Worst performer was Dubai, with a 40% drop in prices, followed by Singapore with 16%, although Ireland didn’t feature in this article, and I know for a fact that the Irish real estate market has been hit very badly, with prices collapsing dramatically. Another survey I read reported US real estate prices down nearly 20% over the year.
To give you an idea of the wild fluctuations in real estate agents moods, valuations and outlook in London, I was quoted two different “firm estimates” by the same real estate company for the same apartment I wished to sell, over a space of 3 weeks.
Incredibly, the second quote was $40,000 higher than the first one, only because people seem to be cheering up about the economy and real estate prices, and there had been a number of very positive reports on demand, prices and mortgage applications in the UK during the time between quotes, so suddenly everyone was becoming less negative.
Similarly, I think it has recently become fashionable (and sensible) to talk down Thailand and its real estate markets, both at home and abroad, especially following the country’s self-inflicted wounds.
