Real estate markets in Europe are now recovering from the economic crisis - and according to a recent survey by GVA Worldwide, the fastest recovering sector is that of residential properties, compared with the office and industrial sectors.
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The survey suggests that most property markets have passed their lowest point and at present are on the rise, with the residential market showing the fastest recovery compared with offices and industrial properties. In London, Milan and Sofia the residential property market started its recovery with an increase in the number of deals and it is gradually gaining momentum. In Vienna and Zurich, where there is fast market growth, demand currently exceeds supply.
Sellers and buyers appear to have found a common language regarding their investment expectations and there is market growth in the Scandinavian countries and in Vienna and Zurich, where demand currently exceeds supply and investors are looking mainly for high-end residential properties.
In contrast, though, Greece and Portugal are still struggling with the consequences of the crisis, while Brussels is still in a phase of negative market growth after a period of stability and slightly increased prices in the latter half of 2010.
While the office segment in Europe is also showing signs of improvement, there are significant differences in the recovery of separate national markets. Some cities including: Athens, Lisbon, Vilnius and Vienna are only just starting to get over the crisis and are still struggling with the unbalanced market situation in their regions. Meanwhile, other European capitals have already entered a stage of more stable market conditions and are showing growing optimism. Only Zurich, Sofia, Warsaw and Copenhagen have made a step towards actual market growth in the office sector.
The situation with the industrial property sector shows a similar picture of some growth alongside some struggling markets with limited demand. In Vienna, Tallinn, Athens, Lisbon and Milan, the industrial sector is almost at a standstill with very little investment interest, while in Frankfurt, Sofia, Stockholm, Copenhagen, Vilnius, London and Helsinki there is slow but steady recovery, with demand focused on properties with top locations and stable rent levels.
Sellers and buyers appear to have found a common language regarding their investment expectations and there is market growth in the Scandinavian countries and in Vienna and Zurich, where demand currently exceeds supply and investors are looking mainly for high-end residential properties.
In contrast, though, Greece and Portugal are still struggling with the consequences of the crisis, while Brussels is still in a phase of negative market growth after a period of stability and slightly increased prices in the latter half of 2010.
While the office segment in Europe is also showing signs of improvement, there are significant differences in the recovery of separate national markets. Some cities including: Athens, Lisbon, Vilnius and Vienna are only just starting to get over the crisis and are still struggling with the unbalanced market situation in their regions. Meanwhile, other European capitals have already entered a stage of more stable market conditions and are showing growing optimism. Only Zurich, Sofia, Warsaw and Copenhagen have made a step towards actual market growth in the office sector.
The situation with the industrial property sector shows a similar picture of some growth alongside some struggling markets with limited demand. In Vienna, Tallinn, Athens, Lisbon and Milan, the industrial sector is almost at a standstill with very little investment interest, while in Frankfurt, Sofia, Stockholm, Copenhagen, Vilnius, London and Helsinki there is slow but steady recovery, with demand focused on properties with top locations and stable rent levels.
Related articles:
Positive Signs of Recovery in Bulgaria's Property Market
Bulgarian Property Prices Reach Their Baseline
Time to Buy in Bulgaria's Recovering Property Market
Bulgaria Gateway Property Market Analysis - Q1 2011
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