PROPERTY PRICE OVERVIEW
In a previous post we reported that now is a great time to invest in Spanish property with the general view the property market there has bottomed out. A recent report suggests that Brits are indeed starting to snap at Spanish property a basement prices accounting for 19.8% of purchases by foreigners in the country. Should you wish to purchase a Spanish home and join the 750,000 Brits who call Spain home then please contact EU Property Solutions.
EU Property Solutions have regularly commented on the decline of property values in Spain since the peak of 2007 – well respected valuers Tinsa state the figure is currently 41.2%. The Economist though has produced a new study showing the change in average prices of residential property since 2012. The results are interesting.
- Greece -25.6%. Greece has suffered the most drastic decline in property values, and it comes as little surprise given the dire circumstances facing the country and its citizens. Who knows what the future holds for the market in the country.
- Spain -14.3%. This figure is deemed conservative with Tinsa reporting a figure of 23%. Nonetheless, the signs of a slow recovery are emerging with a price increase of 1.6% over the last year. Positive news, but little consolation to those who have suffered dramatically since the fall in peak prices.
- Italy -13.6%
- Netherlands -6.8%
- France -6%
Juxtaposing the declining figures above we have seen some unbelievable property market value increases too:
- Hong Kong +61%
- Turkey +56%
- Brazil +35%
- UK + 24.9%. This figure is largely fuelled by the market in London alone, questions remain if the London property market is sustainable.
The financial world is a mad place! Our global economy is volatile and controlled arguably by key players and with the impending issues in China yet to take effect it would take a brave individual to predict price changes for the next 12 months.
From an EU Property Solutions perspective these figures demonstrate the volume of overseas borrowers now feeling trapped in Negative Equity. There is a route available to remove yourself from Negative Equity debt – do not bury your head in the sand. On our recent visit to the Costa Del Sol last week we added another sting to our bow to assist our clients who suffer Negative Equity in Spain. As a consequence we can tailor our advice to your circumstances.
Should you wish to discuss any European Property related debt issues the please call the team on +44 (0) 330 1241230 to arrange your free initial consultation. We always like to meet prospective clients face-to-face but if this is not possible we can arrange a Skype video call or a conference call at a time to suit.
We look forward to hearing from you.