Call Us Now: 0330 124 1230 or Email: [email protected]
8 Years Later…
Who would have thought that 8 years has passed since the Crash and still the world is healing. It doesn’t help that new infliction’s such as Brexit are hindering the recovery process. With tensions rising between the US and Germany amidst the Deutsche Bank scandal, the prospect for another bump in the road for the global economy is fast becoming a reality, more than speculation.
So, where are we now in terms of the property market and the levels of negative equity?
Spain, has seen positive results mainly from British Expats buying luxury properties across areas such as Costa del Sol with house prices rising by 0.25% in 2015. However, since the immediate impact of Brexit, the property market is seeing very uncertain times ahead with reliance of buying being dependent on the back of a strong pound.
Greece too has seen an improvement in the international index following the first quarter, however this is not due to Greek market growth, but to the worsening conditions of other markets. In 2015 housing prices dropped by 5% totalling to a significant 41.3% decrease since 2008, with further confirmation from The Bank of Greece that this downward spiral will continue. Notably areas such as Athens and Thessaloniki have seen the biggest drop and therefore lie in a negative equity pool with residents and owners unable to afford repayments on mortgages or investment loans.
Italy’s house prices are slowly stabilising, with 2014 showing the first indicators of recovery since the economic crash in 2008. However, although showing signs of recovery the market is in fact still declining, good news for buyers, NOT so good for those already in serious negative equity on a mortgage backed property. Property pieces across the country are suspected to decline.
It’s clear with the impact from Brexit, weakening Pound, wounds of the 2008 crash and potential Trump presidency fears, prices of homes across Europe are still low with the local economies barely making tracks on recovering. As income in most households are still a fraction of that before 2008, the reality is many are overwhelmed with property debt and need the help of debt strategists.
What Help Is There?
For our part, we are continuing to add to our client list, as property prices in Northern Ireland, UK and across Europe are stagnant at best, the chance of recovering lost value of a negative equity position is slim to none. Leaving clients in drastic circumstances where by the shortfall on house sales is too much to take on.
With new laws in many countries across Europe, documentation for the sale of a property have changed increasing the need for specialist to advise. At EU Property Solutions, our experienced advisors hold expert knowledge not only on a geographical basis but also in the developments of new case laws impacting on all property markets; such as the recent case law on Reclaiming Deposits on unfinished / abandoned “Off-Plan” developments.
As ever help is at hand here at EU Property Solutions. Our expert debt strategists hold vast and valuable experiences crucial to those finding themselves in a position of difficulty. So, if you or anyone you know has any property debt related issue ANYWHERE IN THE WORLD (we just helped somebody with a Canadian issue!) call Karen on 0330 124 1230 there is our FREE INITIAL CONSULTATION.
Why not check out our latest client testimonial here…