European property markets continue to grow | 22 July 2011
The second quarter of 2011 saw general stability in the value of the European property market, reports europe-re.com.
That’s according to CB Richard Ellis (CBRE), who believes the second quarter represents a “milestone” for the property sector.
Richard Holberton, Director of EMEA Research at CB Richard Ellis, states: “In overall terms, the second quarter of 2011 represented a further milestone in the process of gradual value recovery in the European property markets.
“The absence of any strong general movement in either rents or yields last quarter partly reflects the economic uncertainty caused by the deteriorating news on Greece.”
Prime rents saw little change overall, while retail rents rose by a miniscule 1.7 per cent thanks to increases in Germany and France. Office rents were table, with slight rises in key markets in Stockholm and Amsterdam.
The firm also revealed that clear changes are appearing in the European landscape, with the northern countries showing a strong economic presence in the market.
Holberton elaborates: “A much clearer pattern of change is emerging than had been the case, with most of the rent rises and yield reductions occurring in the stronger economic areas such as the Nordic markets, Germany and CEE, and the adverse changes mostly concentrated in the weaker southern European countries.”
Written by Ashley Curtis on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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