European Housing Report - Remax Sverigeremaxsverige.se/wp-content/uploads/2017/04/remax_housing-report_… · Housing Report. European Summary Source: Survey of European RE/MAX independently

2016

European HousingReport

EuropeanSummary

Source: Survey of European RE/MAX independently owned and operated regional sub-franchises.

+44%AVERAGE DIFFERENCE IN m2 SALES PRICE FOR HOUSES URBAN VS. RURAL AREA IN 2016

PAGE 02Source: RE/MAX pan-European consumer survey, January 2016. www.at-home-in-europe.eu

61%OF EUROPEANS OWN THE HOME THEY LIVE IN

+64%AVERAGE DIFFERENCE IN m2 SALES PRICE FOR APARTMENTS URBAN VS. RURAL AREA IN 2016

RURAL URBAN

RURAL URBAN

Good loan conditions and incentives — especially for first-time buyers — high demand, and growing prices will shape the European real estate market in upcoming months.

We’re seeing low interest rates, and therefore cheap loans, in almost all European countries currently. Favourable eco-nomic conditions are leading to active real estate markets. New properties are being built, for example, in Slovakia and Estonia, while in Malta, the rental market is getting stronger thanks to a growing number of foreign employees living on the island. Markets like Portugal, Greece, and Scotland are recovering well, showing clear signs of improved stability and increased transactions in the future.

In general, sales and rental prices increased between 2015 and 2016, especially for properties in cities, where square meter prices rose dramatically. In some cities in Lithuania, Germany, and Luxemburg, for example, the increase of sales prices for apartments was as high as 13 %. Further increase is expected, except for France, Greece, and Swit-

The RE/MAX Europe Housing Report functions as a brief overview of the European real estate market and its current and future price developments for residential sales and rental properties. All numbers are average and approximate figures sourced from internal RE/MAX data and general market data for each respective participating country.

zerland where prices should remain steady in 2017. Sales prices for houses in the countryside have grown as well, and are expected to further increase in 2017 by about 4 % in Austria and Estonia. Rental prices also rose in 2016, by 10 % for urban apartments in the Netherlands, Romania, and Spain, and by as much as 16% in Malta. For most countries, property rental prices are forecasted to increase further or hold steady next year.

Location is still one of the most important criteria for price differences; average sales prices for apartments differ by as much as 64 % between properties in urban areas or the countryside. For houses, the difference is as high as 44 %. While mixed areas are expanding in countries like Germany, in Italy, young people prefer the central areas of major cities to reduce their commuting time.

Austria – Low

interest and high demand has m

ade a boom

market in A

ustria, with urban apartm

ents expected to have the largest sales price increase in the country.

In 2016, the sales price for apartments averaged

207,998 Euros in urban areas and 182,823 Euros in the countryside. H

ouse prices in cities averaged 463,248 Euros, w

ith distinctly cheaper prices found w

hen buying in the countryside. The increase from

2015 is especially high for houses (up 9.1 % in urban

areas per square meter). W

ith sales prices forecasted to rise by 5.9 %

in 2017, urban apartments are expected

to have the highest price increase in the Austrian real

estate market.

Rental prices for apartm

ents in cities are expected to increase by 4.1 %

in 2017, as opposed to those in rural areas w

here prices are estimated to drop by 2 %

. The rental m

arket for houses is insignificant in Austria, both

in cities and in the countryside.

PA

GE

03S

ource: Survey of European R

E/M

AX independently ow

ned and operated regional sub-franchises.

AU

ST

RIA

Euro/m

2

2016

2015

2017(forecast)

3,503

Houses

Apartm

ents

Capital/U

rban Region

Countryside

3,822

2016

2015

2017(forecast)

2,345

2,190

Capital/U

rban Region

Countryside

3,442

3,384

2,906

2,774

10.50

10.30

7.30

7.20

9.50

9.30

7.50

7.50

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

2.0%

2.0%

4.1%

2.5%

5.9%

4.1%

-1.3%

-2.0%

Austria

Source: P

opulation and value of real estate activities vs. GD

P: Eurostat, February 2017. http://ec.europa.eu/eurostat, A

verage mean w

age: ww

w.w

ikipedia.org

AU

ST

RIA

PO

PU

LA

TIO

N

8,700,471

RE

AL E

STA

TE

VS

. GD

P 2015

9.0%

AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 2,009

€ 3,550,000

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 V

IEN

NA

1130

Shorter supply D

emand for properties

continues to be very good Generally increasing

prices A positive m

arket environment thanks

to low interest rates and lack of alternative

investment opportunities

FU

TU

RE

TR

EN

DS

PA

GE

04N

umbers represent search interest relative to the highest point on the chart. The trends graph is designed to show

you w

hether popularity is increasing or decreasing and search terms are relative to each other. This doesn‘t convey absolute search volum

e. S

ource: Google Trends (C

ategory real property listings), March 2017. w

ww

.google.com/trends

1007550250

Land

House

Apartm

ent

According to G

oogle Trends, in Austria the relative popularity of the search

term “H

aus” (house) is on average 60 % higher than of the term

“Wohnung”

(apartment). O

ver the past five years both terms had the sam

e seasonal va-riation w

ith search volume reaching highs during the sum

mer periods, w

hile searches for “G

rundstück” (land) remain relatively low

throughout the year.G

OO

GL

E S

EA

RC

H IN

TE

RE

ST

20122016

20152014

20132017

The Czech R

epublic

PA

GE

06P

AG

E 05

Source: P



verage mean w

age: ww

w.w

ikipedia.org

Source: S

urvey of European RE

/MA

X independently owned and operated regional sub-franchises.

