The latest Global House Price Index by Global Property Guide has revealed that the three weakest markets in Asia are Sri Lanka, Cambodia, and the Philippines.

The report states: ‘Sri Lanka is now the weakest housing market in our global house price survey, amidst the country’s ongoing economic crisis. The average price of high-end condominium unit in Colombo fell by a huge 19.8% y-o-y in Q1 2022, in stark contrast to the previous year’s 2% increase. Quarter-on-quarter, prices dropped 3.3% in Q1. Sri Lanka is now on the brink of bankruptcy and has just recently defaulted on its debt for the first time in its history, as it struggles with its worst financial crisis in more than 70 years.’

Cambodia’s house prices are also plunging, amidst an oversupply of apartments. The average price of high-end condominium units in Phnom Penh plummeted by 19.2% y-o-y in Q1 2022, far worse than the previous year’s 4.5% decline.

The Philippines’ housing market remains weak, despite gradually improving economic conditions. The average price of 3-bedroom condominium units in the CBD of Manila, fell by 6.5% during the year to Q1 2022, an improvement from a y-o-y decline of 23.6% in Q1 2021, according to the report.