Booming markets 'outpace Eurozone average'

31.08.2007

The average rate of growth in the Eurozone property market is being exceeded by some countries, according to Halifax.

Spain and the UK were found to have seen the fastest rates of growth during the last five years, with average prices going up by 100 per cent and 90 per cent respectively.

This is higher than the average rate of 40 per cent in the Eurozone overall.

Despite Spain having a faster rate of growth than the UK, Halifax found that this did not mean the country was more expensive.

Average values on the Spanish market were placed at £150,200, compared with £150,200 in the UK.

This could potentially be of interest to people planning to buy an overseas property in Spain, as they could get more for their money than they would in Britain.

However, Belgium was found to have experienced the fastest rate of growth in the last year, with prices rising by 18 per cent during this time.

Meanwhile, the average house price in Spain went up by 14 per cent.

Earlier this week, Homes Worldwide recommended that prospective investors look at the availability of resales on the Spanish market, as some could be at a bargain price.