Global house prices that play a key part of the engine that powers the world economy are misfiring.
Some countries have double-digit growth – including the surprise package of Ireland – many have housing markets languishing in the doldrums.
The figures come from the latest Global House Price Index for the third quarter of 2014 from international property consultants Knight Frank.
Six countries have growth of 10% or more – Ireland (15.0%); Turkey (14.0%); Dubai (12.5%); United Kingdom (10.5%); Estonia (10.0%) and Colombia (10.0%).
While 15 of the 54 countries monitored are in the red and one – Belgium – has gone nowhere.
The firm blames volatility in the stock markets, the slump in Europe and a stuttering US house price recovery for the lack of confidence in property.
However, Ireland is a major success story after drifting in the lower reaches of the index between 2009 and 2013; prices have surged upwards but are still nearly 40% adrift of their peak in 2007.
“Spain and Britain have also seen a turn around, although Spain’s main claim to success is a slowing rate of decline,” said Knight Franks Kate Everett-Allen.
“Looking at the other popular places, Dubai and Hong Kong have both seen prices rises step down a gear as well.”
The index reveals house prices in Dubai were up year-on-year but dropped 5.2% in the quarter, which is the first decrease in the desert city in four years.
The company explains Dubai has a problem with supply and demand.
“Sales have gone down in recent months but several new developments are nearing completion, releasing more property on to the market, which depresses prices as demand falls back,” said Everett-Allen.
In America, the price of a single-family home was up by 4.8%, but down on the previous quarter’s figure of 6.2%. Miami is the only main city bucking the national trend, with prices rising by 10.3% in the year.
During the quarter regionally, the Middle East performed way ahead of the rest with an average 9.6% increase in house prices, while the rest failed to impress. Next was South America, reporting a 1.6% average rise in prices mainly down to the markets in Colombia and Brazil.