Usually when things start to slow down in the European housing market, it is as a direct result of dynamics of the US economy. While not everything is doom in Europe with some countries actually progressing, many suffer on the bottom line.
The latest release of Knight Frank’s Global House Price Index shows some exciting and worrying facts about the European property market.
Markets like Spain and Ireland are hardest hit of all. Ireland especially has seen a dramatic downturn in property values with price drops of 7% last year after seeing some promising increases in 2006.
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A Marina community in the town of Naxos, Greece
Greek islands are well renowned for their sunshine, laid back lifestyle, great food and not to forget Greek folk songs. While other European markets approach a stand still, there appears to be an increasing number of rich Europeans buying luxury properties on the Greek islands.
With popular second home property hotspots like Bulgaria and Spain coming to a complete halt and Germany slowly but steadily rising, Greece appears to be surging on strong.
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Judging by this years Formula 1 events so far, the boys in red are in top form with yet another win over the weekend in Istanbul.
Felipe Massa won his second race this year, out of 5 races so far and Kimi Raikkonen collected another 6 points for his team coming third. While Lewis Hamilton was forced to deal with a three stop tyre change due to last years dramatic tyre failure during the Turkey Grand Prix, it made it hard for him to beat the red team fair and square, but he still took home second place which is considerably impressive given his extra stop.
Kimi Raikkonen had his own fair share of action when he and his compatriot Keikki Kovalainen had a run in on the very first corner. It resulted in a tyre puncture for Kovalainen and a broken front wing for Raikkonen which he carried all the way through the race.
The end result was another clear win for Ferrari:
- Felipe Massa (Ferrari)
- Lewis Hamilton (McLaren-Mercedes)
- Kimi Raikkonen (Ferrari)
If you missed out on our former property grand prix posts, here they are again.
The Istanbul property front is sizzling hot!
As you probably know by now, the ban on foreign property investment in Turkey has now been lifted which will allow investors to see Turkey as a real playing field again.
With an estimated tourism influx of some 28 million this year, the property market in Turkey is considered very favourable amongst investors and Realtors alike.
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Wednesday, May 7th, 2008
Posted by OP-Mall in
UK Property
Debtwire is an organisation that keeps an eye on the health of real estate agencies in the UK and according to their latest reports there is trouble brewing on the horizon.
The Telegraph posted an article yesterday that painted doom and gloom of the UK real estate affairs reporting that some 1,000 agencies had shut down countrywide since the start of this year. The report was based on Debtwire’s studies and indicates that since every Realtor employs an average of 4 people in their offices that would reflect a total job loss of 4,000 and numbers are expected to rise further for the remainder of 2008.
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