Western Europe’s housing markets seem to defy generalization, with some countries and cities bouncing back from the financial crisis more quickly than others, Standard & Poor’s says.
With a recession looming, though, any rebound may be running out of steam.
France’s real estate market has perhaps been the biggest surprise. After a short slump in the wake of the most recent economic recession, prices have again reached historic highs. Much of this is attributable to a stark imbalance in supply and demand. With the French population growing by an annual 370,000 per year, on average, and the number of people who live alone increasing, the country will need 400,000-500,000 new dwellings in the coming decade, according to the French housing authority.
For more see Western Europe’s Housing Markets Brace For Recession