Euro/m

2

2016

2015

2017(forecast)

1,481

Houses

Apartm

ents

Capital/U

rban Region

Countryside

1,525

2016

2015

2017(forecast)

503

494

Capital/U

rban Region

Countryside

2,218

2,112

788

750

6.00

6.00

4.00

4.00

6.34

6.25

4.18

4.15

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

3.0%

2.0%

5.0%

5.0%

The Czech R

epublic – A grow

ing market w

ith increa-sing sales prices leads to 8 %

RE

/MA

X market share.

In 2016, sales prices for apartments in urban areas

reached an average of 2,218 Euros per square meter, but

only 788 Euros in rural areas, a huge price gap of 181 %.

This is a 5 % increase over 2015 and both price levels are

expected to rise an additional 5 % in 2017. S

ales prices for houses w

ill also increase, but not as strongly.

The rental market is m

ore stable. Urban apartm

ents could be rented in 2016 for around 444 Euros per m

onth and 295 Euros in the countryside. R

ental prices for houses are typically m

ore expensive; renting a house in the city in 2016 cost an average 1,050 Euros per m

onth, while the average rural price w

as 793 Euros. R

ental prices are expected to remain stable in 2017.

TH

E C

ZE

CH

RE

PU

BLIC

PO

PU

LA

TIO

N

10,553,843

RE

AL E

STA

TE

VS

. GD

P 2015

7.6%

€ 2,666,666

MO

ST

EX

PE

NS

IVE

PR

OP

ER

TY

S

OL

D B

Y R

E/M

AX

IN 2016

PR

AG

UE

− C

OM

ME

RC

IAL

Num

bers represent search interest relative to the highest point on the chart. The trends graph is designed to show you

whether popularity is increasing or decreasing and search term

s are relative to each other. This doesn‘t convey absolute search volume.

Source: G

oogle Trends (Category real property listings), M

arch 2017. ww

w.google.com

/trends

1007550250

Land

House

Apartm

ent

In the Czech R

epublik, the search term “byt” (apartm

ent) is more popular than

the search term “dům

” (house), while the relative search volum

e for “pozemek”

(land) is rather low. S

earches for all three real estate terms som

etimes overlap,

though, and are extremely volatile.

GO

OG

LE

SE

AR

CH

INT

ER

ES

T

20122016

20152014

20132017

Reduced num

ber of properties for sale G

rowing m

arket Rising sales prices

FU

TU

RE

TR

EN

DS

AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 824

Estonia

PA

GE

08P

AG

E 07

Source: P



verage mean w

age: ww

w.w

ikipedia.org

Estonia – R

ising salaries, more private investm

ent, and good loan conditions have boosted sales prices in a favourable m

arket for both buyers and sellers.

IIn 2016, a semi-detached house w

as sold for 160,000 Euros in urban areas, a strong increase over 2015. A

n urban apartment w

ith 50-60 square meters could be

bought for 88,000 Euros. Sales prices for apartm

ents

and houses are expected to increase by as much as

6 % in 2017.

The rental market is m

ore stable. In 2016, an apartment

cost about 500 Euros per month in the city and

200 Euros in the countryside, with no change from

2015. R

ental prices will rise at a low

er rate for apartments

and remain steady for houses.

ES

TON

IA

PO

PU

LA

TIO

N

1,315,944

RE

AL E

STA

TE

VS

. GD

P 2015

8.7%

Euro/m

2

2016

2015

2017(forecast)

1,200

Houses

Apartm

ents

Capital/U

rban Region

Countryside

1,300

2016

2015

2017(forecast)

440

400

Capital/U

rban Region

Countryside

1,519

1,437

590

560

10.00

10.00

3.00

3.00

10.00

10.00

3.00

3.00

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

3-5

%4

-6%

3-5

%

1-2%

4-6

%

2-3%

€ 1,500,000

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 T

AL

LIN

N −

LA

ND

PL

OT

FO

R D

EV

EL

OP

ING

A

PA

RT

ME

NT

BU

ILD

ING

New

apartment developm

ent in urban areas.

More transactions w

ith new apartm

ents.

Grow

ing number of private investors

purchasing rental apartments.

Good loan conditions (low

interest rates, increasing turnover of new

loans).

Favorable conditions for home buyers

thanks to rising salaries and a low

unemploym

ent rate.

Population increase in the capital Tallinn, but decrease in other regions.

FU

TU

RE

TR

EN

DS

Source: S


/MA


No G

oogle Trends available due to lack of data.

AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 945

PA

GE

10P

AG

E 09

Source: P



verage mean w

age: ww

w.w

ikipedia.org

Finland – Econom

ic confidence means even

more m

arket growth on par w

ith last year’s price increases.

In 2016, one had to pay an average of 240,000 Euros for apartm

ents in the cities, compared to 110,826 Euros in

the countryside, reflecting a moderate increase of 2.6 %

and 2 %

over 2015, respectively. Sales prices for apart-

ments in Finland are expected to increase in 2017 by

3 %, w

hereas sales prices for houses will only increase

by 1 %.

Rental prices for apartm

ents in urban areas are expec-ted to increase as m

uch as 2 %, w

hile prices should rem

ain steady for all other types of properties regardless of location or size.

FINLA

ND

Finland

PO

PU

LA

TIO

N

5,487,308

RE

AL E

STA

TE

VS

. GD

P 2015

10.9%

€ 4,300,000

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 H

EL

SIN

KI −

BU

ILD

ING

WIT

H S

EV

ER

AL

AP

AR

TM

EN

TS

Strong consum

er confidence in Finland’s econom

y.

