Recovery is under way in the majority of European housing markets, but uncertainty remains in the region, with considerable performance variations, according to the latest RICS European Housing Review launched in Brussels.
The report points to a mixed picture in Europe. While housing markets in Belgium, France, Germany and the Nordic countries saw rising prices during 2010, other markets are still facing problems. Ireland, Hungary and Cyprus experienced significant falls through the year and in the UK, Netherlands, Poland and Italy prices were slightly down. On the other hand, in Spain, Greece and Portugal last year’s falls were quite moderate despite their economic problems, and the Baltic States are progressively recovering.
The report's author, Professor Michael Ball, said: 'Full recovery will not occur until housing markets are fully functioning again: with plentiful mortgage finance, revived housebuilding and extensive market turnover throughout all sectors. However, the residential sector in Europe is far from following the long term standstill that the US housing is experiencing.'
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