The European property market has crashed by a figure 65% in the last year as low property transactions hit hard-pressed economies.
As the Euro zone debt crisis spreads like wildfire, causing damage and destruction to countless European economies, the property market has crashed.
During the first three months of the year, the total value of commercial property transactions in debt torn countries such as Greece, Spain, Italy, Portugal and Ireland was just €644m.
This is truly shocking when compared to the first quarter of 2011 when the total transaction value was €1.8 billion and almost €6.5 billion for the same period five years ago, according to property services group CBRE.
Peter Damesick, CBRE’s chief economist for Europe, Middle East and Africa, commented: “Investors are simply not willing to take the risk on the property at the prices which are still being asked in many of these struggling economies.”
At the start of the financial crisis, Greece, Spain, Italy, Portugal and Ireland accounted for 11% of total property sales in Europe, this has dropped to just 2% in 2012.
Stronger economies such as the UK, Germany and the Nordic countries now account for 78% of the continent’s property market value. London offices and private rental properties in Germany have been in high demand since the global recession.
Whilst the property market across Europe remains fragile, transferring money abroad is still a viable and easy way to secure European and international money transfers.
Transferring money to the Eurozone
If you are looking to invest in the Eurozone, think carefully about how you will be transferring money to the area. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.
So if you are looking to send money overseas, to the Eurozone for example – be sure to compare the market before you buy your overseas currency.
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