Real estate forecasted to fall in 2008
December 21, 2007
Dec 21, 2007 -- /prbuzz/ --The French commercial property market is tipped to fall next year due to the reduced availability of good buildings, according to a real estate broker.

Atisreal, a unit of BNP Paribas, says that property prices are already falling in the suburbs on the outskirts of Paris and property owners are increasingly unwilling to sell.

"Volumes invested are set to fall substantially in 2008," the Paris-based broker told Bloomberg.

There are less offices, shops and warehouses available that are attractive to international investors, especially in the central business districts of Paris.

Their report indicates that two thirds of the US$33 billion French commercial property market relied on international investment in the first nine months of 2007, Bloomberg reports.

Reduced international investment is being blamed on the current global credit crunch, although the report said there is still demand from "German funds, property companies and other institutions".

Atisreal is forecasting higher total investment flows for 2007 than in 2006, when the market was worth 25.9 billion euros.

Further analysis of the French property market could be supplied by Aranca, an end-to-end provider of on-demand, custom investment, business and economic research.

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London, Wednesday, December 19, 2007 -- ARANCA NEWSTRACK – (aranca)


 
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