According to the UK's Royal Institution of Chartered Surveyors, a new report shows that the property market across Europe is likely to struggle over the coming year.
The report outlines the fact that Germany and Ireland are leading the way in falling property price, but that nearly all property markets in Europe did not live up to the level of prior years. Many of these property markets dropped sharply in 2007.
The only two countries that did not see a drop in property prices were Iceland and Cyprus. Prices in Poland also soared for yet another year and many believe this is due to the immigrants in the United Kingdom that sent money back to their Eastern European countries.
Across the UK, the housing market has taken a large hit with many areas seeing a rather drastic fall in property values. Additionally, most experts believe that the Spanish housing market is also likely to see more of a drop happen in the coming months.
The property review is done by a leaderboard of mostly Eastern European countries. The report (as reported by The Telegraph) says, "The reality of post summer market conditions offered a sharp wake up call. Oversupply issues have arisen due to an overhand of unsold property and the swift shift made by foreign investors from buy to sell."
