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Analysis: Market Analysis - Europe.
Byline: Andrew Allen
2008 was a major turning point for the European property markets, with all except Switzerland recording value falls, according to IPD indices. Capital values declined across the continent's property markets by up to 10 per cent with two exceptions: the UK recording a fall of 26 per cent, while Ireland's market collapsed by 37 per cent as economic confidence evaporated.
The impact of the global credit crisis has spread the economic malaise across Europe. The speed and extent of the UK adjustment, with a peak-to-trough fall in capital terms of 42 per cent, reflects a prompt response by UK valuers and places it at the forefront of investors' intentions. With swift and decisive cuts in UK interest rates, together with aggressive monetary policy stimuli, the UK economy offers many positive characteristics that set it ahead of its European neighbours.
Europe will continue to see economic weakness through 2010; Ireland recording some of the most extreme contractions alongside parts of central and eastern Europe. However, even the major Euro economies face difficulties Germany's economy looks set to contract by around 6 per cent this year, having already seen a record contraction of 3.8 per cent in ...
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