Several European countries topped the list of the world’s worst housing markets according to a recent data compiled by Knight Frank, an international real estate firm. The U.S. was ranked at number seven with 4.1 percent decline in home values since last year.

Here are the top 10 worst housing markets in the world.

8. Portugal
Annual Change: Down 4.0%Q4 2010 Change: Down 1.2%In picture: The Portuguese national flag is projected on the Lisbon's Belem tower during a rehearsal for the opening ceremony of the Ibero American Summit in Lisbon November 28, 2009. REUTERS
7. United States
Annual Change: Down 4.1%Q4 2010 Change: Down 2.1%In picture: An inspiring Californian Residence with Luxurious Features in Los Angeles. freshome.com
6. Greece
Annual Change: Down 6.0%Q4 2010 Change: Down 0.7%In picture: A white contemporary home located in Ekali, Greece. freshome.com
5. Dubai
Annual Change: Down 6.1%Q3 2010 Change: Down 6.1%In picture: A view of high rise buildings is seen in Dubai March 23, 2010. REUTERS
1.Ireland
Annual Change: Down 10.8%Q4 2010 Change: Down 3.5%In picture: Belfast's City Hall in Northern Ireland. REUTERS