Rising expectations of personal

financial circumstances.

Optim

istic assessment

of unemploym

ent solutions.

Significant grow

th expected in the real estate industry.

FU

TU

RE

TR

EN

DS

Euro/m

2

2016

2015

2017(forecast)

3,138

Houses

Apartm

ents

Capital/U

rban Region

Countryside

3,196

2016

2015

2017(forecast)

1,472

1,463

Capital/U

rban Region

Countryside

4,205

4,097

1,960

1,922

13.50

12.50

11.00

10.00

17.93

17.00

11.55

11.34

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

1.0%

1.0%

3.0%

3.0%

2.0%

Source: S


/MA


No G


AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 2,509

PA

GE

12P

AG

E 11

Source: P



verage mean w

age: ww

w.w

ikipedia.org

France – Prices hold steady am

id political and econom

ic uncertainty.

In 2016, urban apartments sold for an average price

of 5,440 Euros per square meter, a 2.6 %

increase over 2015. A

ll other sales prices have remained nearly flat in

France and are expected to remain so in 2017.

Betw

een 2015 and 2016, the average urban apartment

rental price declined slightly from 22 to 21 Euros per

square meter —

a 4.5 % decrease —

but remained

stable at 7 Euros in the countryside. In general, rental prices are expected to rem

ain steady in 2017.

FRA

NC

E

France

PO

PU

LA

TIO

N

66,661,621

RE

AL E

STA

TE

VS

. GD

P 2015

11.4%

€ 1,525,000

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 P

AR

IS (7T

H D

IST

RIC

T)

According to G

oogle Trends, in France people search three times m

ore often for “m

aison” (house) than for “apartement” (apartm

ent). Most searches take

place in August, w

ith expected dropoff in Decem

ber. The relative popularity for “terrain” (land) rem

ains low and static throughout the year.

GO

OG

LE

SE

AR

CH

INT

ER

ES

TE

uro/m2

2016

2015

2017(forecast)

3,095

Houses

Apartm

ents

Capital/U

rban Region

Countryside

3,130

2016

2015

2017(forecast)

2,050

2,010

Capital/U

rban Region

Countryside

5,440

5,300

2,020

2,160

15.00

16.00

8.00

8.00

21.00

22.00

7.00

7.00

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

Source: S


/MA


Num




Source: G


arch 2017. ww

w.google.com

/trends

1007550250Land

House

20122016

20152014

20132017

Apartm

ent

Slight grow

th of real estate market

expected Tax-related uncertainties due to presidential election Increase of

loan rates

FU

TU

RE

TR

EN

DS

AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 2,157

PA

GE

14P

AG

E 13

Source: P



verage mean w

age: ww

w.w

ikipedia.org

Germ

any – A large influx of relocations to the city

makes for stunning grow

th in the rural rental market

as the housing bubble grows.

On average, an apartm

ent in a Germ

an city could be bought for 300,000 Euros in 2016, an increase of 11 %

over 2015. A

partments in the countryside have sold for

around half that price. Urban houses and apartm

ents are expected to show

rising prices of about 5 % in

2017, while sales prices of properties in rural areas w

ill grow

by just 2 %.

The high increase of rural square meter rents betw

een 2015 and 2016 in G

ermany is rem

arkable: over 16.7 %

for apartments and 6.7 %

for houses. These are expected to increase slow

ly in 2017, but rents for urban houses could rise by as m

uch as 4 %.

GE

RM

AN

Y

Germ

any

PO

PU

LA

TIO

N

82,162,000

RE

AL E

STA

TE

VS

. GD

P 2015

9.8%

€ 3,000,000

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 S

YL

T −

VA

CA

TIO

N H

OU

SE

Google Trends data show

s the relative popularity of the search terms “H

aus” (house) and “W

ohnung” (apartment) constantly increasing over tim

e, while

searches for “Grundstück” (land) rem

ain low and stable in com

parison. There are slightly m

ore searches for houses than for apartments, but both search

terms follow

the same seasonality, reaching their peaks in A

ugust.G

OO

GL

E S

EA

RC

H IN

TE

RE

ST

Euro/m

2

2016

2015

2017(forecast)

4,000

Houses

Apartm

ents

Capital/U

rban Region

Countryside

4,200

2016

2015

2017(forecast)

1,850

1,700

Capital/U

rban Region

Countryside

3,700

3,300

1,700

1,500

14.00

12.00

8.00

7.50

10.00

9.50

7.00

6.00

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

5.0%

4.0%

2.0%

5.0%

2.0%

1.0%

2.0%

Source: S


/MA


Num




Source: G


arch 2017. ww

w.google.com

/trends

1007550250

Land

House

Apartm

ent

20122016

20152014

20132017

Low interest rates In Large C

ities: Low

supply but high demand for properties, M

ixed rural/urban regions continue to expand,

Housing bubble grow

s In the Countryside:

Exodus from the countryside to the urban regions,

Uncertain w

orking conditions require higher flexibility of housing choice

FU

TU

RE

TR

EN

DS

AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 2,265

PA

GE

16P

AG

E 15

Source: P



verage mean w

age: ww

w.w

ikipedia.org

Greece – A

fter a lengthy contraction, the real estate m

arket starts to bounce back with a stability in

sales prices and a modest increase in rents, w

ith m

ore steadiness in the forecast.

In 2016, an apartment could be bought for average

92,200 Euros in the city and average 67,000 Euros in the countryside —

a decline from 2015 of 1.9 %

for urban apartm

ents and an increase of 3.0 % for apartm

ents in

the countryside. The forecast for 2017 is more positive,

with hope for steady sales prices for apartm

ents as well

as houses.

