Home prices in Ireland fell 14.8 per cent in the last year, making the Emerald Isle the worst performing market in the world, according to Global Property Guide.
Hong Kong was the top market, with prices up 19.7 per cent at the end of the second quarter compared to a year earlier. The government in Hong Kong has been trying to cool the market by making more land available for development and restricting lending, but it hasn't been working, concludes Global Property Guide, an online site tracking the property market.
The Brazil-Sao Paulo market was the second largest gainer for the year, with prices up 19.5 per cent, adjusted for inflation. Thailand followed with a 7.7 per cent rise, after falling 4.8 per cent in 2010 in the wake of political turmoil.
The rankings don't include the UAE.
Other than Ireland, the worst performing markets were Spain, the US, Greece and Bulgaria, which all experienced drops of about nine to 10 per cent on the year.
After showing signs of stablisation in 2010, 26 of the 39 countries tracked by the site reported price falls.
Ireland worst performing property market
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