With some credit easing and property values stabilising, Europe’s real estate industry will see some improvement in 2010, but still faces a ‘long, slow haul’ to recovery, according to Emerging Trends in Real Estate® Europe 2010 published by the Urban Land Institute (ULI) and PricewaterhouseCoopers
Athens moves from 21st to 20th place in terms of prospects for existing portfolios this year.
The report notes the looming problem of massive refinancing of real estate debt totaling hundreds of billions worth of euros. The industry is apprehensive as it is not clear how this will play out, in terms of whether financial institutions will sell real estate assets and loans or 'extend and pretend'. This challenge for the real estate sector is compounded by uncertainty over how, and when, European governments might wean their respective economies off the massive injections of state support. An abrupt withdrawal of the stimulus funds could derail the recovery, and even push the economy back into recession.
For more information please click on the links below: