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Posted On: 04/03/2010
The Royal Institute of Chartered Surveyors has just released its 2010 European Housing Review, a report which can only be described as upbeat in nature.
According to the report, Europe's housing crash has been short-lived, and much more limited than that of the early nineties. The report said that, despite being slow of the mark, moves by European central banks to lower interest rates and increase liquidity provided "a great stimulus" to the European housing market.
The report did however concede that transactions are unlikely to reach anywhere near the levels seen during the recent boom for some time yet, and gave mention to what it called a "horseshoe" of countries still facing difficult times for their respective housing markets, namely: Greece, Ireland, Spain, Eastern Europe and the Baltic States -- to be fair; according to recent reports from realtors on the ground Albania's property market is currently undergoing a revival and Poland's isn't doing all that badly either.
The report also commented on the predictions of a double dip in some European housing markets, it said:
"Double-dips are extremely rare in housing markets. Most of Europe’s economies are recovering which tends to favour housing demand. Rising housing demand itself will quickly confront the problem of limited supply, given the persistent problems facing house building industries.
"Mortgage finance is constrained but financial markets are improving and, in any case, monetary authorities and governments will be reluctant to risk jeopardising the recoveries in their financial, mortgage and housing markets, particularly after all the effort made to put them on the path to recovery."
This is the latest in a stream of reports that will bolster positive sentiment behind buying overseas property.
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