These are the 7 coldest housing markets in the world

The global housing market continues to make a strong recovery.

But the boom is not being felt everywhere.

According to the Global Property Guide for the first quarter of 2015, home prices rose in 25 of the 38 housing markets worldwide in which inflation-adjusted statistics are available.

And so while there were only a few losers, here is a list of the seven worst-performing housing markets in the world, based on their inflation-adjusted, year-over-year price changes for the first quarter.