Property values rise in some parts of the world

mansionA new global index shows that house prices in Portugal rose by 1.8% between 2014 and 2015.

But it was far outstripped by a number of other countries, leaving it in 36th position for best performance.

But the fastest rate of growth was in Hong Kong. The chronic shortage of housing pushed up prices by 19% over the 12 months to the end of March 2015.

Second greatest growth was in Turkey which saw an 18.6% rise, followed by Ireland were house prices jumped 16.8%.

Completing the list of the top ten were Luxembourg, Estonia, Colombia, New Zealand, Iceland, Sweden and Norway, according to the new Knight Frank Global House Prices Index.

The report considered 56 countries with a sizeable property market and for which reliable data is available.

Australasia proved to be the greatest performing area. International demand for property in New Zealand and Australia and low interest rates there pushed prices up by 8% last year.

The worst country performances were in the Ukraine where prices fell more than 15%, followed by Cyprus with a drop of 8%, China, Dubai and Greece all around 6%.

France and Italy were also in the bottom 10.

Spanish property values fell by -0.3% and it ranked 43rd in performance.

With major economies such as China, France and Japan all recording a fall in prices, global house prices went up by just 0.3% during the year.

The UK was ranked 19th with house price growth of 5.9% over the year to the end of March.

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