“All year we’ve been seeing relatively flat national home prices, which appear to be supported by market fundamentals. Prices in some areas remain below replacement construction costs, so even with an elevated supply of existing homes on the market we don’t expect any consequential movement in home prices for the foreseeable future. Very low inventory of newly built homes also will help to support home values.”

This is a very similar picture to what we are seeing here in the UK. After last year’s massive rally fuelled by week supply most analysts now expect the market in the UK to remain flat this year.

A lot of people are watching the UK and US housing markets at the moment, as we wonder whether our economies are heading for a second dip recession. The housing markets will undoubtedly be a leading indicator of that, and as yet it is too early to call on them.

In the UK prices have fallen in the last few months, owing to rises in supply, many people have said that the falls marked the start of a double dip housing crash. On the other hand interest rates are still fuelling demand, and mortgage approvals continue to rise.

In the US some areas have seen some pretty strong price growth lately, some even grew throughout 2009, but other areas are pulling the overall picture down. It is really a matter of how quickly the falling markets recover, and how quickly the repossession backlogs are cleared, and then subsequently how quickly the investor-buyers try to resell.

Time will tell.

A quick scan of the global property stories in my reader tells me of the wonderful news that growth in the number of distressed properties slowed in most of the world in the second quarter, according to the Royal Institute of Chartered Surveyors. When you read the positive vibe this is written in, you are forgiven for thinking that the distressed problem is shrinking again, but it isn’t, it is still growing just at a slower rate.

We have the recovery both sides of the Atlantic slowing according to reports. Again the reports on whether we are looking at a second dip in the UK are conflicting, some believe a second crash looms while others believe 2010 will be flat. In the US the reports are less in agreement, some believing the recovery will yet regain its steam, and others saying a second dip is imminent.

But the starkest contrast of all in my reader right now is from Canada: in one row a report from the Dow Jones quoting Home Capital on how vibrant the Canadian market still is. And in the next row a report from the Canadian National Post on how sales of property in Toronto dropped 34% in July.

You couldn’t call it. What I will say is this: if your interest in house price movements in your country is more than passing, forget the reports in the nationals and look at prices in your area on a regional and comparable basis.

There are rumblings that this could be about to change. The Indonesian housing minister has been quoted as saying that "Limiting foreign ownership is no longer the right approach".

However, if Cambodia is anything to go by it could be a while before anything is done about it. That said: demand would hardly be at its peak right now anyway. Bali would certainly be considered a high risk market, a step into the unknown and that is hardly what today’s risk averse buyer is queuing up for.

For the bold few though, Bali property could prove a very lucrative investment. Though according to reports land prices have skyrocketed 400% in the last 5 years, you can still get a 5000 square meter land plot near town for £10,690. Time tells us that the opening of massive overseas demand can push prices up by between 30 and 50% per year for up to 2 years.

That is; lucrative as a long term capital investment, but rentals may falter. With a market sparse in the way of privately rented properties, hotels and commercial accommodation will have become very established.

Around about April last year, things started to turn positive for the US housing market. The drastic cut in interest rates combined with other incentives by the government, such as tax credits and even cash back, to cause a massive increase in sales. Ever since then analysts had worried what would become of the market once the stimulus was withdrawn, and now we are all watching as their worst fears come true.

It is hardly surprising that analysts are taking a downbeat stance towards the market: according to a recent survey by MacroMarkets LLC, 60% of economists and other analysts are forecasting home-price declines this year. This was an increase on the 40% recorded in May and the second straight month of diminished confidence.

The average decline predicted by the analysts is 1.7%, in the S&P/Case-Shiller national index. Surprisingly though; forecasts ranged a decline of 12% from Dean Baker, co-director of the Center for Economic & Policy Research, to a gain of 4.9%, by Joel Naroff, president of Naroff Economic Advisors Inc.

The 14,000 sq m residential estate, which will feature 15 townhouses in a park-like setting is located in the heart of Berlin’s western town centre next to the Kurfürstendamm. According to the developer, some 60% of the development will be landscaped with greenery and gardens, parts of which will actually be accessible to the public.

210 condominiums and rental apartments are planned with a total residential floor area of 24,000 m2.

As most people who follow the German property market will know, new developments in Germany do not come along very often. This is because there has traditionally been very little demand to buy property in Germany, where a renters culture is prevalent and only 42% of people own their own home.

The renter’s culture is particularly apparent in Berlin, and that is why the news is somewhat surprising.

Don’t get me wrong, I have always had a soft-spot for German property, particularly the mish-mosh of culture offered by Berlin properties. But I can’t see what makes an increase in demand for Berlin property more likely at the moment. As far as I know prices haven’t fallen, but rents haven’t gone up, nor are they likely to. Thus Berlin property is still a 4-6% average rental yield. Wages are unlikely to increase anytime soon, and so the government will not allow rate rises.

We can only assume that the development is to be aimed at domestic buyers and for habitation, not investment, and/or that the developer knows something we do not.

The last one I remember reading was the one on how Brits were buying Moroccan Riads by the bucket load, to fix them up and earn 10% rental yields. A large portion of the article was quotes from over-the-moon buyers. In fact, where was that article on the Brits buying old Churches in Tuscany, I think that may have been the Telegraph as well actually… Answers on a postcard.

Funnily enough much of the Tuscany article is also filled with buyer testimonials of the increased value for money presented by Tuscany, where the price falls of up to 30% are exacerbated by the weakening Euro. The article also explains how buyers have moved outwards from the once-popular Chianti to new areas where prices are lower, mentioning places like Valdera, Colline Pisani, Peccioli and Lajaticom as being among the most popular in the present day.

