In Q1 2014 property all over the world has gone up in value by an average of 7.1% year on year and 0.6% compared with the previous quarter. The top gainers in Europe were residential real estate markets in Estonia and Turkey, outsiders were Cyprus and Croatia, according to ee24.com with reference to Knight Frank Global House Price Index.
Property in Estonia has risen in prices over the year by 16.2%, in Turkey – by 13.8%. Housing in Iceland, the UK, Lithuania, Ireland, Luxembourg, Germany, Latvia and Malta has become by 5-10% less affordable. Prices increase of not more than 5% was recorded in Sweden, Austria, Poland, Denmark, Switzerland, Belgium, Portugal, Romania and Norway. Property prices in Bulgaria and the Czech Republic have not changed.
From 54 countries, recorded in rating, housing became cheaper in 14, and 12 of them are in Europe. According to Knight Frank, "the bottom ten rankings reads like a geographical tour of Eastern and Southern Europe." Prices there continue to decline, but at a slower pace.
The countries where property in Q1 2014 fell in prices include France (–1.4%), Slovakia (–1.5%), the Netherlands (–2.1%), Slovenia (–2.9%), Finland (–2.9%), Jersey (–3.6%), Spain (–4%), Italy (–4.8%), Hungary (–7.6%), Greece (–8.4%), Cyprus (–8.7%) and Croatia (–9.7%).
| |
Q1 2013 – Q1 2014 |
Q4 2013 – Q1 2014 |
| Estonia |
16.2% |
5% |
| Turkey |
13.8% |
2.9% |
| Iceland |
9.7% |
1% |
| UK |
9.1% |
2.6% |
| Lithuania |
8.4% |
7.4% |
| Ireland |
7.8% |
–1.3% |
| Luxembourg |
7.8% |
2.7% |
| Malta |
6.4% |
4.3% |
| Germany |
5.8% |
0% |
| Latvia |
5.5% |
2.4% |
| Sweden |
4.5% |
0.5% |
| Austria |
4.1% |
1.8% |
| Poland |
2.7% |
–2.3% |
| Denmark |
2.5% |
–0.2% |
| Switzerland |
2.1% |
–1% |
| Belgium |
1.7% |
–1% |
| Portugal |
1.2% |
–2.1% |
| Romania |
0.2% |
–0.7% |
| Norway |
0.1% |
2.1% |
| Czech Republic |
0% |
–0.3% |
| Bulgaria |
0% |
0.2% |
| France |
–1.4% |
–0.9% |
| Slovakia |
–1.5% |
0.5% |
| Netherlands |
–2.1% |
0.1% |
| Slovenia |
–2.9% |
–2.9% |
| Finland |
–2.9% |
–0.2% |
| Jersey |
–3.6% |
1.7% |
| Spain |
–4% |
–1,8% |
| Italy |
–4.8% |
–1.3% |
| Hungary |
–7.6% |
–3.5% |
| Greece |
–8.4% |
–1.3% |
| Cyprus |
–8.7% |
–2.5% |
| Croatia |
–9.7% |
–2.7% |