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Demand in the European property market plunged as the cost of home loans increased from early 2022. But mortgage rates have declined this year on expectations that the European Central Bank would cut interest rates, leading to an increase in demand. In addition to lower mortgage rates, the residential property sector’s recovery was supported by higher salaries.
“Eurozone house prices are beginning to finally recover,” said Tomasz Wieladek, chief European economist at investment company T Rowe Price, adding that “mortgage affordability has improved significantly” as a result of a resilient labour market and a large rise in disposable income as energy prices have fallen.
https://www.ft.com/content/a79548e0-96bd-4806-ba5c-09761f05343b
