Real estate market grows 13pc across Europe
THE commercial real estate investment market across Europe saw strong growth in the second quarter, with sales up 13pc on the first three months of the year.
Ireland and other bailout countries did even better.
Property advisor CBRE said it was the third consecutive quarter of strong activity.
CBRE's head of EMEA Capital Markets, Jonathan Hull, said the growth in the commercial property sector comes at a time when other asset classes have been experiencing increased volatility.
"There has been a shift in sentiment in the commercial real estate investment market over the last two months, with investors more optimistic now than at the start of the year," Mr Hull said.
"This is translating into greater interest in southern European markets and more secondary property that has struggled to attract buyer interest in the past few years."
According to the latest data:
* Germany continues to be one of the strongest investment markets, benefiting from strong demand from domestic investors and growing interest from around the world. In the last year, Germany has seen €28.4bn worth of investment – up 36pc on the previous year.
* Sweden and Norway also made significant contributions to the growth in quarterly investment activity.
* Property investment was at moderate levels relative to Q2 last year in the UK and France.
* Recovery continued in Italy, Spain, Portugal and Ireland, with a total of €2.5bn of commercial property investment, up from less than €1bn in 2012.
* More investment in Ireland in the first half of 2013 than the entire of last year.