Amid good expectations for the property market in Barbados and the Caribbean by some estimates, other global markets appear to be witnessing some measure of positive signs as well.
According to a UK-based property portal, the UK residential property prices have increased to their highest level since November 2007 and are now almost 6% more than a year ago, according to the latest real estate index.
Prices were up 0.4% in December, the eighth monthly increase in a row, and are now just 12.2% down from their peak in October 2007, says the index from the Nationwide building Society.
The UK Nationwide’s chief economist Martin Gahbauer said a year ago such a rise was unthinkable and he put it down to pent up demand in the market place and cash rich buyers driving the market forward.
The data shows that, unless there is another sharp move lower, UK house prices have recovered more quickly and fallen less far than many analysts predicted.
But the rate of price increases is slowing.
Meanwhile in the US, as explained by another publishing house, the average home prices are now equal to prices in Fall 2003. The headline estimate of a 30% fall still to come is based upon a trendline derived from data between 1987 and 2000. The presumption is that the values after 2000 are bubble values and that they should be excluded.
Another UK based real estate firm has explained that property is set to return to investors’ portfolios in 2010 as the asset class becomes popular with investors once more.
In Barbados according to real estate experts, 2010 should be a balanced year for both buyers and sellers. One of the most noted developers in Barbados has argued that it will not simply be a good time for buyers but that sellers should see some benefits as well and it is likely to be a more balanced market for the industry.
