The Economist has recently published the "Global House Prices", a useful tool to measure the progress of real estate markets worldwide.
The data refer to the second quarter of 2009 and show, year over year, a worldwide decline in house prices, except for Switzerland (+4.6% last year) and China (+1.0%).
The dizzying descents in property prices last year were recorded in Singapore (-24%), United States (-15%), Denmark (-15%) and Ireland (-12%) for the respect to Italy, the decline was just 3.4%.
Beyond changes Annual easily verifiable by the annexed table, what we want to emphasize is still excessive valuation of several real estate markets.
The last column in fact shows the appreciation (or depreciation) in home prices from 1997 to 2009 and immediately catches the eye important numbers.
For example, the case of Australia, Sweden, Great Britain, Spain, France and Ireland have had price increases over the past 12 years by over 120% with peak stratospheric for South Africa where prices have almost quadrupled.
Translated into annual terms the average annual increase was 14% in Australia, 12% in Sweden, 14% in the UK of 14% in Spain, 10% in France, 14% in Ireland and 32% in South Africa. If
Italy for what concerns the real property was 8% per annum, there are cases of deflation such as Japan (-3% per year), Germany (zero), Hong Kong and Singapore (-2%) who negative investment made in the last 12 years.
Chapter in the United States where recent violent corrections in prices brought the annual return on an investment property at rates ranging between 5 and 7%, depending on the indices used. If
for countries with double-digit annual returns seems to be still premature to speak of the end of the descent on the U.S. market considerations appear to be different. Meanwhile, the weak dollar
(e sottovalutato rispetto all’Euro come dimostrato nei post precedenti) rende interessante l’investimento; inoltre un rapido confronto con i rendimenti medi di investimenti concorrenti ci fa capire che spazi di discesa ci sono, ma appaiono limitati.
Per fare un esempio, il rendimento medio di un titolo di Stato americano negli ultimi 12 anni è stato del 4.65% (poco lontano dal 5% medio di apprezzamento degli immobili indicato dall’indice Shiller), mentre molto più disastroso si sarebbe rivelato l’investimento azionario con un +1.3% annuo (valutazione basata sull’indice Msci World).
Per chi volesse fare lo stesso confronto sull’Italia il rendimento annuo del Btp è stato dal 1997 del 4.63%, of 4.80% for the English equivalent degree and 4.28% for Germany.
conclusion now invest in real estate with the U.S. dollar to 1.50 no longer seems to be a folly, at least read these numbers and taking into account the underestimation of the greenback.
The data refer to the second quarter of 2009 and show, year over year, a worldwide decline in house prices, except for Switzerland (+4.6% last year) and China (+1.0%).
The dizzying descents in property prices last year were recorded in Singapore (-24%), United States (-15%), Denmark (-15%) and Ireland (-12%) for the respect to Italy, the decline was just 3.4%.
Beyond changes Annual easily verifiable by the annexed table, what we want to emphasize is still excessive valuation of several real estate markets.
The last column in fact shows the appreciation (or depreciation) in home prices from 1997 to 2009 and immediately catches the eye important numbers.
For example, the case of Australia, Sweden, Great Britain, Spain, France and Ireland have had price increases over the past 12 years by over 120% with peak stratospheric for South Africa where prices have almost quadrupled.
Translated into annual terms the average annual increase was 14% in Australia, 12% in Sweden, 14% in the UK of 14% in Spain, 10% in France, 14% in Ireland and 32% in South Africa. If
Italy for what concerns the real property was 8% per annum, there are cases of deflation such as Japan (-3% per year), Germany (zero), Hong Kong and Singapore (-2%) who negative investment made in the last 12 years.
Chapter in the United States where recent violent corrections in prices brought the annual return on an investment property at rates ranging between 5 and 7%, depending on the indices used. If
for countries with double-digit annual returns seems to be still premature to speak of the end of the descent on the U.S. market considerations appear to be different. Meanwhile, the weak dollar
(e sottovalutato rispetto all’Euro come dimostrato nei post precedenti) rende interessante l’investimento; inoltre un rapido confronto con i rendimenti medi di investimenti concorrenti ci fa capire che spazi di discesa ci sono, ma appaiono limitati.
Per fare un esempio, il rendimento medio di un titolo di Stato americano negli ultimi 12 anni è stato del 4.65% (poco lontano dal 5% medio di apprezzamento degli immobili indicato dall’indice Shiller), mentre molto più disastroso si sarebbe rivelato l’investimento azionario con un +1.3% annuo (valutazione basata sull’indice Msci World).
Per chi volesse fare lo stesso confronto sull’Italia il rendimento annuo del Btp è stato dal 1997 del 4.63%, of 4.80% for the English equivalent degree and 4.28% for Germany.
conclusion now invest in real estate with the U.S. dollar to 1.50 no longer seems to be a folly, at least read these numbers and taking into account the underestimation of the greenback.
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