Monday, May 7, 2012

Property prices plunge in Europe

Straits Times: Sat, May 05
LONDON: The debt crisis in the euro zone is battering Europe's property sector, with the latest data showing Britain's commercial property suffering its deepest downturn since records began and real estate sales continent- wide falling to their lowest in 18 months in the first quarter.

Commercial property in Britain sank after uncertainty coming from the euro zone pushed values down for the second consecutive quarter.

Investment Property Databank (IPD) said the value of shops, offices and warehouses fell 0.7 per cent during the first quarter of the year, following a 0.1 per cent decline in the previous period and were 31 per cent below the last peak in September 2007.

The slump is twice as severe as during the previous recession of the late 1980s, when values recovered to 15 per cent below their pre-crash levels within five years and is the worst downturn since Britain's benchmark index began in 1971...
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