EUROZONE PROPERTY PRICE FALLS

The Eurozone lurches from crisis to crisis, sending property values tumbling in its wake. Worst affected are the so-called PIGSs – debt-laden Portugal, Ireland, Greece and Spain.

Property prices fell in Portugal last year and will do so in 2012 the London-based Royal Institution of Chartered Surveyors forecasts. Some commentators say prices could drop by 20 per cent by the end of 2012 providing “bargains” for overseas buyers.

Economists warn Ireland may go back into recession and need another bailout, exacerbating five years of price falls.

In Spain, the country's central bank says the housing market downturn will last five years, which means values won't stop falling until 2013. The country's two previous slumps lasted that length of time.

In Greece, that country's central bank expects prices to fall this summer following two years of decline, and Athens University forecasts demand for Greek homes will fall to record lows.

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