Real estate prices have continued to drop over the first quarter of 2009, a recent overview of the international market has found.
A survey looking at the real estate market in 32 countries worldwide found that in 27 of them, the market experiences a considerable slump, with a drop of over 10% in prices compared with the fourth quarter of 2008.
Five nations, however, have displayed real estate resilience, noting a positive trend in local markets: Realty prices in Israel went up by 3% in Q1 2009, Switzerland saw a 4% increase, and a similar one was noted in Austria and Thailand.
According to the survey, the two countries to suffer the most from the financial crisis-driven real estate slump were Dubai (-35%) and Latvia (-50%).
The US market is showing little signs of bouncing back, and reports indicate prices are still floundering.
Calcalist contributed to this report
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