Rental prices are grow

ing, however, reaching betw

een 530 and 450 Euros a m

onth in 2016, depending on the location, for a price increase betw

een 0.9 % and 2.3 %

. R

ental prices are expected to remain steady in 2017.

GR

EE

CE

Greece

PO

PU

LA

TIO

N

10,783,748

RE

AL E

STA

TE

VS

. GD

P 2015

15.8%

Real estate prices are stabilizing

after a long period of contraction, while the

number of transactions has been increasing since 2014.

Overall positive outlook, as risk of further

market decline is m

arginal.

Investors from abroad are attracted

by the relatively low prices and the

Golden Visa program

.

Real Estate is still regarded as a

good investment alternative, in com

bination w

ith attractive prices.

Banks are w

illing to offer loans, under strict preconditions of lending.

The Greek econom

y seems to be stabilizing

with a positive outlook.

FU

TU

RE

TR

EN

DS

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

Euro/m

2

2016

2015

2017(forecast)

940

Real estate properties

Capital/U

rban Region

Countryside

922

2016

2015

2017(forecast)

670

650

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

5.30

5.25

4.50

4.40

No separate data per

property type (house vs. apartm

ent) available.

Source: S


/MA


No G


AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 947

PA

GE

18P

AG

E 17

Source: P



verage mean w

age: ww

w.w

ikipedia.org

Italy – While overall transactions have increased and

rental prices grow, an uncertain political environ-

ment has kept sales prices in decline.

During 2016 there w

as a slight decline in prices compa-

red to 2015; house prices in the capital were an average

of 204,990 Euros in 2016, compared to 212,025 in 2015.

In this time period, and regardless of their location, sales

prices of apartments and houses declined betw

een

1.9 % and 3.3 %

. Real estate experts hope for a recovery

in 2017, with rising prices in urban areas and steady

prices in the countryside.

The rental market, on the other hand, is show

ing price increases by as m

uch as 1.3 % for apartm

ents and 2.4 %

for houses. In 2017, apartment rents are expected

to increase further, but remain stable for houses.

ITALY

Italy

PO

PU

LA

TIO

N

60,665,551

RE

AL E

STA

TE

VS

. GD

P 2015

12.5%

€ 2,500,000

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 R

OM

E −

VIL

LA

WIT

H S

WIM

MIN

G P

OO

L A

ND

PA

NO

RA

MIC

VIE

W IN

AN

E

XC

LU

SIV

E R

ES

IDE

NT

IAL

AR

EA

In Italy, the relative search popularity of the three property types is quite similar

to France; people search on average for “casa” (house) more than three tim

es as often as for “appartam

ento” (apartment). W

hile searches for “terreno” (land) are low

, relative search volume for houses and apartm

ents show a typical low

in D

ecember and has increased slightly over the past tw

o years.G

OO

GL

E S

EA

RC

H IN

TE

RE

ST

Euro/m

2

2016

2015

2017(forecast)

1,414

Houses

Apartm

ents

Capital/U

rban Region

Countryside

1,367

2016

2015

2017(forecast)

798

825

Capital/U

rban Region

Countryside

2,117

2,158

1,236

1,260

7.27

7.10

4.58

4.47

9.14

9.02

5.76

5.69

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

0-1.0

%0

-2.0%

0-1.0

%0

-1.0%

Source: S


/MA


Num




Source: G


arch 2017. ww

w.google.com

/trends

1007550250

Land

House

Apartm

ent

20122016

20152014

20132017

Italians start to see real estate as a valid safe-haven investm

ent asset Convenient

mortgage loans w

ith low interest 14 %

increase in property transactions but prices still tend to

decrease Skepticism

and lack of confidence in current governm

ent Young people again consider living in the central areas of m

ajor cities to reduce com

muting tim

e

FU

TU

RE

TR

EN

DS

AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 1,762

PA

GE

20P

AG

E 19

Source: P



verage mean w

age: ww

w.w

ikipedia.org

Lithuania – A robust m

arket with the highest prices

since 2008 keeps booming in 2017, buoyed by higher

salaries and low interest rates.

The Lithuanian real estate market is characterized by

sharply rising prices for both sales and rentals. In 2016, an urban apartm

ent had a square meter sales price of

1,325 Euros, nearly 14 % percent higher than 2015.

In the countryside, prices increased more slow

ly but w

ere still remarkable, w

ith an average increase of

5 -9 %. S

ales prices are expected to increase further in 2017, but only at 4 -5 %

.

The monthly rental price for a rural house w

as about 310 Euros in 2016, and tw

ice as much for a house in an

urban area. At the sam

e time, rents for apartm

ents in the countryside w

ent up by 14.8 %, but only by 9.1 %

in cities. R

ental prices are forecasted to remain steady

in 2017.

LITH

UA

NIA

Lithuania

PO

PU

LA

TIO

N

2,888,588

RE

AL E

STA

TE

VS

. GD

P 2015

6.0%

€ 770,000

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 V

ILN

IUS

− H

OU

SE

IN V

ILN

IUS

OL

DT

OW

N

Active real estate m

arket w

ith price growth.

Rising salaries, good consum

er expectations, cheap loans.

Increased market dem

and.

50 % of property purchases

are facilitated by cheap loans.

Property prices are 30 %

lower

than the highest pre-crisis level in 2008.

