19:30 26 May 2024
Madrid Sees Biggest Property Price Increase in Europe
Shortages in the housing market are driving up property prices in major European cities. Madrid tops the podium, where homes have risen in price by almost 11 percent, Bloomberg reported on Friday.
High interest rates are not dampening the strong demand for homes in Spain. Citizens of the Iberian country are desperately looking for properties before they are snapped up by profit-seeking investors. The influx of money from Latin America into Madrid has intensified pressure on the market. New home construction is at its lowest level in history, there is little available urban land, and there are few plans for new investments.
In April, apartment prices in the Spanish capital were 10.6 percent higher than in the same period last year. Athens came in second place, with a 9.6 percent increase in property values. Vienna saw an increase of over 7 percent, the highest since October 2022.
Paris came in last place, with prices falling by 7.5 percent.
