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19 September 2018
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House prices keep growing in Europe

02 January 18 - RE+D Magazine
House prices keep growing in Europe

COMPANIES

Solum Property Solutions

Consultant - GREECE

Savills

Consultant - GREECE

ETAD.A.E.

Public entity - GREECE

IBI Group

Consultant - GREECE

PEOPLE

Antulio Richetta

Director IBI Group
According to the Global Property Guide house prices rose in 24 out of the 46 world's housing markets which have so far published housing statistics, using inflation-adjusted figures. The more upbeat nominal figures, more familiar to the public, showed house price rises in 38 countries, and declines in 8 countries. Upwards price momentum is weakening.

 

Europe, Canada, Hong Kong, and Macau continue to experience strong price rises. But most of the Middle East, Latin America, New Zealand and some parts of Asia are experiencing either house price falls - or a sharp deceleration of house price rises.

The five strongest housing markets in our global house price survey for the third quarter of 2017 were: Iceland (+18.76%), Hong Kong (+13.14%), Macau (+10.53%), Canada (+9.69%), and Romania (+9.36%).

The biggest y-o-y house-price declines were in Egypt (-8.68%), Kiev, Ukraine (-6.81%), Russia (-6.69%), Mongolia (-5.7%), and Qatar (-2.85%).

Only 15 of the world's housing markets for which figures are available showed stronger upward momentum during the year to Q3 2017, while 30 housing markets showed weaker momentum, according to Global Property Guide's research.

Momentum is a measure of the "change in the change"; simply put, momentum has increased if a property market has risen faster this year than last (or fallen less).

Momentum is weakening

House prices continue to rise in most of Europe. 15 of our 24 European housing markets have risen. However, only 6 showed stronger upward momentum during the year to Q3 2017, while the 18 markets showed weaker momentum.

Momentum is weakening in most housing markets covered in their survey.

European housing markets with smaller house price rises included Spain with house prices rising by 1.42% y-o-y in Q3 2017, Switzerland (1.4%), Vienna, Austria (1.28%), Norway (0.96%), and Finland (0.36%).

House prices in Tallinn, Estonia were unchanged over the same period. All, except Norway, recorded positive quarterly growth during the latest quarter. All had weaker performances during the year to Q3 2017 compared to a year earlier. 

Other strong European housing markets included Montenegro, with house prices rising by 5.07% during the year to Q3 2017, followed by Slovak Republic (4.8%), Germany (4.25%), Portugal (4.04%), and Riga, Latvia (2.58%).

All saw positive quarterly growth during the latest quarter. However, only Montenegro and Portugal had bigger price increases during the year to Q3 2017 than a year earlier.

Markets with minimal house price falls included Greece

European housing markets with minimal house price falls included Greece, with house prices falling by 1.62% during the year to Q3 2017, Jersey (-0.64%), Vilnius, Lithuania (-0.2%), the UK  (-0.08%), and Turkey (-0.05%).

All saw positive latest-quarter price changes (1.18% for Greece, 0.14% for Jersey, 0.54% for Lithuania, 0.32% for the UK, and 0.75% for Turkey).

All, except Greece, performed worse y-o-y to Q3 2017 than a year earlier.


 

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