The RICS recently published their annual European Housing Review (2009 edition). A must-read for every real estate professional engaged in residential properties in Europe. Well, it is a full, 130-pages reference-work, covering residential markets in all European countries. Easy to look up country-specific circumstances.
So, what are the key messages?
- House prices are static or falling across all of Europe.
- The chances of core European housing markets escaping marked downturns in 2009 are now slim.
- House prices fell significantly in 2008 in central and eastern Europe, Ireland, France, UK and among the Nordic countries.
- All Europe’s housing markets are experiencing rapidly falling demand and too much supply, due to the impact of the credit crunch and recessions in Europe’s major economies.
- New build markets in the major cities of central and eastern Europe are at a standstill, with a rising tide of unsold dwellings.