The new Global Market Perspective report out from Jones Lang LaSalle observes that a broad range of investors are targeting prime European real estate, and that volumes on investments are expected to rise in Europe to be around €130 billion in 2011, a 30% increase from 2010. An excerpt from the report:
The large, liquid and transparent markets in the UK, France and Germany will attract the majority of funds, with their focus being on London and Paris. Nonetheless, investors will widen their geographic search, and we will see increased trading in the Nordic markets, Central and Eastern Europe and Moscow.
Transaction volumes could be held back by a lack of lending and continued low levels of trading in secondary assets which, in most markets, are still considered too risky at current pricing levels. That said, we may see pricing expectations on secondary assets shifting to become more realistic, in large part driven by disposals from the banks (or from former bank stock held by NAMA). This will boost trading volumes.
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