Ranking of 16 European countries over the last 5 years reveals house price growth
The property group CBRE has ranked all of the 16 competing nations on the buoyancy of their housing markets and how they have performed over the past five years to Q1 2016.
Over the five-year period, prices in England climbed 26.8pc according to the study coming forth, taking the average price per square foot to £300. Turkey, Iceland and Austria all beating England.
“The landscape for each European market varies significantly, for example in Germany the rental market rather than owner occupation is much more abundant, conversely cities such as Berlin and London are currently witnessing very strong price growth comparatively.” stated Jennet Siebris, head of residential research, CBRE.
“Turkey is typical of an emerging economy and shows all those characteristics,” Barnes says, referring to its combination of low income per capita and rapid economic growth. “It’s the urbanisation of Istanbul that is driving these numbers. There is burgeoning young population who are new to housing investment and eager to buy.” Which is all well and good, she adds, as long as a bubble is not being fuelled by imprudent lending.
Spain came 15th with a 29.5pc five-year fall to £124 per sq ft. Italy was ranked 13th with a 14pc fall in house prices to £180 per sq ft. For the vulture funds, who have been patiently waiting for such price falls, now is the time to pile in. “We are seeing international developers moving into these markets,” says Jennet Siebris, the author of the CBRE report.
|Country||5yr % Price Growth||Ave Price Sq ft|
|Republic of Ireland||13%||£236|