Investors return to the global property market
The final quarter of 2009 saw investors return to the global property market with 70% of local markets showing growth towards the tail end of year. While Latin America and Asia were particularly strong over the period it will come as no surprise to learn that London was also one of the better performing property markets in the world.
London has always been a very different market to the rest of the UK and recently returned to highs not seen since 2007 while the rest of the UK slowly plods along and attempts to pull itself out of recession. However, it was interesting that confidence appears to be returning to the more speculative emerging economies which is a positive sign for the short to medium term. These are the property markets which were hit hardest once the speculative money was taken out, leaving very few long-term investors.
It will be interesting to see whether this upbeat performance has continued into the first quarter of 2010 and indeed whether investors believe the worst is over. Whether the UK property market as a whole will join the party remains to be seen because there are concerns about consumer debt, business confidence and the availability of mortgage finance.
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