Spain's banking crisis shattered confidence in southern Europe's property market last quarter, pushing the value of transactions to below half that seen in the aftermath of the collapse of Lehman Brothers, property consultant CBRE said on Wednesday. A total of 725 million euros ($885 million) of deals for shops, offices and warehouses was done in Italy, Portugal and Spain in the three months to June, compared with 1.6 billion in the first quarter of 2009 when world markets were still reeling from the collapse of the U.S. bank in October 2008.
It was the lowest figure since CBRE began tracking deals on a quarterly basis in 2006.
IT WILL GET WORSE UNTIL THE EURO IS DUMPED.
Real estate market was collapsing in the recent time. Not only in southern point but in most of places real estate market does not performing well. Recession is the main reason of it.
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I think I was definitely agree to Herry Pascal. In real estate market at this moment of time is not performing well and hopefully sooner will have a solutions on it. Thanks!
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