UK property agents Savills said on Wednesday that 2008 will be a challenging year for the property industry worldwide although not all areas and sectors will be affected equally. 'The outlook for our UK and US commercial capital markets businesses depends on how quickly confidence returns to the financial markets,' chairman Peter Smith said in a statement coinciding with the presentation of the company's 2007 earnings.
UK property agents Savills said on Wednesday that 2008 will be a challenging year for the property industry worldwide although not all areas and sectors will be affected equally. 'The outlook for our UK and US commercial capital markets businesses depends on how quickly confidence returns to the financial markets,' chairman Peter Smith said in a statement coinciding with the presentation of the company's 2007 earnings.
However, the group's transactional businesses in Europe and Asia is 'more resilient', Smith said and demand for consulting, property management and fund management services remains strong in all markets.
Savills reported underlying revenues up 26% at GBP 650 mln (EUR 850 mln) while pre-tax profit rose 2% to GBP 85.9 mln (EUR 111 mln).
'Our strong financial position and emphasis on cost control will ensure that we are well placed to take advantage of the opportunities that might arise in the months ahead as a result of the volatile financial markets,' CEO designate Jeremy Helsby said.