“Every generation has its own Tuscany,” says Liam Bailey of Knight Frank Research. “The English aristocrats who bought in Chianti in the Sixties and Seventies cherished the isolation. But these days’ people want to be closer to an airport, near a beach or in a lock-up-and-leave-style property.”

This is very true, and especially right now. Thousands of people have been scammed into buying properties in the middle of nowhere, where there isn’t even a shop to buy milk in low season. After that people have become even more determined to make sure their property is in a good location, with plenty of shops and restaurants open year-round. Accessibility is of increased benefit because of the expansion of private holiday rentals brought about by the internet and budget flights.

I remember in 2006; the Dubai sports city was one of the most anticipated property developments in the world. Unfortunately for all involved it became one of the many casualties of the downturn, which hit Dubai incredibly hard. However, the investors who lost out on the development may end up getting what they paid towards, though only if they agree to a new payment schedule.

Developer Innovation SEZ has taken over the shares of the three developers previously building the Eagle Heights, Profile Residence, and Bermuda Views but have said that work will only recommence on the original developments if the investors agree to new payment terms.

After meeting with the new developer, Tony Hynes, Chairman of the Dubai Action Group made a statement to the following:

"Following the meetings this week between the Dubai Action Group and Mr Probir Chatterjee, of Innovation SEZ Developer Ltd, at the Carlton Hotel Dublin, the Dubai Action Group would like to make the following statement:

Mr Chatterjee presented his proposals to approximately 150 investors, over a series of meetings during his two day stay. In summary the proposal is as follows: Innovation SEZ Developer Ltd has taken over the shares in the three development companies responsible for building Eagle Heights, Bermuda Views and Profile Residence. They have declared that they will build out our buildings if they get sufficient numbers of investors to sign up to their proposal, which includes a new payment schedule.

Innovation SEZ Developer Ltd intends to shortly send out an addendum to our current contracts for approval and signing.

Whilst the Dubai Action Group is interested in examining this proposal we cannot recommend it to our members until we have had the opportunity to study the written document in detail.

We believe a cautious and measured approach to any proposal containing adjusted payment schedules is vital given our experience to date.

We welcome all comments and suggestions from our members and a more detailed email will go out to members next week."

This is the latest in a line of similar news, including news that Weston resort at St James, Barbados sold out phase 1 (21 units) in just 3 days on word of mouth alone in March this year, the sales team for the Jalouise Plantation in St Kitts sold $7 million worth of property in seven days (or something like that), and Savills’ ski property partner Alpine Homes International sold out a 14 unit Austrian ski resort development in just 6 weeks.

The reports of increasing overseas property sales began last April with the Caribbean seeing the most reports and sales focussed on prime properties. This year the trend continued of prime property performing better than other classes.

The Yoo Buenos Aires development does not fit into this trend though, with a 1 bedroom apartment costing $135,000 it is firmly in the low-mid price bracket. Thus the latest report is proof of another trend that has been reported lately, the return of lower income buyers to the overseas property market.

This is very positive indeed, because, while a rise in sales of prime property is great, the only other thing selling overseas was repossessed properties, and these two singular rebounds were not going to bring a recovery overall. Now we are seeing lower-income buyers joining their wealthy counterparts then hopefully there will be some respite for the overseas property industry.

“It is more than [just] a bubble problem,” Li Daokui told The Financial Times. “When prices go up, many people, especially young people, become very anxious,” he said. “It is a social problem.”

The statements were made as the government confirmed that it planned to reform the property taxation system to bring the runaway housing market to heel.

For those that do not know, the Chinese housing market is becoming a major concern for the world, because of the alarming rate at which it is growing. The Chinese population is the largest in the world, and its cities among the most densely populated in the world; throw the strongest economic growth in the world into that mix and you can see why prices are growing so fast, because demand is growing so fast.

Investors are buying up properties because they know that this demand is only going to go one way. And… reading between the lines of Daokui’s statement tells us that it is becoming a self-perpetuating cycle to misery; a race against time to buy a house before you are priced out of the market.

So far the government’s measures, including: tightening restrictions on off-plan sales and mortgages for third homes and raising minimum down-payments for second homes, have had little or no effect. This is because people who can buy are wanting to buy desperately before they are priced out of the market, and they will meet any criteria or jump through any hoop to do so.

We all know that the recent economic crash was kicked off by the US housing and mortgage bubble bursting, if the same happens in China it could easily bring a second global crisis, one which we have very little reserves to deal with. On the other hand the world is not so heavily invested in Chinese mortgage securities as it was in the US’, so it may not have such a big impact on the rest of us. Let’s hope we never have to find out.

Since the beginning of 2010, the price of standard-type apartments has increased on average by 13.6%. In recent months, Riga standard-type apartments have increasingly been sold at prices higher than average market values due to a lack of stock.

On the face of it the report is none too spectacular. However, this is before you consider the fact that Latvian property prices have fallen by almost 50%. Now, such falls are not uncommon when talking about certain areas, or certain property types, like those reliant on touristic or foreign buyers, but in Latvia’s case the figure is for the housing market as a whole. In fact the only market to perform as badly or worse was Dubai. So anything that hints at an end to the misery is ultimately positive.

In some ways the fall can now be looked upon in a somewhat positive way: many markets that have seen prices simply stagnate but not fall will find it difficult to attract the attention of international investors. Even markets that have suffered moderate falls of between 5 and 15-20% will find it difficult to differentiate themselves as having something worth looking at. That will not be difficult for Latvia, because it now has low priced property, and the growth potential of an eastern European emerging market coming out of recession.