The United States real estate crisis spreads to Europe

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International real estate news: the real estate market in Europe


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CategoryReal estate news

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Real estate - europe

 

End of the euphoria. Ireland, Great Britain, and Spain hit by the American real estate crisis.

Ireland

Hard blow for Ireland. The country that recorded major increases in housing prices over the last twelve years (+235%) is now battered by the real estate crisis. According to a study conducted by the Economic and Social Research Institute in Dublin, the number of new houses built should drop by half in 2008. A situation that should have an impact on the country’s economic growth.

Great Britain

The average house price is plummeting in Great Britain, a situation the country hasn’t experienced for at least 17 years! You can sense the tension, especially in the northern cities like Liverpool or Manchester. Banks are hardening loan terms and potential buyers are finding it much more difficult to buy property.

Spain

It's the same story farther south. Spain, the economy of which heavily relies on the new construction sector is experiencing the counter-blow of its years of euphoria (+173%). For the first time in a decade, the price of a home is down. In a country where the housing market is over abundant and where the economy relies, for the most part, on the construction sector, real estate professionals are bracing for the worst.


Updated on: 02/07/2008


And on the same subject:

The American real estate market crisis

Pour en savoir plus:

Real estate prices down in Europe


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