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11/21/15

EU Economy: Europe’s housing crisis far from over, says report - by Robert Hackwil

Europe’s housing crisis that was triggered by the 2008 financial meltdown is far from over and is getting worse in some places, a new report has claimed.

NGO Habitat for Humanity says in its wake will come major economic and social problems, says the report.
Its publication is timed to coincide with the third Europe Housing Forum meeting in Berlin that finishes on Friday.

The price of a European way of life keeps rising

Both groups seem to be coming to the same conclusion; for some Europeans, spiralling housing costs mean their continent is becoming too expensive for them to live in.

Every EU member has at least one “hotspot” city, whose economic dominance means everyone wants to live there for the jobs or client base it provides, and the education, health and leisure facilities. The top six overheated housing markets are Paris, Helsinki, Amsterdam, Luxembourg, London and Brussels.

However, these hotspot cities are also extremely attractive for another group – investors. Land is a finite resource, so the wealthy have twigged that property values in these places are never going to drop and are a sure thing where making money is concerned. This has skewed the housing market in these places, with plenty of housebuilding for the wealthy, who often buy property not to live in or let, but simply as an investment, but little or no “affordable” housing being built.

Read more: Europe’s housing crisis far from over, says report | euronews, world news

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