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With an annual improvement of 43% in the 28 markets analyzed BNP Paribas Real Estate (www.realestate.bnpparibas.es), the real estate division of financial services group BNP Paribas. With a total investment of 45,800 million Euros, investment activity last year has come to the registration of 2008 but is still far from the 2005 level (-40%). The continuing shortage of quality properties with long lease term and in good locations has contributed to the downfall of prime yields. The return of foreign investors, high liquidity and increased operations by over 100 million Euros has determined the success of 2010.
Germany is a good example of all these factors, the resurgence of investment market in the first half of the year and announced the acceleration of the second half. Investment in commercial property in Germany has reached 19,600 million Euros in 2010, representing an 85% increase over 2009. This significant growth has been due to rapid national economic recovery and the confidence of investors in this economy. The return of international investors, which accounted for 37% of investment in Germany in 2010-was 14% in 2009 – and 33 operations in more than 100 million Euros show the market preference for this country.
Similar to Germany, France has benefited from the return of foreign investors, whom he has corresponded for 46% of the volume of total expenditure in 2010 39% the previous year. On the other hand, thanks to government measures to improve funding, investors have been borrowing at interest rates historically low. Thus, the investment volume in 2010 totaled 11,900 million Euros, 41% above the 2009 level, with an excellent fourth quarter accounted for 40% of the total. This behavior is also attributable to the labor market has passed its worst.
United Kingdom was the first country to begin to recover in the second half of 2009, stabilizing in 2010. Investment in 2010 accounted for 47% of the volume of commercial property investment in five major European countries-France, Germany, Italy, Spain and the UK, with 36,500 million Euros. Investment activity increased by 37% in 2010 over the previous year, supported primarily by Central London, a market dominated by international buyers. In turn, this area has been a strong investor demand and remains a safe haven for property for profit, although its growth in the second half has been slower.
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