FU

TU

RE

TR

EN

DS

Euro/m

2

2016

2015

2017(forecast)

785

Houses

Apartm

ents

Capital/U

rban Region

Countryside

900

2016

2015

2017(forecast)

492

466

Capital/U

rban Region

Countryside

1,325

1,163

615

562

4.70

4.40

2.40

2.20

6.00

5.50

3.10

2.70

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

5.0%

5.0%

5.0%

4.0%

Source: S


/MA


No G


AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 637

PA

GE

22P

AG

E 21

Source: P



verage mean w

age: ww

w.w

ikipedia.org

Luxembourg – Low

supply and rising demand is

pushing prices by as much as 22 %

in all locations and property types.

Prices for sales and rental properties in Luxem

bourg have been increasing strongly over the past year and are expected to keep going up. W

hile the average sales price for urban apartm

ents was 7,091 Euros per square

meter in 2015, it is now

at 7,975 Euros, an increase of

more than 12 %

. Apartm

ents are cheaper in the countryside, but prices still rose m

ore than 9 % per square m

eter. S

ales prices for houses in urban areas increased by a sharp 22 %

per square meter.

The situation is similar w

ith rental properties, where

prices increased for both apartments and houses in

urban and rural areas. Further price increases between

5 % and 10 %

are expected in 2017.

Luxembourg

LUX

EM

BO

UR

G

PO

PU

LA

TIO

N

576,249

RE

AL E

STA

TE

VS

. GD

P 2015

7.3%

€ 2,900,000

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 M

ON

DO

RF

-LE

S-B

AIN

S

Low supply vs. high dem

and.

Rising prices across all property types and areas.

Loans are not as easy to get as before.

FU

TU

RE

TR

EN

DS

Euro/m

2

2016

2015

2017(forecast)

5,251

Houses

Apartm

ents

Capital/U

rban Region

Countryside

6,383

2016

2015

2017(forecast)

4,160

3,884

Capital/U

rban Region

Countryside

7,975

7,091

5,626

5,156

19.14

17.83

14.64

13.35

24.12

22.81

20.38

19.46

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

10.0%

10.0%

7.0%

7.0%

5.0%

7.0%

3.0%

5.0%

Source: S


/MA


No G


AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 3,009

PA

GE

24P

AG

E 23

Source: P



verage mean w

age: ww

w.w

ikipedia.org

Malta – Lim

ited stock, 93 % of ow

nership, and high dem

and from local and foreign investm

ent are super- charging the m

arket in Malta as it continues its evo-

lution as a leading business hub in Europe.

Sales prices for apartm

ents and houses in both urban and rural areas saw

an average increase of 10% in 2016,

compared to 2015. A

restructuring of building laws to

approve the construction of several multi-use high-rise

Malta

MA

LTA

PO

PU

LA

TIO

N

434,403

RE

AL E

STA

TE

VS

. GD

P 2015

4.8%

€ 18,000,000

MO

ST

EX

PE

NS

IVE

CO

MM

ER

CIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 K

AP

PA

RA

− H

OT

EL

WIT

H P

ER

MIT

S

FO

R D

EV

EL

OP

ME

NT

Property sales and rentals to increase

due to government G

lobal Residence and

Citizenship by Investm

ent programm

es.

Rental m

arket to grow through 2017 and beyond

due to an increase in foreign employees.

New

high-rise buildings to start development

in towns of S

liema and S

t. Julian’s.

Rental investm

ent to continue in both com

mercial and residential real estate.

First-time buyers to increase due to special

subsidy on stamp duties throughout 2017.

FU

TU

RE

TR

EN

DS

Euro/m

2

2016

2015

2017(forecast)

1,999

Houses

Apartm

ents

Capital/U

rban Region

Countryside

2,201

2016

2015

2017(forecast)

1,350

1,200

Capital/U

rban Region

Countryside

2,101

1,900

1,337

1,200

6.20

5.57

4.80

4.50

7.50

6.50

5.20

4.50

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

3.5%

6.0%

3.5%

2.9%

3-6.0

%5.0

%

6.0%

6.0%

Source: S


/MA


No G


AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 1,021

€ 4,500,000

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 P

EN

TH

OU

SE

IN S

T. JU

LIA

N’S

buildings, condominium

complexes, and 5

-6 star hotels to accom

modate high dem

and will positively im

pact both property sales and rental prices in M

alta.

Tax efficiency for com

panies, high net-worth individuals,

residence holders, and highly qualified persons has attri-buted to an influx of foreign investm

ent which creating

a buoyant rental market.

PA

GE

26P

AG

E 25

Source: P



verage mean w

age: ww

w.w

ikipedia.org

The Netherlands – A

fter years of flat stability, the m

arket is on the rise again across all market seg-

ments, w

ith high demand spurring m

ore growth

this year.

The real estate market in the N

etherlands is fairly con- sistent betw

een urban and rural areas. Prices for apart-

ments in cities and the countryside rose m

ore than 6 %

since 2015 and are now at 2,296 Euros per square

meter. For houses, the average sales price is currently at

1,969 Euros. Prices are expected to go up further in 2017.

People in the Netherlands pay 22 Euros per square m

eter for rental apartm

ents in urban areas and 13 Euros for those in the countryside. C

ompared to 2015, this w

as a price increase of about 10 %

. The numbers are very sim

i- lar for house rentals, w

hich will increase again in 2017

by about 7 %.

The Netherlands

TH

E

NE

TH

ER

LAN

DS

PO

PU

LA

TIO

N

16,979,120

RE

AL E

STA

TE

VS

. GD

P 2015

5.3%

€ 24,500,000

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

IN 2016

AM

ST

ER

DA

M −

LU

XU

RY

AP

AR

TM

EN

T,

CIT

Y C

EN

TE

R O

F A

MS

TE

RD

AM

, 1,250 m2

Google Trends show

a tremendous gap betw

een the relative search volume

for “huis” (house) and “appartement” (apartm

ent): the first term is nearly ten

times m

ore popular than the latter and shows continued grow

th over the past five years. The relative search volum

e for “bouwkavel” (land) is insignificant.

GO

OG

LE

SE

AR

CH

INT

ER

ES

TE

uro/m2

2016

2015

2017(forecast)

1,846

Houses

Apartm

ents

Capital/U

rban Region

Countryside

1,969

2016

2015

2017(forecast)

1,969

1,846

Capital/U

rban Region

Countryside

2,296

2,160

2,296

2,160

22.00

20.00

13.14

11.95

22.00

20.00

13.14

11.95

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

4.0%

7.0%

6.0%

2.0%

6.0%

5.0%

2.0%

7.0%

Num




Source: G


arch 2017. ww

w.google.com

/trends

1007550250Land

House

20122016

20152014

20132017

Apartm

ent

The Dutch m

arket is picking up and developing positively H

igh demand on rentals G

overnment

will low

er the amount of social housing, w

hich will

further fuel the rental market

FU

TU

RE

TR

EN

DS

Source: S


/MA


AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 2,263

PA

GE

28P

AG

E 27

Source: P



verage mean w

age: ww

w.w

ikipedia.org

Portugal – A

vailable loans and foreign investments

are helping the market rebound after the country’s

economic reorganization, w

ith prices across seg-m

ents flat or rising.

The average sales price for an urban apartment w

as 193,861 Euros, w

ith an average price per square meter

of 1,330 Euros. This was an increase of m

ore than 4 %

over 2015. In rural areas the 2016 average square meter

price was 14 %

lower, and both are expected to increase

by another 3-4 %

in 2017. Sales prices of houses are

steady in the countryside and increasing in cities.

Renting a house costs about 6.50 Euros per square m

eter in urban areas and 4.50 Euros in rural areas. P

rices are expected to rem

ain stable this year.

PortugalP

OR

TU

GA

L

PO

PU

LA

TIO

N

10,341,330

RE

AL E

STA

TE

VS

. GD

P 2015

10.6%

€ 5,000,000

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 L

ISB

ON

− B

UIL

DIN

G W

ITH

S

EV

ER

AL

OF

FIC

ES

Com

pared to most other E

uropean countries, relative search volume for

“moradia” (house) and “apartam

ento” (apartment) only differs by 17 %

, with the

latter being more popular. S

earch interest in “terreno” (land) is also relatively high. A

ll three search graphs are very volatile and show steady grow

th since the beginning of 2015.

GO

OG

LE

SE

AR

CH

INT

ER

ES

T

Source: S


/MA


Euro/m

2

2016

2015

2017(forecast)

1,050

Houses

Apartm

ents

Capital/U

rban Region

Countryside

1,100

2016

2015

2017(forecast)

1,026

976

Capital/U

rban Region

Countryside

1,330

1,272

1,143

1,095

6.46

6.22

4.52

4.49

6.45

5.95

5.25

4.90

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

3-4.0

%3

-4.0%

3-4.0

%

Num




Source: G


arch 2017. ww

w.google.com

/trends

1007550250

Land

House

20122016

20152014

20132017

Apartm

ent

Market is grow

ing again after economic

reorganization of the country Foreign investments

are on the rise due to the government’s G

olden Visa P

rogram to encourage foreign investm

ent

FU

TU

RE

TR

EN

DS

AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 984

PA

GE

30P

AG

E 29

Source: P



verage mean w

age: ww

w.w

ikipedia.org

Rom

ania – Regulations attract first-tim

e buyers and fuel dem

and across all market segm

ents, with prices

expected to keep rising for years.

Hom

e owners in R

omania should invest quickly since

prices are rising in both rural and urban areas. The aver-age sales price for an urban apartm

ent was 1,150 Euros

per square meter in 2016 and 1,080 Euros in 2015.

A further increase of 8

- 10 % is expected. R

ural apart-m

ent prices are cheaper at just 550 Euros per square

meter and an average sales price of 40,000 Euros. S

ales prices for houses w

ill rise in all areas by 8 - 10 %

.

The rental market is grow

ing across all property types and regions and prices w

ill continue increasing over the next few

years. The average rental price for an apart-m

ent was 440 Euros in cities and 200 Euros in the

countryside. In 2016, the house rental price per square m

eter was a little higher than 5 Euros in urban areas

and 3 Euros in rural areas.

Rom

aniaR

OM

AN

IA

PO

PU

LA

TIO

N

19,759,968

RE

AL E

STA

TE

VS

. GD

P 2015

8.5%

€ 780,000

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 C

LU

J-NA

PO

CA

In Rom

ania, Google Trends show

the relative search popularity of “casa” (house) is 3.5 tim

es higher than that of “apartament” (apartm

ent) or “teren” (land). W

hile searches for houses have consistently increased over the past five years, the relative search volum

e for the two other term

s has remained

stable over time.

