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European Residential Waves Goodbye to Good Times

LONDON-The European house price boom is over. That's the conclusion of the Royal Institution of Chartered Surveyors' annual European Housing Review

By Charlie Jacoby | Updated on February 25, 2002

LONDON-Cuts in interest rates boosted the housing market across Europe in 2001. Combined with strong consumer confidence and spending, housing markets in most countries held up better than other sectors of the economy.

However, the Royal Institution of Chartered Surveyors’ annual European Housing Review says that house price rises are mainly over and, even in Ireland, the property market is showing signs of cooling off after a seven-year boom. Prices have gone flat in Scandinavia, Benelux, France, Italy and Germany but with no signs of a market collapse.

Prices are still rising in Greece, Spain, Switzerland and the UK, but in Spain there are fears that prices could reach unsustainable levels.

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