Property Index 2015

Overview of European Residential Markets

4. Edition

Der von der Deloitte EMEA Organisation in englischer Sprache verfasste Property Index berichtet über die Wohnungsmärkte mit dem Schwerpunkt Europa und darüber hinaus. Dabei werden Faktoren, die die Entwicklung der Wohnungsmärkte beschreiben, analysiert und Preise für Wohnimmobilien in ausgewählten Ländern und Städten verglichen.

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Property Index 2015


Economic Development in Europe
Europe could be facing an era of low growth, low investment, low inflation and volatile financial markets. The European Central Bank (ECB) is attempting to battle this scenario and has supported the economy by starting quantitative easing early in 2015. The ECB buys EUR 60 billion worth of bonds each month. As of the latest data, it seems that the financing institutions have reacted positively with a decrease in credit standards. This should help enterprises in growth.

Focus: Financing of Residential Real Estate Projects
Finance for property development operates as an interest-only, draw-down facility to finance the development as required. Interest on a development loan is often capitalised during the development period. The capitalised interest is added to owed amount and is repaid after the development finishes.

Comparison of Residential Markets
The indicator of housing development intensity on the European residential market has declined since 2011. On average, 2.4 dwellings per 1,000 citizens were completed in selected European countries and almost 3 dwellings per 1,000 citizens were completed in all selected countries in 2014. The average value of the housing stock in the countries of interest in 2014 reached 452 dwellings per 1,000 citizens.

Comparison of Residential Property Prices in Selected Countries and Cities
The comparison of average transaction prices in the surveyed countries indicates the following:

The highest prices per sq m can be observed in the United Kingdom, Israel, France and Sweden. Out of these, Israel, Ireland and the United Kingdom have experienced a significant price growth in 2014.

The cluster of post-Soviet economies falls on the other side of the price spectrum. Russia has the lowest dwelling prices among the surveyed countries with a price slightly below EUR 1,000/sq m.

Even despite the recent price growth, Hungary is the only country, besides Russia, with a price mark below EUR 1,000/sq m.

The Czech Republic has the highest prices among the Post-Soviet states reaching EUR 1,200/sq m. However, the prices are still significantly below Western Europe.

Prices in Spain and Portugal are due to their slump in the recent years on a similar level as in the CEE countries.

Mortgage Markets in Europe
Residential lending is correlated with house prices. Increase in residential lending generally supports an increase in dwelling prices. As a result, indebtedness of households (i.e. the proportion of residential debt to household disposable income) and consequently their debt capacity is one of the determinants of house price growth.

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