Europe’s erratic ‘property prices’ movement
As UK Property Prices seem to be taking a hit due to uncertainties of Brexit, Europe seems to also be playing a somewhat unpredictable game in real estate.
As headlines such a Luton house prices down by 1.4% in November do the rounds in the UK, we have Czech property prices grew 8.7% year-on-year in the third quarter of 2018. Looking at other media outlets we have Cyprus house prices rise 0.2 per cent, Portugal’s housing prices continue to rise and Italian house prices have fallen by 0.4 percent year on year.
The main headlines hitting European property prices is that UK prices are falling, especially within London, whilst Spain is seeing record price increases following what was a gloomy few years previously and big price falls. Italy is somewhat still very much slow to react to any growth of which might be what has caused the increase in European house prices slowing in the third quarter – Ireland on the other hand are seeing positive property prices hikes as is Slovenia who top the charts with rises.
Brexit will of course send a shock wave across all European countries and especially those tied in under EU management whom are showing signs of revolting their memberships, ie Frexit, Italexit, Nexit, and Swexit. No matter what the decision of Brexit, and whether the government will honour the democratic vote or not, there is a strong feeling that the country will be damaged for the next few years with many predicting a fall in property prices.