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Juwai releases Q1 2015 Global Property Index (GPI) Report!

By Juwai, 30 June 2015
juwai global property index report

If you've been curious over how the international real estate markets have fared recently, then wonder no more – we’ve just released the latest Juwai Q1 2015 Global Property Index (GPI) Report!

According to the latest GPI Report, the global housing boom is still going strong, if not even stronger.

Out of the 38 housing markets in the world that published housing statistics, 31 markets charted rising housing prices, while only 7 markets declined.

Europe is still surging ahead and retains its throne as home to some of the strongest housing markets right now. As Ireland remains at the numero uno spot, 13 other European countries experienced stronger growth in this quarter, while merely 6 countries charted weaker performance.

North American markets are undergoing contradicting momentum – while the Canadian market’s is gaining momentum, the US market is slowly losing steam. Elsewhere, the Australian and New Zealand markets rally from strength to strength.

Meanwhile, housing markets in the US, Brazil, Dubai, and most of Asia – save for Japan and Hong Kong – either struggled with market deceleration or underwent a sharp downturn, especially for China and Singapore.

 

European markets powering on ahead

  • Ireland housing prices clocked an astounding 17.57% – its highest annual rise in nearly 15 years.
  • Estonia market experienced extensive growth – average residential prices in Tallinn surged as much as 9.6%.
  • Housing markets in Sweden, Turkey, and Iceland remain robust – each country savoured an increase of 8.79%, 7.86%, and 7.71% respectively.
  • Other European countries showing strong performances – UK (+5.72%), Norway (+5.17%), Lithuania (+3.06%)

 

European markets charting weak growth or decline

  • Ukraine struggles on as weakest housing market – average prices of new homes plunged -36.21% y-o-y, and this is following annual declines of -37.19% y-o-y in Q4 2014.
  • Russian market plunged -9.61% y-o-y – a consecutive drop after its -5.15% decline in Q1 2014.
  • Other European countries showing smaller declines – Spain (-2.12%), Greece (-1.86%), Romania (-0.99%), and Finland (-0.98%)

 

North American markets show contradictory momentum

  • US housing market slowed dramatically – S&P/Case-Shiller seasonally adjusted national home pricing merely grew 4.24%, compared to its robust 7.28% growth last year.
  • Canadian market picks up momentum despite cooling measures – housing prices in 11 major cities showed an increase of 3.57%.

 

Pacific Ocean/Oceania markets rally even stronger

  • Australian housing market rallies on – median home prices in Sydney and Melbourne continued rising, and housing prices in most Australian capital cities rose across the board.
  • New Zealand housing market stayed robust – nationwide median housing prices soared 7.85%.

 

Middle East markets deliver momentum swings

  • Dubai housing market is losing momentum – housing prices dropped by 2.72%, a dramatic decline from its spectacular y-o-y surge of 31.57% from a year before.
  • Israeli market strengthens – nationwide average housing prices grew 8.26%, its largest y-o-y increase since Q1 2011.

 

3 Asian markets served up stronger performances

  • Hong Kong market defied cooling measures to skyrocket 14.36% – a stark turnaround from its -2.27% drop in Q1 2014.
  • Japan housing market delivered modest increase – average prices of existing condominiums grew 6.32%, compared to 3.22% last year.
  • South Korean market grew 1.31% – a slight increase from its previous annual growth of 0.86% in Q4 2014.

 

7 out of 10 Asian markets continue weakening

  • Singaporean market remains gloomy – a sixth consecutive quarterly decline in housing price charted yet another fall of -3.45%
  • Other Asian countries with sharp deceleration or weak performances – Vietnam (-0.48%), Indonesia (-0.26%), Taiwan (+0.98% compared to +11.2% in Q1 2014), Thailand (+3.4% compared to +3.64% last year), and Philippines (+5.4% compared to +9.2% previous year).

 

Other housing markets to note

  • South Africa’s housing market rose slightly – medium-sized apartment price index grew as much as 1.65% in Q1 2015.
  • Brazilian market slides – subdued economic growth and civil unrest resulted in falling housing prices as much as 1.2% in Sao Paulo.

 

Conclusion: To sum it up, Asian markets are generally decelerating and growing weaker, while the European and Oceania markets are accelerating ahead – even though some European countries are still struggling. In North American markets, there is still continued growth –although slower in the US than in Canada, where growth is obviously defying cooling measures.

Download the full GPI Report in Chinese here!