It’s only been four years since the last UEFA European Football Championships, but property values all over the continent have fluctuated massively in that time.
Estate agent Knight Frank has made a map showing just how much has changed between Euro 2012 and Euro 2016 in the continent’s property market.
More than 74% of the countries who competed last time have recorded price growth, but there’s an evident North-South divide.
Here’s a look at the map:
Iceland, Sweden, and Ireland had the biggest rises, though not all for the same reasons.
Irish home-owners have benefited from a booming economy, with GDP expanding 7.8% in 2015 thanks to huge capital investments from overseas. Iceland, meanwhile, has enjoyed a nice recovery since the 2008 banking crisis, with demand for high-end properties kicking in hard around 2013 as many Icelanders purchase second homes.
Sweden’s property price boom — which can be put down to negative interest rates — is so big it’s making some people worried. Sweden’s central bank warned on Wednesday that high household debt and low-interest rates could lead to a crash.
The UK has also seen a massive rise in property values, but much of it is down to relentlessly escalating prices in London — with some also predicting a huge recession as people are simply unable to afford homes. The average house price in London just broke the £600,000 ($867,000) mark.
France, the host country and among the favourites to win Euro 2016, had negative property price growth between 2012 and 2016. This could be down to a decrease in household income and stricter mortgage conditions.
Italy, meanwhile, has had a house price decline for more than seven years now, in line with its sluggish economy, while Ukraine had the biggest fall as the lower demand for properties doesn’t match the glut of supply. Fighting between Russia and Ukraine in 2014 probably didn’t help either.
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