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2014 was the year of European real
estate with many regions showing strong growth. According to the Global
Property Guide countries that include Estonia and Ireland performed so well
that they put into the shade Russia , Greece and Ukraine.
Estonia, best performer in Europe, the
average price of dwellings surged by 15.3% during the year to Q3 2014, up from
the 12.46% growth seen last year. House prices increased 2.51% q-o-q during the
latest quarter. This was fuelled by an improving economy. InIreland,
residential property prices rose 14.52% during the year to Q3 2014, a
remarkable improvement from a y-o-y increase of 3.45% in the same period last
year. Irish house prices rose strongly by 6.43% q-o-q in Q3 2014.
In Turkey, house prices rose by 7.51% during the year to Q3 2014, after
an annual rise of 4.65% in the previous year. House prices increased strongly
by 3.87% during the latest quarter.
Strong European housing markets
include Latvia, with house prices rising by 4.71% during the year to Q3 2014,
Lithuania (4.62%), Czech Republic (4.04%), and the Netherlands (3.89%). All
showed better performance in Q3 2014 compared to the previous year. Moreover,
all saw positive q-o-q growth in Q3 2014.
Croatia saw a house price rise of 2.64%
during the year to Q3 2014 – a truly dramatic recovery from a decline of 17.69%
during the same period last year. Portugal (1.86%), Switzerland (1.48%),Norway
(1.32%) and Bulgaria (1.29%) also had price rises. All, except Switzerland,
performed better in Q3 2014 compared to a year earlier. However of these, only
Croatia and Portugal saw positive quarterly growth during the latest quarter.
The Balkans’ good news story includes both
Romania and Slovakia, with strongly falling house-price declines year-on-year,
and during latest quarter housing prices up by 1.12% and 0.42% respectively.
The UK had the third highest annual
increase in house prices amongst member states, behind Estonia and Ireland,
according to data published by the statistical office of the European Union,
Eurostat.
Estonia recorded price rises of 14.5pc
between April and June compared to the same period last year. That figure was
12.5pc in Ireland and 10.2pc in the UK.
France and Spain, where hundreds of
thousands of British expats and holiday makers have invested in property,
performed poorly. Spain recorded price rises of just 0.8pc, while in France
property prices fell 1.1pc over the period.
