Among the European nations to be hit hardest by declining property values were Spain, Ireland, Bulgaria, Greece and Ukraine. Meanwhile, Australia was the worst performing country in the Asia-Pacific region, with Japan also registering a fall. The research described the US property market as "alarmingly weak", noting that the high rate of unemployment is driving foreclosures in the residential sector.
Earlier this month, the National Association of Realtors in the US revealed that commercial property in the country has been negatively affected by low job creation, while lower than expected economic growth will result in a "slower recovery" for many sectors, chief economist at the body Lawrence Yun explained. (IBTIMES)
