Credit Crunch Update: The Property Secrets economic outlook and forecasts for Central & Eastern Europe
Credit Crunch Update: The Property Secrets economic outlook and forecasts for Central & Eastern Europe
28th May 2008
By Robin Bowman, Property Secrets
For high property price growth, you need markets in which a series of economic fundamentals are in place - basically plenty of investment, job creation and an aspirational society that's motivated, confident (and has the means) to buy property.
You need high affordability for the domestic buyer and a rapidly expanding and increasingly vibrant mortgage market - expanding from a relatively low penetration level.
Not really the sort of pattern we'd expect to see during, or immediately post, a credit crunch, then!
What we see instead is highly cautious (and therefore less) investment, much tighter credit conditions and generally less confidence.
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