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Property market watchWith claims such as, "Turkey: the credit crunch bolthole," or, "Majorca: the island that has bucked the slump", there is no shortage of developers out to convince buyers that their project has somehow escaped the property downturn. The increasingly agonising stories appearing on blogs show that too many Britons are apt to believe the tales spun by salesmen. There is just one general rule: the sunnier the climate, the more inclined are wideeyed Brits to buy in haste. Holiday home in Florida Subprime scandal: there is misery in the US housing market, with an annual pirce fall of 14 per cent So what is really going on in the international property market? The first thing to realise is that no other country is quite as obsessed with property prices as Britain. Where we have half a dozen reasonably reliable indices published on a monthly basis, most countries have one, published by the central bank or government statistical agency once a quarter, and several months out of date. Many countries have no reliable index at all. Turkey has no official house price index. The closest is the delightfullynamed index of "Consumers likeliness to buy or build a house during the next 12 months". It plunged 50 per cent, by the way, in the second half of last year but has yet to be updated. For many countries it isnt hard to find figures purporting to be a house price index, but which turn out on closer inspection to be propaganda dreamed up by an estate agent. As far as there are statistics available for the market in British buyers favoured spots, the following suggests that the property boom is over just about everywhere, with the possible exception of Cyprus. The Telegraph Online |
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