The Knight Frank Global House Price Index Q1 2009 has found that housing markets continue to struggle against a backcloth of economic stagnation or decline and rising unemployment.

Israel was the top performer over the 12-month period ending Q1 2009, recording growth of 10.9%, followed by the Czech Republic at 9.9%.

The worst performers were Dubai and Singapore, which recorded falls in average prices of, respectively, 32% and 23%.

On a quarterly basis, the most dramatic fall in prices were recorded by Dubai (-40%) and Singapore (-16.2%). The best-performing markets were Jersey, with a 5.6% uplift in values, and Finland (+4). The shorter-term economic outlook suggests, says Knight Frank, that the world’s housing markets are likely to continue to suffer for the remainder of 2009. www.knightfrank.com