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By Leona Liu, Ruth Golby, and Andrea Zammert
Real estate markets worldwide are stabilizing and showing signs of tentative recovery, according to a recent report from London-based global property consultancy Knight Frank. Unlike during the first quarter of this year, when many countries continued to suffer double-digit declines in average home prices, the second quarter saw upticks in half of the countries tracked by Knight Frank, compared with the previous three months. (Year-over-year prices are still down across the board.) Among the remaining countries, none saw a decline of greater than 10%.
The strongest region was the Nordic countries, where prices rose 5.3% in Norway, 3.9% in Finland, and 3.6% in Sweden. The U.S. also saw a rebound, with a 1.7% quarterly increase in average prices. The worst-hit places? Dubai and Bulgaria, where residential property prices fell 7.5% and 9.7%, respectively.
Which countries around the world saw the greatest price increases—and the steepest drops? Click on for a sample, ranked from best to worst performance.
Sources: Knight Frank Global House Price Index & 2009 Annual Review and Outlook