the maximum rise in the cost of housing over the past 12 months has been recorded in Israel, where the increase in prices amounted to 13.7%.
Austria and Malta were in second place and third places - here housing prices increased the same - by 9.7%.

Switzerland in the ranking of countries with the maximum rise in price of residential real estate for the period from the beginning of the fourth quarter of 2008 to the end of the third quarter of 2009 took fourth place - prices rose by 7%, fifth place left Australia, where the cost of housing increased by 6.2%.

Meanwhile, the Knight Frank report, in the third quarter of 2009, Thailand became a leader in reduction in residential real estate prices, where housing has fallen in price by 13.5%, behind him - by 5%, Ireland - by 3.7%and Croatia - by 3.1%.

"Russia also ended up in the five countries with the maximum cost of housing and took fifth place - here the value of residential real estate decreased by 2.7%," the materials emphasized.

According to the company's experts, the maximum rise in price of housing in the third quarter of 2009 was noted in Singapore - by 15.2%.

The second place was Hong Kong - here the cost of residential real estate increased by 6.3%, in the third - Canada, where housing has risen by 4.9%, the fourth place was divided by Australia and New Zealand with an increase in housing prices by 4.2%, and the fifth place went to South Africa, where the cost of housing increased by 3.8%.

“At the moment, stabilization of the residential real estate market is observed in 68% of the countries of the world, however, in 57% of the countries, housing prices remained lower than a year ago,” the word director of the housing market Laiama Bailey market research is given.

According to him, for the third quarter of 2009, housing has risen in price in 70% of countries, while in the second quarter the cost of housing increased in only 50% of countries.