French commercial investment grows by 73 per cent | 6 August 2014
Investors spent 10.7 billion euros on property in France during the first six months of 2014, marking a year-on-year growth of 73 per cent, new figures show.
The report, compiled by real estate firm CBRE, also suggests that investment volumes could exceed 20 billion euros for the whole year. If this forecast is realised, it would represent the fastest growth of any property market in Europe, reuters.com< /em> reports.
Spending is already growing at the fastest rate seen since before the recession, and the boom is being driven largely by activity in the capital, Paris.
Interestingly, the increase in spending has happened at a time when rents are falling in many areas, and the economy in general is showing little sign of movement.
Vincent Bollaert, the head of office investment at another property firm, Cushman and Wakefield, was quoted by iii.co.uk as saying: “The investment market does not reflect companies’ financial health nor the macroeconomic context. This is a lon g-term investors’ market with a lot of money.”
The report has been influenced by a number of major deals. The sale of Europe’s largest office complex, which is located in Paris, was completed this year, for example. The building was once owned by the Lehman Brothers investment bank – the collapse of which played a big part in the start of the recession.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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