In Berlin - Real Estate continues to rise

Cost of the inhabited and commercial real estate in Germany has grown on 5,2 % from the beginning of current year, however it still can’t be compared with the level of 2007. Such information has been represented in Real Estate Price Indicator’s report, published by investment group Estavis.

The prices in Berlin have risen on 2 %. In the areas located in vicinities of large city agglomerations, the gain has made 0,8 %. However, as a whole on the country cost of habitation and the commercial areas has decreased on 9,3 % in comparison with last year.

Last Thursday the Federal statistical bureau of the country declared that in the third quarter of 2008 growth of gross national product of Germany was reduced to 0,5 %, after recession(on 0,4%) in the second quarter. Reduction of gross national product’s growth within two quarters testifies about the end of recession.

ANGELINA JOLIE and BRAD PITT COMPRANO A BERLINO CASA DA 600 MQ!

BERLINO - Brad Pitt (43 anni) e Angelina Jolie (31 anni) hanno comprato a Berlino un enorme appartamento da 600 metri quadrati. A riferirlo, nel suo primo numero dell'edizione tedesca, è oggi il settimanale americano 'Vanity Fair'. La nuova casa berlinese della famosa coppia di Hollywood - che negli ultimi mesi sono stati a più riprese nella capitale tedesca - è un attico situato nel quartiere 'Mitte' (Centro) non lontano dall'Alexanderplatz, nella parte est di Berlino.Pitt e Jolie possiedono, oltre a varie case negli Stati Uniti, un appartamento anche a Parigi. Di recente la Jolie aveva espresso l'intenzione di non voler far crescere i propri figli a Hollywood e di considerare per questo un possibile trasferimento in Europa. Brad Pitt da parte sua ha rapporti di amicizia con gli architetti berlinesi Lars Krueckeberg, Wolfraum Putz e Thomas Willemeit, che hanno progettato fra l'altro la sua villa a Los Angeles.Brad Pitt e Angelina Jolie hanno una figlia, Shiloh, nata lo scorso maggio in Namibia. L'attore da parte sua ha adottato anch'egli i due bambini - Maddox e Zahara - precedentemente adottati dalla Jolie. Il primo esemplare in tedesco di 'Vanity Fair', che avrà cadenza settimanale, è uscita in 500 mila copie e costa solo un euro.

ANGELINA JOLIE and BRAD PITT have taken a step closer to moving to Europe permanently by buying an apartment in Berlin, Germany. The couple have been regular visitors to the German capital, and have now taken ownership of a luxury 600 square metre (6,500 square foot) attic flat in what used to be East Berlin, according to the German edition of Vanity Fair. The GIRL, INTERRUPTED star - who already has homes in the US and an apartment in Paris, France, with Pitt - wants her adopted children MADDOX and ZAHARA and her biological daughter SHILOH to grow up outside the Hollywood bubble. Pitt is good friends with German architects LARS KRUECKEBERG, WOLFRAM PUTZ and THOMAS WILLEMEIT, who designed his house in Los Angeles.

source: http://angelinajolie.forumcommunity.net/?t=5519742

Trend BERLINO: Costa la metà di Roma: 20 affari nella città più cool d´Europa

We were proud to be featured in the October/November Issue 2008 of DOVE CASE in Italy.

p62 CASEottobre08/novembre08

Berlino über alles

per Annalisa Failla

prezzi bassi e 20 occasioni sicure

Quase 8 milioni di turisti all´anno. 1500 eventi al giorno. 15 compagnie low cost. Cultura, affari, manifestazioni fieristiche: la capitale tedesca è il vero centro dell´Europa. Ma i costi sono sproporzionati rispetto a Malino o Roma: dai 1500 euro al mq delle zone emergenti ai 3500 del Mitte, il quartiere finanziario. Ecco perché conviene comprare e mettere a reddito

