Europe on Sale
The debt crisis has one silver lining: Falling prices for vacation homes in Greece, Spain, Portugal and even Italy.
http://online.wsj.com/article/SB10001424053111904836104576556741178121816.html?mod=igoogle_wsj_gadgv1&
hat quintessential European villawith a pool and maybe a lemon tree and a tennis court out backis getting a lot cheaper.
Spain, Portugal, Greece and, to a lesser extent, Italy, all immersed in the European debt crisis, are experiencing second-home property price declines. The countries' housing markets have been battered by escalating debts, recent austerity measures and deep uncertainty in the financial markets. A glut of new homes built in boom times in many popular vacation areas is making matters worse, as rental demand falls and financing requirements become stiffer. As a result, asking prices for second homes have fallen 15% to 30% in recent months. In less fashionable areas, prices for some properties are as much as half off what they were two years ago.
The debt crisis has one silver lining: Falling prices for vacation homes in Greece, Spain, Portugal and even Italy.
http://online.wsj.com/article/SB10001424053111904836104576556741178121816.html?mod=igoogle_wsj_gadgv1&
hat quintessential European villawith a pool and maybe a lemon tree and a tennis court out backis getting a lot cheaper.
Spain, Portugal, Greece and, to a lesser extent, Italy, all immersed in the European debt crisis, are experiencing second-home property price declines. The countries' housing markets have been battered by escalating debts, recent austerity measures and deep uncertainty in the financial markets. A glut of new homes built in boom times in many popular vacation areas is making matters worse, as rental demand falls and financing requirements become stiffer. As a result, asking prices for second homes have fallen 15% to 30% in recent months. In less fashionable areas, prices for some properties are as much as half off what they were two years ago.
