By ASHOK SOMAN

Property reports from around the world paint a mixed picture as buyers look for clear signs of a recovery.

The long-cherished principle in real estate economics, vis-à-vis recessions, is that once an upswing is underway in financial markets, an upswing in property markets will follow. In Singapore, the Urban Redevelopment Authority reported that developer sales put in their best performance since the sub-prime crisis hit, including movement in the above SGD2,000 psf segment.

In other positive news, the UK’s Royal Institution of Chartered Surveyors issued a report that shows discounts on home prices narrowing, pointing towards stabilization in this sector.

It’s not all good news though, with real estate website StreetEasy.com reporting that sales in New York City’s Manhattan area fell by more than 70 percent in April 2009.

New York City is far from an anomaly unfortunately, despite the improved performance of the property sector in California, Arizona and Nevada.

In Dubai and the United Arab Emirates, Reuters reported that home prices continued to fall, with Dubai set to record a 20 percent drop in prices. The UAE’s incredible growth spurt has also been curtailed with a reported 50 percent of USD582 billion construction projects halted.