Lars Nyberg, the deputy governor of Sweden's central bank Riksbank, said that high growth rates for both commercial property and housing in Sweden will prove unsustainable in the longer term. 'I believe that property prices may well continue rising at a fairly high rate over the coming period. But in the slightly longer term such a rapid increase is not sustainable,' Nyberg said. He added that Riksbank would pursue cautious policies. However, he does not believe there is currently a general over-valuation of the property market.
Lars Nyberg, the deputy governor of Sweden's central bank Riksbank, said that high growth rates for both commercial property and housing in Sweden will prove unsustainable in the longer term. 'I believe that property prices may well continue rising at a fairly high rate over the coming period. But in the slightly longer term such a rapid increase is not sustainable,' Nyberg said. He added that Riksbank would pursue cautious policies. However, he does not believe there is currently a general over-valuation of the property market.
Northern European countries led the global house price boom in 2006. Estonia topped the list of 40 countries monitored by the Global Property Guide with an impressive 54% house price increase in 2006. Denmark ranked second with 23%, followed by Norway (14%) and Ireland (13%).