EUROPE - European property markets look set to deliver low returns in 2008 as a result of asset re-pricing due to the credit crunch.
In the UK, for example, Aberdeen said capital values declined by 10% in the second half of 2007, with further declines likely this year. As a result, yields are expected to move higher.
Alessandro Bronda, head of investment strategy, Aberdeen Property Investors, said: "We believe future performance is going to be increasingly dependent upon the underlying fundamentals of the market rather than yield compression."
However, on a country-by-country basis, the picture is not homogeneous. While Western European GDP is expected to grow 1.9% this year - 0.8% lower than 2007 - Eastern Europe is predicted to grow 6.0%.
Within this, individual markets likely to attract investment. Property investment company Estavis said according to a survey, 68% of institutional investors across Europe and the US would like to increase exposure to Germany.
About a fifth of investors expect a return of at least 7.5% on opportunistic properties, two-thirds expect a return of 5.5%-7.5% for core-plus investments and over 70% expect a return of 6.0%-7.5% for value-add properties.
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