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Posted on March 7, 2012
City view of Sao Paulo. Photograph: Alamy
Property investors in Brazil had a fiesta last year as house prices jumped by 26.3%, while buyers in Ireland watched prices slump by a further 16.7%.
Brazil was the standout success in the Knight Frank global house price index with more than double the increase experienced by the second-fastest growing country, Estonia (up 12.3%). The other top five risers were Hong Kong (up 11.3%), India (up 11.1%) and Slovenia (up 10.1%).
Knight Frank said Brazil’s “remarkable performance is being fuelled by strong population growth, rising household wealth and an expanding mortgage market.”
Overall global property prices were up 0.5% in 2011. The bottom 12 performing countries were all in Europe, with Ireland leading the way down 16.7%, followed by Cyprus, Russia, Ukraine, Spain and Jersey. The UK came mid table with a 1.1% rise.