There will be improvements in the European property market in 2014, says CBRE.
- 2014 will see signs of recovery in the property market in Europe
- This will come after improving economic performance this year
- Foreign investment in central London property will stay strong in 2013
There will be signs of recovery in the property market in Europe next year, according to CBRE.
This will follow a steady recovery in the continent’s economic performance in 2013, which is good news after last year saw it experience a difficult financial period.
Neil Blake, Head of UK and Europe, the Middle East and Africa of CBRE, said: “If the trend of positive indicators persists, we expect to see improved economic growth and property market conditions, but we may have to wait until 2014 for signs of significant progress.”
CBRE reported that occupier markets could remain static in 2013 and rental growth will be restricted to a few prime retail and office locations, while demand and rents for industrial space is likely to be flat this year. However, it believes new requirements that will support retail strategies could boost the market in the coming years.
This comes after CBRE revealed the central London property market saw positive growth in Q4 2012. More than £14 billion worth of investment was made in the capital during the three-month period, which is the third highest number of transactions in a quarter on record. International investors were said to have spurred on this growth, with 67% of turnover in 2012 coming from this group.
In forecasts for 2013, CBRE predicts interest from foreign buyers for London property will continue to be strong.