The European Central Bank (ECB) expects house prices in the eurozone to keep rising, driven by strong demand and limited housing supply, despite a recent decline in real estate prices.
The European Central Bank (ECB) predicts that house prices in the eurozone will continue to rise following a recent recovery in the real estate market, as stated in a report released on Monday.
High construction costs and elevated house purchase prices are hindering the creation of additional housing supply. As a result, the upward trend in prices may persist, driven by strong demand and limited housing availability, the ECB noted.
The report highlights that, despite a recent decline, real estate prices in the eurozone remain elevated. "This has worsened housing affordability, even as monetary policy has become less restrictive," the report stated.
ECB research shows that property prices in the region have dropped by 3% over the past 18 months, a smaller decline compared to the 5% drop during the 2008 global financial crisis and the eurozone debt crisis.
Before 2022, the region's property market had experienced a multi-year boom, with central banks frequently warning about overvaluation in major cities.
A combination of soaring inflation following the COVID-19 pandemic, rising energy costs, increasing interest rates, and tighter financing conditions led to a decrease in house prices starting in 2022. However, by the third quarter of 2024, real estate prices in the eurozone had rebounded, surpassing their 2022 levels.
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The suspension of nearly all USAID funding by the Trump administration is shuttering vital humanitarian and anti-gang programs in Colombia’s poorest regions, jeopardizing the implementation of the country’s 2016 peace deal with leftist FARC rebels.
U.S. President Donald Trump and Russian President Vladimir Putin discussed the Ukraine war in a phone call Tuesday, with Washington hoping to secure a 30-day ceasefire and progress toward a lasting peace. While Kyiv has agreed, Trump aims to persuade Putin to fully commit to the truce.
A tragic plane crash off the coast of Honduras has left at least 12 dead, including renowned musician Aurelio Martinez Suazo. The Jetstream aircraft plunged into the sea minutes after takeoff from Roatán Island, with five survivors rescued. Search efforts continue amid challenging conditions.
Europol has warned that organised crime gangs are increasingly leveraging artificial intelligence to scale up scams and payment systems, making their operations more global, cost-efficient, and difficult to detect.
Colombia’s Finance Minister Diego Guevara is reportedly resigning after budget disputes with President Gustavo Petro, local media say. The finance ministry denies having official information, but sources claim he stepped down Monday night, with German Avila Plaza expected to replace him.
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