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Oct. 23, 2013 /PRNewswire/ -- Property prices are reportedly increasing in the more stable countries of
Europe, such as the UK, however, remain volatile in
The problems in
Greece's property market are well-documented and are a result of the country's larger economic and governmental issues.
Greece was recently bailed out by the European Union, but its economy is still barely keeping its head above water, resulting in decreased property prices.
Spain was also bailed out by the EU. The country has still not recovered from this and its weakened economy, unemployment is rampant, and this is pulling down property prices. The unemployment in the country is also having the double effect of fewer buyers in the property market.
When compared to the principality of
Monaco the picture couldn't be more different. Having been affected by the recession in 2008,
Monaco's real estate market is most definitely
bouncing back as strong as before, according to government data the total transactions in 2012 were to the same peak in 2008, around
1.1 billion euros. Having a very different fiscal and tax to the EU,
Monaco shows no signs of floundering in the same way as its neighbours.
Europe's housing market struggles
Eduardo Chacon, General Manager of
Icon Property, is optimistic and calm in regards to the
Monaco market. "While much of
Europe's housing market is struggling,
Monaco's market remains unchanged. European woes are not reflected in
Monaco property prices."
Europe have been in the doldrums for some time now. Even in the UK, where the economies are stronger than some of the other countries in their regions, there have not been significant increases in the property market since 2010.
Monaco is a separate entity from other countries. Its
economy is stronger and its housing prices are among the highest in the world.
Monaco is not part of the European Union and does not suffer as the EU suffers," says Mr.
Eduardo Chacon. He contends that the property market in
Monaco has always been a step above its more liquid counterparts.
SOURCE Icon Property