European Real Estate: Values Down, UK Up
Despite recent projections and figures from the UK, it seems that prices in the European real estate market are down. The second quarter of 2013 shows a 1.4% drop from the first quarter of 2013, across the region.
These overall numbers are not indicators of all European real estate or any one market, just a broad take on the entire European Union. This being said, many markets noticed considerable rise in prices such as Estonia with 7.7% increase, Latvia with 7.2%, Luxembourg with 4.3%, and Sweden with 4.1% increases.
On the other side of this coin, we saw major drops in prices from countries like Spain with 12.8% fall, Hungary down 9.3%, Portugal 7.3%, and Netherlands 7.2%. Other countries in the EU had varying sales figures and property values, seeing only minor shifts in property values.
The UK has seen a slight drop in second quarter figures, but has seen a rise in yearly numbers, with expected increases through 2013.
With Spain's low values, a change in national laws is already seeing an increase in values. Legislation allows homes in certain areas to be refurbished, increasing home and region values. Many of the affected areas are prime coastal neighborhoods, in which home owners could not make any upgrades or major investments in their properties. Now, these homes are open to refurbishing and improvement, which should translate to higher values throughout the region.
Are you seeing these European real estate value trends in your area? How do these figures change your approach to your marketplace, if at all?
Let us know in the comment section below!
Photo Courtesy of Images_of_Money’s Flickr