GO

OG

LE

SE

AR

CH

INT

ER

ES

T

Source: S


/MA


Euro/m

2

2016

2015

2017(forecast)

800

Houses

Apartm

ents

Capital/U

rban Region

Countryside

850

2016

2015

2017(forecast)

550

500

Capital/U

rban Region

Countryside

1,150

1,080

550

550

5.50

5.00

3.00

3.00

5.50

5.00

3.00

3.00

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

8-10.0

%

5.0%

5.0%

8-10.0

%5.0

%

7-10.0%

Num




Source: G


arch 2017. ww

w.google.com

/trends

1007550250

Land

House

20122016

20152014

20132017

“First House” governm

ent programm

e supports young people VAT changes expected

in coming m

onths Risk of instability from

turbulence in the new

government

FU

TU

RE

TR

EN

DS

Apartm

ent

AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 505

PA

GE

32P

AG

E 31

Source: P

opulation: NR

S, 2015. w

ww

.nrscotland.gov.uk, Value of real estate activities vs. GD

P, Average and m

ean wage: G

overnment of S

cotland. ww

w.gov.scot

Scotland – A

fter a year of a 1.9 % decline in sales

prices, the market is bouncing back for m

oderate im

provements in 2017 w

ith rental availability and pricing rem

aining strong.

In the past year, sales prices in Scotland have decrea-

sed for apartments in both rural and urban areas. The

average apartment sold for 153,598 Euros in cities and

167,302 Euros in the countryside, a roughly 2 % de-

crease per square meter. The sales prices for houses

are also on the decline, but a little less. While buyers had

to pay 2,106 Euros per square meter in cities in 2015, it

was 2,083 Euros in 2016. P

rices are expected to increase by 3 – 4 %

in 2017.

In the rental market the situation w

as different; prices on both apartm

ents and houses have increased and are still going up. The average square m

eter price for a house in the countryside w

as 7 % higher than it w

as in 2015.

ScotlandS

CO

TLA

ND

PO

PU

LA

TIO

N

5,373,000

RE

AL E

STA

TE

VS

. GD

P 2015

9.0%

Source: S


/MA


Euro/m

2

2016

2015

2017(forecast)

2,106 (£ 1,800)

Houses

Apartm

ents

Capital/U

rban Region

Countryside

2,083 (£ 1,780)

2016

2015

2017(forecast)

2,913 (£ 2,490)

2,948 (£ 2,520)

Capital/U

rban Region

Countryside

1,536 (£ 1,313)

1,570 (£ 1,342)

1,673 (£ 1,430)

1,696 (£ 1,450)

9.94 (£ 8.50)

9.36 (£ 8.00)8.19 (£ 7.00)

8.77 (£ 7.50)

8.35 (£ 7.14)

7.10 (£ 6.07)

6.68 (£ 5.71)

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

3-4.0

%

5.0%

3-4.0

%

5.0%

3-4.0

%3

-4.0%

5.0%

5.0%

No G


The market is expected to show

an increase in both hom

e prices and sales volum

es for 2017.

Strong regional differences.

FU

TU

RE

TR

EN

DS

AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 2,001

8.77 (£ 7.50)

€ 611,463,46(£ 525,000)

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 P

EE

BL

ES

− S

ING

LE

DE

TA

CH

ED

FA

MIL

Y H

OM

E

PA

GE

34P

AG

E 33

Source: P



verage mean w

age: ww

w.w

ikipedia.org

Slovakia – C

heap mortgages lead to higher dem

and and prices for apartm

ents, with house prices holding

steady in all regions.

In 2016 the average sales price for an urban apartment

was 157,500 Euros, but only 60,000 Euros for a rural

apartment. P

rices are expected to increase in 2017. For houses, sales prices are steady, w

ith the average price per square m

eter holding at 1,520 Euros in cities and 510 Euros in the countryside.

Rental property prices have been increasing and w

ill continue to grow

by as much as 3 %

for urban apart-m

ents, where the average m

onthly rent costs 750 Euros. R

entals remain steady, w

ith prices for urban houses and apartm

ents around 10 Euros per square meter and

around 5 Euros for houses and apartments in the coun-

tryside. There has been no major change since 2015.

SlovakiaS

LOV

AK

IA

PO

PU

LA

TIO

N

5,426,252

RE

AL E

STA

TE

VS

. GD

P 2015

5.9%

€ 820,000

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 B

RA

TIS

LA

VA

− L

UX

UR

Y H

OU

SE

Cheap m

ortgages will increase

demand and prices.

Real estate developm

ent is booming.

FU

TU

RE

TR

EN

DS

Source: S


/MA


Euro/m

2

2016

2015

2017(forecast)

1,500

Houses

Apartm

ents

Capital/U

rban Region

Countryside

1,520

2016

2015

2017(forecast)

510

500

Capital/U

rban Region

Countryside

2,100

2,050

800

750

10.80

10.60

5.53

5.33

10.00

9.60

5.06

5.60

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

5.0%

5.0%

3.0%

No G


AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 755

PA

GE

36P

AG

E 35

Source: P



verage mean w

age: ww

w.w

ikipedia.org

Spain – P

rices for houses and apartments across the

country show a stead

y market w

ith potential growth

from rising incom

es, accessible financing, and the shifting political landscape in E

urope.

Since 2015, sales prices for both houses and apartm

ents have been increasing by about 4.6 %

in urban areas, w

here the average price per square meter w

ent up from

1,651 Euros to 1,727 Euros. Another increase of 1.8 %

is expected for 2017. In the countryside, prices have increa-sed by only 1 %

.

In the rental market the picture is different; prices per

square meter w

ent up by 9.8 % in cities and 7.7 %

in the countryside. The average m

onthly rent was 880 Euros

and 600 Euros, respectively.

