Western European Property Prices Stabilize
Experts have reported that Western European property prices have now stabilized, and now the boom is over some believe the prices are now due to fall.
House prices in Western Europe have risen at a rate of knots most notably over a five-year period, especially in Spain, UK, and Ireland. Property investors within these areas, who bought in 2001, have made a minimum European average of 40% return.
Property research compiled by The Halifax recently reported that house prices in Spain realised a huge 100% profit between 2001 and the end of 2006. However, property experts now predict that prices for older properties in particular, as opposed to off plan, are already seeing a price drop.
During this same period, residential properties in the UK went up by 90%, with an average house price of £187,100, and across Western Europe, house prices averaged a 40% growth, again within the same period.
Remarkably, the most expensive place to purchase property is in fact Ireland with the average price hitting £209,300 at the end of 2006 and the Netherlands came in close behind, at an average of £190,900.
Economist Tim Crawford of Halifax, reports that Ireland’s strong economy and immigration, and a favourable ratio between supply and demand, has aided the drive up of house prices in Ireland, although he did state that prices are still very high.
Mr Crawford comments ‘We are possibly starting to see prices settle in areas where they are higher.’
At the bottom of the scale, countries that have a very slow growth rate include Austria averaging 6% and Portugal at 7% with Germany edging into negative figures of -5%.
Tim van Dijk Project Manager at Obelisk comments ‘As Project Manager my main objective is to source highly competitive, profitable property investment for our client’s portfolios. In my opinion, Western Europe has had its day in terms of offering Obelisk clients ROI in real terms. Investment property within the emerging markets such as Brazil, Bulgaria, and EU member contenders, offer a more profitable return and are both highly sought after and appeal to our clients, due to the huge capital growth potential.’
For more information on overseas property investment, and to find out about Obelisk’s latest projects, please contact: Obelisk on 0808 1600670 or email info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com/
House prices in Western Europe have risen at a rate of knots most notably over a five-year period, especially in Spain, UK, and Ireland. Property investors within these areas, who bought in 2001, have made a minimum European average of 40% return.
Property research compiled by The Halifax recently reported that house prices in Spain realised a huge 100% profit between 2001 and the end of 2006. However, property experts now predict that prices for older properties in particular, as opposed to off plan, are already seeing a price drop.
During this same period, residential properties in the UK went up by 90%, with an average house price of £187,100, and across Western Europe, house prices averaged a 40% growth, again within the same period.
Remarkably, the most expensive place to purchase property is in fact Ireland with the average price hitting £209,300 at the end of 2006 and the Netherlands came in close behind, at an average of £190,900.
Economist Tim Crawford of Halifax, reports that Ireland’s strong economy and immigration, and a favourable ratio between supply and demand, has aided the drive up of house prices in Ireland, although he did state that prices are still very high.
Mr Crawford comments ‘We are possibly starting to see prices settle in areas where they are higher.’
At the bottom of the scale, countries that have a very slow growth rate include Austria averaging 6% and Portugal at 7% with Germany edging into negative figures of -5%.
Tim van Dijk Project Manager at Obelisk comments ‘As Project Manager my main objective is to source highly competitive, profitable property investment for our client’s portfolios. In my opinion, Western Europe has had its day in terms of offering Obelisk clients ROI in real terms. Investment property within the emerging markets such as Brazil, Bulgaria, and EU member contenders, offer a more profitable return and are both highly sought after and appeal to our clients, due to the huge capital growth potential.’
For more information on overseas property investment, and to find out about Obelisk’s latest projects, please contact: Obelisk on 0808 1600670 or email info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com/
posted by Chris at 3:33 pm
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