Real estate markets worldwide are stabilizing and showing signs of tentative
recovery, according to a recent report from London-based global property consultancy
Knight Frank. Unlike during the first quarter of this year, when many countries
continued to suffer double-digit declines in average home prices, the second
quarter saw upticks in half of the countries tracked by Knight Frank, compared
with the previous three months. (Year-over-year prices are still down across
the board.) Among the remaining countries, none saw a decline of greater than
10%.
The strongest region was the Nordic countries, where prices rose 5.3% in Norway,
3.9% in Finland, and 3.6% in Sweden. The U.S. also saw a rebound, with a 1.7%
quarterly increase in average prices. The worst-hit places? Dubai and Bulgaria,
where residential property prices fell 7.5% and 9.7%, respectively.