The Royal Institution of Chartered Surveyors (RICS) has published a report by Professor Michael Ball about the housing market in Europe. In 2011, prices in most European housing markets were stagnant or declined moderately, only slowing towards the end of the year.
The most notable changes were reported in Switzerland, Norway, Iceland and France, where house prices experienced price rises of more than 5 percent. Meanwhile, Ireland, Spain and Cyprus registered the sharpest declines once again.
In the Nordic countries strong price growth experienced previously ended in 2011 with the exception of Norway and some recovery in Iceland. Sweden and Denmark experienced moderate price falls.
The research shows a dramatic fall in the number of homes being built since 2007 across much of Europe, including in those markets with no supply overhang. Spain (-89 per cent) and Ireland (-86 per cent) registered the sharpest declines in residential building permits being granted, with only Switzerland experiencing an increase in the last five years.
For the full 2012 RICS European Housing Review click here.