European investment spending on the rise
Published 20/01/2010 | 05:00
European property investment spending for 2009 reached €70bn and gathered momentum in the second half of the year. In contrast, domestic spending in the property investment market contracted to €92m.
According to a survey by CB Richard Ellis European, commercial property investment turnover grew to €25.7bn in the fourth quarter of 2009 -- up 42pc on the previous quarter.
This was the highest quarterly total since the collapse of Lehman's bank.
This, combined with higher prices in some markets, augurs well for Irish investors seeking to offload European and UK property.
CBRE expects that such investors will sell properties in the UK, France, Germany and Belgium this year and will have funds over from the deals which will help to pay down loans taken out on other properties.