European property markets may be feeling the heat from the ongoing meltdown in the financial sector but that doesn't mean that good investment properties are entirely a thing of the past, according to Timo Tschammler, head of investment in the EMEA region at DTZ, based in London.
European property markets may be feeling the heat from the ongoing meltdown in the financial sector but that doesn't mean that good investment properties are entirely a thing of the past, according to Timo Tschammler, head of investment in the EMEA region at DTZ, based in London.
In particular, London offices in the City and the West End are worth targeting, as falling prices are boosting their appeal to investors, In recent weeks, Germany’s open-ended funds have become increasing active in the UK capital. Recent strong inflows - EUR 5.78 bn into Germany's open-ended funds in the first eight months of this year - has given them deep pockets at a time when many investors are struggling to obtain financing.
Over in Germany, offices in the 'Big Six' which includes Frankfurt, Munich and Berlin still offer good opportunities and value for money, said Tschammler. And while French offices are also worth investing in, most deals today are happening in regional cities, where yields are higher.
Many investors who are keen to find an upside to the current financial turmoil are hoping to see a slew of distressed assets coming up for grabs.
'Banks are nursing their losses at the moment, so most of them are probably not looking to bring assets to market right now. But I think that next year they will start to evaluate their property holdings with a view to liqidating them,' he said.
In addition, property companies in difficulty, including some in Spain, are also expected to bring distressed assets to market, said Tschammler. 'Spain used to be a closed shop, with Spanish sellers often preferring to sell to Spanish buyers. But I think that now the market will open up more to foreign investors, which is healthy as it incourages greater competition,' Tschammler said.
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