NEWS

24 October 2007

ERA corporation that has thousands of real estate agencies all over the world, of which 400 are in France, has published the results of the survey of the European market of residential real estate.

Acoording to the survey results, Luxemburg again, as was the case in 2005, holds the place of the most expensive European city as the regards the property prices. In 2006, London this place was held by London. The average price of a standard apartment in Luxemburg amounts to Euro 485,000.00 while in London it is as much as Euro 473,830.00. The third place goes for Bern where a buyer will have to pay on average Euro 440,000.00 for an apartment.

The most affordable property prices among all the EU countries are in the capital of Bulgaria, Sofia where the average price of an apartment is Euro78,000.00

As regards the Spanish real estate market, the upward trend continues although the growth rates have slowed down somewhat. If in 2003-2005, for instance, the average annual property prices increase amounted to 20%, in 2006 it was 6.5% compared to the previous year. The same tendency is visible in Paris where the average annual property prices increase amounts to 10%.

The survey was conducted in 16 EU countries.