The first drop in property prices in Europe in ten years hides real contrasts
This is a first in ten years, real estate prices have fallen in Europe at the end of 2023, reveals Eurostat. The decline is, however, small: -0.2% in the fourth quarter of 2023 compared to the same period of 2022. But it hides large disparities between the north of the Old Continent, where the price of stone has plunged, and the east. and southern Europe, where it has on the contrary surged.
Lisbon. Prices are not falling everywhere: more than 8% in Portugal, where real estate has benefited from tax measures and a favorable visa policy for foreign investors. AP - Armando Franca
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Germany and Luxembourg are the two European countries most affected by the fall in
real estate
prices , in the fourth quarter of last year reveals
Eurostat
: respectively - 7% and - 14.5%. Also marked drop, around 4%, in Finland, Sweden and France.
After an uninterrupted surge since 2013, of more than 50% in ten years, stone prices have clearly stalled in Europe. In the
euro zone
, the rise in interest rates has passed and growth has remained weak.
Jump
On the other hand, Eastern and Southern Europe saw a real jump in property prices. Plus 13% in Poland, thanks to strong growth and a drop in interest rates, plus 9.5% in Croatia, investments have flowed there since Zaghreb entered the euro zone.
Plus 8% in Portugal, where real estate has benefited from tax measures and a favorable visa policy for foreign investors. Spain also saw stone prices increase by 4% but they remain low, below their level before the 2008 crisis.
Read also Faced with a housing crisis, Greece tightens the rules for obtaining the “golden visa”
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