Monday, August 27, 2007

We’re not the only ones!

Overheating sees house price downturn in Europe

Ireland & Baltic states have seen house prices fall. Romania, Bulgaria, Croatia & Russia look like they might be joining them soon. Debt levels are above 100% in Ireland, Britain, Spain, Netherlands & Denmark. Even France is starting to see some falls.

Posted by su @ 07:10 AM (968 views)
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4 thoughts on “We’re not the only ones!

  • japanese uncle says:

    When ‘the later, the cheaper’ will be ingrained into the minds of the millions, besides the greater than ever uncertainty in aconomy and job security, there is only one direction. It should not have ended like this, only if the central banks had done what they were supposed to do circa 2000 ie raising IR to cool down mad economic drive at that point.

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  • At some point in the very near future, estate agents will put two and two together and start advertising like crazy with “REDUCED PRICE” signs. The problem is that the EAs have made price falls so obscure (by basically withdrawing a property from sale then readvertising it at a lower price) that it is not obvious to buyers. Now that the downturn is really showing, they’ll want to make it really obvious.

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  • I recently managed to resell a property in Bulgaria – albeit after being on the market for 12 months, and for the price I bought it 2 years ago. Out there prices have definitely hit a brick wall and properties are not selling. My whole block was bought out in 4 months by mainly UK investors 2 years ago – an identical block now, just behind the first, has not sold 50% in almost 12 months. The locals laugh at the prices we have paid over there, as it’s purely speculative UK and Irish buyers – they can’t even rent them out to cover the mortgages as £200 a month is still a huge rent out there. There are a few corporate lets you could get, but already there has been too much construction and competition for rent is high. Now they are talking Albania as the next hot spot! I’ll keep well away – all the gains were made mainly by companies buying up land well before we heard about it in the property porn mags.

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  • European-bear says:

    Ireland is the one to watch…3.3% fall so far in Dublin this year. AND 15% of housing stock is vacant….with obsenelz high prices inthe Irish Republic, lots of land (low population) and empty houses it can only go one way….add to that is a substantial part of Irish GDP is constructing houses….you have a recipe for big falls….I expect the biggest crash will be in Ireland…..

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