EU property prices rise 40 percent in five years

 
Belgium has experienced the highest price inflation in the EU during the past year with property values up 18 percent, followed by France on 15 percent, Spain on 14 percent, and the UK on 13 percent.

A study by the Halifax showed Germany is the only territory in the EU which has seen a significant loss in value over the past five years, with property prices down five percent.

The Halifax also found UK house price inflation has outpaced all other EU countries apart from Spain over the last five years.

Property in Britain is now 90 percent more expensive than it was in 2001, behind only Spain on 100 percent said the study. Across the EU, property prices have gained an average 40 percent over that time.

Spanish property remains cheaper than the UK, at an average £150,200 and £187,100 respectively. Ireland (£209,000) and Holland (£190,000) are the priciest EU territories.

Other figures recently released reveal that property prices in Bulgaria have risen by 27 per cent over the past 12 months and that this trend is set to continue.

Quest Bulgaria magazine reports that prices could rise by a further 20 percent in the run-up to the end of the year, especially as the region benefits from its recent entry into the European Union. There has also been a shift away from the more coastal-based properties as investors seek to capitalise on the strong returns in central areas and cities such as Sofia.

“Many foreigners are buying attractive village homes in the countryside,” explained Chris Goodall, Quest Bulgaria MD.