Nichibei have you seen property prices in markets like Spain and Ireland... still increasing??.... which planet are you living on??
Have you been on the spot for years or have you just "read it on the media"?
I can tell you for sure that this is not the case in France, Germany, Benelux and Italy.
As about FX, it is very simple, FX is unpredictable, not to economists, not to anyone, otherwise it wouldn't be going up and down all the time.
It's not like shares, those are predictable. No, there are too many factors in FX for a human being to handle and sort out on a human time scale.
If FX were predictable all Americans would have bought EUR currency 6 years ago and traded them for dollars now, a 70% investment.