» Property winners and losers worldwide

Article Published: 30th September 2008

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The decline in property prices has not just hit the low to average priced home; in many areas of the world the credit crisis has caused problems for top end properties.

The property value explosion that caused prices in Southern Ireland to sky rocket over the past few years has left the country with vastly overpriced homes with some having to accept a dip in price of as much as 17 per cent. In Tokyo the same type of luxury homes are taking a dive to the tune of 8 per cent.

Whilst in other areas of the world, property prices continue to rise for the seriously rich. In Monaco house price inflation has reached 30 per cent with the most expensive cost per square foot of £3,762.

London has seen its poshest properties rise in value by around 1.8 per cent at a price of £3,121. Manhattan and New York properties have seen an increase of up to 12.3 per cent over all. China, not always known for their top end real estate, has seen a huge rise in the value of super prime residential property of over 43 per cent, Hong Kong has seen its property values rise by 23 per cent and Singapore has reported increases of over 7 per cent.

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