Global Market Scan: Temperature of western Europe’s housing market drops - constructconnect.com

Post-COVID, European governments have been implementing tighter monetary policies to cope with skyrocketing inflation.

As a result, real estate markets in the U.K. and EU started showing signs of weakness at the beginning of this year. The prices of British homes went down at the quickest rate in 14 years. According toper cent since June 2022, with a 0.9 per cent drop in Berlin and a 5.5 per cent drop in Munich. The head of ZDB , Felix Pakleppa, anticipates real estate prices in Germany will remain low in the near future.

In 2013, the U.K. had a ratio of 6.7 times, France was at 8.4 times, and Germany, 4.8 times. Ten years later, those ratios have reached 8.4, 10.8, and 10.2 for the U.K., France and Germany respectively. During that period, Germany saw the most drastic decrease in housing affordability. French renters have seen a 5.5 per cent price increase in the last four years and fewer rentable living spaces available, as supply has decreased by 17 per cent, while demand has jumped by 15 per cent.

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