SpainS

PA

IN

PO

PU

LA

TIO

N

46,438,422

RE

AL E

STA

TE

VS

. GD

P 2015

10.2%

According to G

oogle Trends, in Spain the relative search popularity for

“apartamento” (apartm

ent) and “terreno” (land) is extremely low

in comparison

to “casa” (house); people search for houses nearly seven times m

ore often.G

OO

GL

E S

EA

RC

H IN

TE

RE

ST

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

Euro/m

2

2016

2015

2017(forecast)

1,651

Real estate properties

Capital/U

rban Region

Countryside

1,727

2016

2015

2017(forecast)

1,174

1,160

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

1.8%

1.8%

8.80

8.01

6.00

5.57

1.8%

1.8%

No separate data per

property type (house vs. apartm

ent) available.

Easy access to financing Positive evolution of household incom

es BR

EXIT: positive effect as

British citizens are largest num

ber of foreign buyers

FU

TU

RE

TR

EN

DS

Source: S


/MA


Num




Source: G


arch 2017. ww

w.google.com

/trends

1007550250

House

Apartm

ent

20122016

20152014

20132017

Land

AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 1,718

PA

GE

38P

AG

E 37

Source: P

opulation: http://ec.europa.eu/eurostat, Average m

ean wage: w

ww

.wikipedia.org

Sw

itzerland – With a m

ix of flat prices and declines, and lim

ited access to financing, the overall real estate m

arket is developing in unpredictable ways.

An average apartm

ent in or around a Sw

iss city sold for 867,163 Euros in 2016, w

ith almost no difference in

square meter prices betw

een 2015 and 2016. One had

to pay 734,517 Euros for apartments in rural areas, 18 %

cheaper on average compared to urban areas. For

houses, the price per square meter in urban areas w

as 29 %

higher than in rural areas.

Over 50 %

of Sw

iss residents rent their homes, m

ostly apartm

ents, and rental prices are expected to remain

steady or decrease in 2017. Only prestige properties in

urban areas are expected to see increasing prices.

SW

ITZ

ER

LAN

D

Switzerland

PO

PU

LA

TIO

N

8,325,194

€ 5,810,781(6,200,000 C

HF)

MO

ST

EX

PE

NS

IVE

RE

SID

EN

TIA

L P

RO

PE

RT

Y

SO

LD

BY

RE

/MA

X IN

2016 B

RIO

NE

SO

PR

A M

INU

SIO

(TI) −

VIL

LA

, 363 m2

In Sw

itzerland, the vast majority of real estate searches on G

oogle are in G

erman or French. W

hile relative search volume in G

erman show

s more interest

in the term “W

ohnung” (apartment) than in “H

aus” (house), the French-speaking population seem

s to be looking for houses (“maison”) m

ore often than apart-m

ents (“appartement”).

GO

OG

LE

SE

AR

CH

INT

ER

ES

TE

uro/m2

2016

2015

2017(forecast)

8,714 (9,298 CH

F)

Houses

Apartm

ents

Capital/U

rban Region

Countryside

8,663 (9,243 CH

F)

2016

2015

2017(forecast)

6,720 (7,170 CH

F)

6,726 (7,177 CH

F)

Capital/U

rban Region

Countryside

7,541 (8,046 CH

F)

7,508 (8,011 CH

F)

6,387 (6,815 CH

F)

6,384 (6,812 CH

F)

17.80 (19.00 CH

F)

17.80 (19.00 CH

F)

15.00 (16.00 CH

F)

14.00 (15.00 CH

F)

AV

ER

AG

E

SA

LES

PR

ICE

AV

ER

AG

E

RE

NTA

L PR

ICE

SA

LE

S P

RIC

ES

AN

D R

EN

TA

L P

RIC

ES

No data available for house rental prices.

Unpredictable m

arket development

With few

er loans, more self-capitalized resources

are needed Stagnant population grow

th due to legislative lim

itation on imm

igration

FU

TU

RE

TR

EN

DS

Source: S


/MA


Num




Source: G


arch 2017. ww

w.google.com

/trends

1007550250

Apartm

ent (D

E)

20122016

20152014

20132017

Apartm

ent (FR

)

House (D

E)

House (FR

)

AV

ER

AG

E N

ET M

ON

TH

LY W

AG

E

€ 4,775

RE/MAXEurope

36+COUNTRIES

18,000+AGENTS

1,700+OFFICES

About RE/MAX Europe

PAGE 39

18,000+

1,700+

2016 saw record-breaking sales and massive growth in the number of real estate agents working for RE/MAX. Now, with more than 18,000 agents in 1,700 offices across the continent, the RE/MAX network continues to be Europe’s largest real estate network. With a total commission of more than 400 million Euros, the net-work’s income has grown by 75 percent over the last four years.

Michael Polzler, Managing Director of RE/MAX Europe, forecasts continuing growth in 2017: “We see that our clients’ requirements and needs are getting more spe-cific and more numerous. To fulfill these and maintain our high-quality standards, the year ahead is fully de-voted to further growth.” Polzler’s goal – 22,000 agents by the end of 2017 – will not only secure RE/MAX’s leadership position in Europe, but will create even more opportunities for a career in real estate.

36

PMSCS Real Estate Franchising Inc.Alpenstr.15, 6304 ZugSwitzerland

[email protected]

ImprintPhotos: alamy, dreamstime, Gap Interiors, House of Pictures, iStock, living4media, Living Inside, RBA Images, shutterstock, 123RF:Brando Cimarosti (3), Andreas von Einsiedel (2), Olivier Hallot, José-Luis Hausmann, Marina Kaplan, Juta Kübarsepp, Bertrand Limbour (2), Christophe Madamour, Laura Rizzi, Anne-Catherine Scoffoni

Documents

European Housing Report - Remax Sverigeremaxsverige.se/wp-content/uploads/2017/04/remax_housing-report_… · Housing Report. European Summary Source: Survey of European RE/MAX independently