Global house prices lose steam

According to the key findings average annual global house price growth in Q3, 2010 stood at 3.1 percent.

"The strongest world region was Asia-Pacific with average growth of 9.9 percent, and the weakest was Europe at 0.8 percent. The Q3 growth rate this year is up substantially on the Q3, 2009 figure of

-6.2 percent when European markets were delivering very negative results. However the rate is down on the 4.3 percent hit in Q2 this year," it added.

"There is a positive story for the first time since late 2008 as prices are growing in each of six world regions i.e. Asia-Pacific 9.9 percent, Middle East 5.1 percent, North America 4.2 percent, South America 3.5 percent, Africa 3.0 percent and Europe 0.8 percent," said Liam Bailey, head of residential research, Knight Frank. Kazinform cites Arab News. See www.arabnews.com