Estonia house prices up as eurozone falls

Thursday, January 23, 2014. Ivan Radford @themovechannel

House prices in Estonia increased 11.1 per cent year-on-year in third quarter of 2013, according to new figures, but residential property values fell 1.3 per cent in the eurozone overall.

Today’s other House Prices news:
Panama property prices rising

Photo: Vikkies

Property markets around Europe are starting to improve following the financial crisis, but the continent still has a long way to go to recover, with prices falling both annually and quarterly, according to data from Eurostat.

Property prices within the European Union were down 0.5 per cent annually, the EU's official statistical office reveals, and decreased 0.7 per cent from  the second quarter of 2013. In the eurozone, prices fell 0.6 per cent quarter-on-quarter.

Estonia bucked the trend with the biggest year-on-year price rise. Luxembourg followed with apartment prices jumping 6.5 per cent year-on-year. Latvia prices rose 6.2 per cent.

Croatia, on the other hand, led the annual decline, with prices falling 16.9 per cent year-on-year, followed by Cyprus and Spain, where prices fell 8 per cent and 6.4 per cent respectively.

On a quarterly level, though, Estonia's lead increase of 5.3 per cent was followed by Ireland and the UK, who enjoyed three-month rises of 4.1 per cent and 2.5 per cent respectively. (On an annual level, they enjoyed price rises of 3.7 per cent and 3.6 per cent.)

Slovenia led the quarterly decreases with a dip of 4 per cent, followed by Denmark's drop of 3.3 per cent.

Spain's slipping prices, though, began to slow down in the third quarter of 2013, accordingt o Eurostat, with prices falling 0.8 per cent quarter-on-quarter, the same as the three months to June 2013 and a significant improvement upon the 5.1 per cent quarterly plung recorded in the first three months of 2013.
Portugal also enjoyed improvements in house prices, with declines slowing down to 0.4 per cent in the third quarter compared to a decline of 0.9 per cent in the second quarter, while French real estate values reversed a 1.2 per cent decline in the first quarter of 2013 with a 1.2 per cent rise in the third quarter.

Panama property prices rising

Panama property prices are rising, according to one estate agency.

Values of real estate in Panama have risen by up to 10 per cent in some areas, says Panama Equity. The agent attributes the increase to growing demand from the US, Canada, Venezuela and Colombia and a falling supply of apartments for sale.

Waterfront districts such as Balboa Avenue, Punta Pacifica and Costa del Este are the most popular areas among buyers and have enjoyed the strongest property price increases. The climb in values marks a significant step forward for the market, which has been flat for several years.

"Prices in Panama have historically followed similar markets like Miami, and are usually on an 18 month lag," Panama Equity writes on Nuwire Investor. "Considering what happened in Miami just over two years ago, it’s no surprise that Panama real estate prices are on the way up."

Author - Dan Johnson

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