House price rises in majority of markets worldwide
House prices rose in 27 out of the 45 world's housing markets to publish housing statistics for the first quarter of 2017, according to the Global Property Guide.
The Global Property Guide noted European house price rises continue unabated.
Six of the ten strongest housing markets in the global survey are in Europe.
House prices have risen in 17 of the 23 European housing markets for which figures were available during the year to Q1 2017.
Iceland remains the strongest housing market in Europe and second best performer in our global survey, amidst spectacular economic growth.
Nationwide house prices surged 16.01% y-o-y in Q1 2017, the highest increase since Q1 2006.
This surge is attributable to strong demand, coupled with limited housing supply, especially in the capital city of Reykjavik.
Hong Kong was the world's strongest housing market during the year to Q1 2017, despite higher stamp duties for non-first time homebuyers.
China's housing market continues its upward march.
The Philippines also had strong price rises, continuing the pattern of the past six years, amidst continuing economic growth.
Japan, Vietnam, and Taiwan posted more modest house price rises.
Hong Kong's housing market is now accelerating, despite the higher stamp duties for non-first time homebuyers introduced in November 2016.
Residential property prices surged by 17.27% during the year to Q1 2017.
House prices rose 3.93% during the latest quarter.
China continues to experience double-digit house price rises.
In Shanghai the price index of second-hand houses rose by 13.16% during the year to Q1 2017, after y-o-y rises of 21.68% in Q4 2016, 24.86% in Q3 2016, 20.73% in Q2 2016, and 16.99% in Q1 2016.
However, house prices in Shanghai fell by 0.95% during the latest quarter.
Japan's housing market is slowing again, despite a weak economy.
In Tokyo, the average price of existing condominiums rose by 2.93% during the year to Q1 2017.
Quarter on quarter, residential property prices in Tokyo fell 0.81% during the latest quarter.
Vietnam's housing market remains sluggish, despite a booming economy and the recent introduction of the housing laws that allow foreigners and overseas Vietnamese to legally own, sell and transfer real properties.
House prices rose by just 1.13% y-o-y in Q1 2017.
Quarter-on-quarter, house prices fell 1.06% during the latest quarter.
Taiwan's nationwide house prices rose by 0.69% during the year to Q1 2017, in contrast with a y-o-y decline of 7.65% a year earlier.
Quarter-on-quarter, house prices increased 1.65% during the latest quarter.
Other Asian housing markets have lost steam.
House prices fell in four of the ten Asian markets for which figures were available during the year to Q1 2017.
Singapore's housing market is still weak.
House prices fell by 3.45% during the year to Q1 2017, after a 2.35% y-o-y decline during the same period last year. House prices fell by 0.56% q-o-q during the latest quarter.
Thailand's property market continues to lose steam.
Nationwide house prices fell 1.37% during the year to Q1 2017, the second consecutive quarter of y-o-y decline.
Quarter-on-quarter, house prices increased by 0.1% during the latest quarter.
In South Korea the nationwide housing purchase price index fell by 1.35% y-o-y in Q1 2017, in contrast to the rise of 1.81% a year earlier.
House prices fell by 1.1% q-o-q during the latest quarter.
In Indonesia, residential prices in the country's 14 largest cities fell by 0.98% during the year to Q1 2017, the ninth consecutive quarter of y-o-y declines.
House prices fell 0.33% q-o-q during the latest quarter.
The pace of price-rises in the U.S. housing market is slowing gradually, though homebuilder sentiment remains bullish.
Canada meanwhile is in the middle of a house price boom.
The S&P/Case-Shiller seasonally-adjusted national home price index rose by 3.29% during the year to Q1 2017 (inflation-adjusted), the slowest pace since Q3 2014.
House prices increased by only 0.17% during the latest quarter.
The impression of a slowing pace of price rises was supported by Federal Housing Finance Agency's seasonally-adjusted purchase-only U.S. house price index, which rose by 3.37% y-o-y in Q1 2017 (inflation-adjusted), down from 4.87% a year earlier.
The index rose 0.6% q-o-q in Q1 2017.
Canada's house prices are rising strongly, despite repeated market-cooling measures.
House prices in the country's eleven major cities surged by 11.7% during the year to Q1 2017, sharply up from a y-o-y rise of 5.67% the previous year, and the biggest annual increase since Q3 2006.
The average price of new apartments in Greater Santiago fell by 0.37% y-o-y in Q1 2017, in sharp contrast with the annual rise of 6.75% the same period last year.
However on a quarterly basis, house prices actually increased 4.72% in Q1 2017.
Mexico's nationwide house price index rose by a meagre 0.17% during the year to Q1 2017, a sharp slowdown from the y-o-y rise of 5.26% the previous year.
On a quarterly basis, house prices fell 2.24% in Q1 2017.
New Zealand's house price rises have sharply accelerated, amid post-earthquake rebuilding.
The nationwide median house prices rose by 7.26% during the year to Q1 2017, up from 3.63% the previous year.
House prices rose by 4.11% q-o-q during Q1 2017.