House prices decline in Thailand, Singapore records quarterly growth.

House prices in Thailand have shown an 18.4 per cent contraction in the first nine months of 2009, according to a report published today.

The Knight Frank Global House Price Index also indicated that prices in the Kingdom were down 13.5 per cent in the third quarter – in stark contrast to Singapore where prices showed the biggest quarterly rise anywhere in the world.

Liam Bailey, head of residential research at Knight Frank, said: “House prices are now rising in a clear majority of locations around the world with almost 70 per cent of the locations in the Index reporting growth in the third quarter of 2009. This compares with under 50 per cent during the second three months of the year.

He noted clear polarisation from the top to the bottom of the table.

“Israel remains the best performer on an annual basis and is the only country to have recorded double-digit growth ( up 13.7 per cent) during the past 12 months. Prices in Dubai have fallen the most (down 47 per cent), despite posting a small recovery if 1.2 per cent in the third quarter. The recent debt issues with Dubai World and the subsequent loss of confidence by investors means even this nascent rally is already under threat,” he added

SOURCE: property-Report