Transaction volumes hit new lows last year and the developer debt and real estate financing clampdown, coupled with the economic slowdown, have hit sentiment. Southern Europe’s top performer in 2022, Milan, is expected to cement its position in 2023, with price growth of between 4% and 5.9%.Ĭhinese cities will have a difficult start to the year, as the country transitions away from its Zero Covid policy. Lisbon, a star performer in 2022, looks set to see continued but slower growth, as it attracts a broader base of international buyers in 2023. Buoyant rental markets make these cities appealing to investors. Regulations have contributed to low levels of new supply, especially in Barcelona, where new prime projects are now struggling to get built. ![]() Low to modest levels of capital value growth is forecast in the southern European cities of Lisbon, Athens, Rome, Milan, Barcelona and Madrid, where prime property is particularly coveted in times of economic turmoil as a safe haven asset and inflation hedge.
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