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European Housing Market Outlook 2013

08 January 07:24 PM

Foreign investors have always treated Europe like tourists treat places of interest. That is why residential property in Europe is especially popular among foreigners (especially among those well-off people from the ex-USSR). They like buying apartments and villas in resort coastal areas of Spain , France, Italy and other EU countries. Moreover, residential property gives foreigners more rights in the Schengen Area.

Market Leader and Masterforex-V Academy tried to take a look in the near future of the EU housing market. First, let’s overview the market situation in 2012.

European Housing Market. 2012

The price changes weren’t smooth and unidirectional throughout the year. Most housing markets in the EU were bearish. In Greece, Spain , Portugal , Netherlands and other eurozone states, the local housing markets are still declining amid uncertainty and instability caused by the continued eurozone crisis. People simply cannot afford to buy residential property. Some of them fail to pay their mortgage loans. The housing markets in Croatia and Latvia are the frontrunners in terms of price decline.

According to GlobalPropertyGuide.com, which monitors housing markets around the globe, 14 out of 23 monitored European housing markets are in decline. Only 9 of them are bullish. Moreover, the world’s 9 weakest housing markets also belong to Europe.

In particular, Greek residential property depreciated by 12.47% in 2012. Spanish property depreciated by 11,87% during the reporting period. At the same time, the Bulgarian and Turkish housing markets were down by 6,84% and 4,96% correspondingly.

For example:

1. Spanish residential property. A villa in Costa Blanca North (Moraira), 240 sq. meters, 200 meters away from the sea. It cost €577 500 in 2011. The current price is €525 000. This is a 10% decline.

2. An apartment in Costa Blanca South (Punta Prima), 85 sq. meters, 200 meters away from the sea. It cost €253 000 in 2011. The current price is €230 000.

1. Turkish residential property. A villa in Antalya, 224 sq. meters, 200 meters away from the sea, personal parking lot. It cost €351 500 in 2011. The current price is €325 000.

1. A townhouse in Antalya , 135 sq. meters, 500 meters away from the sea, swimming pool, developed infrastructure. The current price is €239 000. This is a 9% decline. As compared to 2011.

The situation in Switzerland and the coastal area of France remain relatively stable. The housing prices in those regions are traditionally around the top of the price range. The demand of the residential property there is quite stable. The same can be said about several areas in Italy as well as London and Paris.

Most experts assume that more investors will get interested in hotels in 2013.

European Housing Market Outlook 2013

Experts anticipate a decline in the following European housing markets:

· Spain (-40%)

· Greece (-20%)

· Italy (-15%)

The markets will keep showing weakness because of the crisis phenomena that can be seen in the mentioned economies. Some of them say that the sellers of the most liquid housing assets may wait till the situation improves.

1. Italian residential property. They say there is a clear tendency that implies higher demand for luxurious residential property like villas, castles, mansions, penthouses.

At the same time, the prices on mid-class property are falling. Moreover, more people start investing in fixed property under construction because the price is much lower than the one that will be set afterwards.

As for the north of Italy, which is usually considered to be the more prosperous area, it seems to be suffering from multiple crisis phenomena as well. Housing prices in the area are expected to fall in 2013.

The picture above represents a villa in Camaiore. In 2011, it cost €3 780 000. The current price is €3 600 000.

2. Bulgarian residential property. They say the housing market will stabilize in 2013. The market used to show weakness because of undeveloped legislation.

1. French residential property. The French housing market is expected to see stagnation in 2013.Even though some housing units located in resort areas may become more expensive, the increase won’t exceed 5-7%. The rest of the market won’t see any major changes.

The picture above represents an apartment in Nice. In 2011, it cost € 812 500. The current price is € 650 000.

In general, experts say that the overall tendency in Europe’s housing market will be positive. However, it is reasonable to purchase residential property for personal use only because leasing cannot be const-efficient at the point while it will be impossible to resell the property at a higher price in the near future.

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The Washington Post On European Crisis and Euro

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