Latvian and Dubai property values plunge

Country:  Latvia

3 June 2009

Latvia recorded the world’s greatest property price falls Q1 as the country’s economy went into meltdown – the worst in the European Union – a cording to a survey compiled by Global Property Guide.

The research shows that the average price of an apartment in Latvian capital of Riga collapsed by 50% year-on-year in the first quarter. The Dubai property sector was the second-worst performing market, where annual property prices dropped by 35% in the quarter.

“Latvia is in surprisingly deep trouble,” yesterday’s Global Property Guide report said. “Average apartment prices in Riga declined an astonishing 50 percent over a year earlier to €747 [£642] per square meter, with a 30% drop during the quarter.”

The Global Property Guide survey ranked Singapore as the third worst performing property market, recording an annual decline of 23% in Q1. Iceland came fourth with a 20% year-on-year fall.

See Also:   Dubai, Latvia