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The Telegraph: real estate prices fall on European markets including Romania

Luni, 27 august 2007, 0:00

Real estate prices have started to fall rapidly on the overheated European markets, reproducing the first part of the real estate crises in the States, according to British newspaper Daily Telegraph on Monday.

In Ireland, prices fell in the last four months due to the increase of the reference interest in the euro zone while the bubble of the Nordic countries exploded.

Properties in Riga fell by 3.5% in June after reporting a depreciation of 1% in May.

A similar situation registers in Romania, Croatia and Russia. Danske Bank warned that the huge bubble that caught the biggest part of the Eastern European counties reminds economists about the 1997 crisis in East Asia.

Household prices in Ireland fell by 2.6% in the first half of the year while in Dublin they register the biggest fall of 3.3%. According to the Daily Telegraph, the decline affects the constructions industry as the new buildings diminished by 34% in the first quarter of the year.

Standard & Poor's chief economist for Europe, Jean-Michel Six says that due to the extremely high debts of the population there are regions in Europe where crediting would become harsher. The degree of debt is over 100% of the GDP in Ireland, Great Britain, Spain, Holland and Denmark.

The expert added that the Spanish market witnesses a fall as well.

French properties registered a 1.5% drop in July even though as compared to the they registered an boost of 5% compared to early 2007.

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