With the Euro imploding, and Italy having to pay nearly 7% interest this morning on the international markets to borrow money to keep going, property prices are surely going to have to fall further?
Cyprus has seen her property prices drop dramatically, and Spain isn't far behind with tens of thousands of villas and apartments standing empty and un-sold.
But surprisingly there are areas of Europe where property prices are still rising, driven by the 1% of the wealthiest members of society that are currently the subject of protests in London and New York.
And it's the better parts of London and Monaco that are benefitting from the top 1% who are still buying property - and pushing prices up.
In Monaco for example a small studio apartment of 30m2 will cost over a million Euros, with two bedroom apartments ranging between 3 and 8 million Euros.
But with taxes on the rise it makes financial sense for those with money to nuy a Monaco property, take residency, and have no income tax to pay - the initial outlay of buying a Monaco property is often offset in a year with the money the buyers save by not having any income tax to pay.
Will property prices in Monaco rise further, or crash in the next year or two is the subject of a blog post recently by a Monaco property company. To read it click through to this Monaco property blog