According to the International Monetary Foundation’s data that was published on its Global Housing Watch website, the prices of houses in Greece have dropped by 7%, the second highest rate after India’s 8% rate.
Furthermore, the IMF’s data regarding Greece shows that the house price-to-rent cost ratio deviates by about 16.3% from the historical mean average.
Amongst the 51 countries listed in the Global Housing Watch, house prices in the Philippines and Hong Kong grew by 10%. The IMF considers the recovery of the house market to be positive development however measures must be taken to secure the continued trends.
Additionally, the Global Housing Watch notes that the real estate “bubbles” may have different causes, but they all cause financial instability and damage the real economy.
