Expert rejects end of European property boom
Published On 17 March 2008
It is too early to start claiming that the boom in property prices in Spain and the rest of Europe is over, an industry expert has claimed.Last week, the Royal Institution of Chartered Surveyors (Rics) published a review of the European property market and claimed that it was unlikely that house prices would continue to rise in Spain and other European nations.
However, Paul Owen, chief executive of the Association of International Property Professionals (AIPP), said that it was misleading to claim that property prices in Spain would not be rising again.
"It is a bit apocalyptic to talk about the boom being over because prices have slowed," Mr Owen explained.
He added that it was foolish to start talking about the "end of something" when there was still demand for property in Spain and other European nations.
What's more, Mr Owen stressed that recent overseas property shows had clearly demonstrated "there are people out there" who are still "looking to buy".
"If you look at profits and the specifics of emigration there are still very strong numbers leaving the UK full-time who are obviously looking to buy property," he concluded.