Giovane, dinamica, verde e in perenne trasformazione, Berlino é il place-to-be del vecchio continente. E i dati confermano: 7.6 milioni di turista dolo nel 2007 e circa 127,000 immigranti che hanno deciso di vivere qui. D´altronde Berlino non ha niente da invidiare alle altre città europee: con più musei che giorni di pioggia (in tutta circa 175), 130 teatri e 500 galerie d´arte, é una località in continuo fermento. Non c´è da stupirsi dunque se nella sua agenda si contano fino a 1500 eventi al giorno, che spaziano dalle mostre d´arte a paenning ed eventi alternativi, tipici dello spirito giovane della città. Fin dalla prima metà del Novecento, durante i rampanti anni Venti, Berlino ha attirato artisti da tutto il mondo, dando vita a una varietà di scenari culturali eterogenea. Creativi e designer la considerano un laboratorio di tendenze, mentre le più grandi archistar hanno progettato musei, palazzi e interi quartieri: come Potsdamer Platz, che con il Sony Center firmato Helmut Jahn, gli edifici di Renzo Piano e Richard Rogers, e la sede della Mercedes-Benz, opera di Rafael Moneo, è frai i simboli della rinascita cittadina. Ogni anno a febbraio c´è la Berlinale, il famoso festival del cinema, grazie al quale anche Hollywood ha riscoperto la città, ambientandovi film come Intrigo a Berlino di Steven Soderbergh, con George Clooney, o Valkyrie di Bryan Singer, con Tom Cruise, nelle sale a febbraio 2009.

La cittá è un enorme cantiere: in ogni zona si scorgono gru, ruspe, impalcature. I musei sono sottoposti a un constante rinnovamento, le vecchie fabbriche diventano loft ultramoderni, gli antichi palazzi tornano a splendere con le loro facciate classische. Grande polo di comunicazione e innovazione, Berlino rimane tuttavia una città a misura d´uomo. Nelle strade si respira aria di novità e creatività, gli edifici futuristici e i palazzi degli affari del Mitte si alternano ai vecchi cortili dei quartieri ebrei, alle gallerie d´arte e alle palazzine color pastello di Prenzlauer Berg. "Dopo la caduta del Muro, si è cercato di dare una struttura urbanistica moderna alla città, pur mantenendo in vita ciò che era rimasto di antico. Ecco perchè oggi vecchi palazzi ed edifici avvenuristici coesistono uno di fronte all´altro, spiega l´architetto italiano Carlo Ponzini, che ha lavorato nella capitale tedesche per diversi anni. "La cosa interessante è che tutto funziona e questo fa la forza di Berlino".

Non solo: la posizioni delle città ha da sempre favorito le comunicazioni con l´Oriente, portando Berlino in primo piano nel commercio internazionale e facendola diventare un ponte naturale nei rapporti tra Est e Ovest. Da tutto il mondo atterrano e decolano ogni giorno più 80 compagne aeree, di cui 15 low cost. Lo spostamente della capitale da Bonn, inoltre, ha garantito l´arrivo di manager, businessman e politici. Anche secondo la classifica anuale dell´fDi magazine, pubblicazione del gruppo Financial Times , la capitale tedesca è uno dei centri economici più dinamici d´Europa, dietro Londra e Parigi.

Per non parlare di un mercato immobiliare che va controcorrente: rimasto stagnante per decenni, comincia a crescere solo ora, pur mantenendosi molto competitivo. I prezzi variano dai 1500 al metro quadro per le zone più giovani e alternative ai 3500 nelle location più centrali e alla moda. E c´è di più: solo 15 per cento dei berlinesi possiede una casa, fattore che ha dato il via e un´enorme mercato affittuario. "Dopo la Seconda guerra mondiale, i tedeschi hanno perso fiducia nel mattone e per anni hanno preferito affittare piuttosto che comprare", racconta Joao Paglione, agente della Berimmo Real Estate. In più, di recente, la forte domanda di abitazioni h afatto crescere molto i canoni d´affitto, originariamente piuttosto bassi. Secondo un´indagine dell´azienda di consulenza immobiliare Jones Lang LaSalle , negli ultimi mesi i prezzi sono saliti in media del 2,8 per cento, toccando pichi del 50 per cento nelle zone top. Per l´affito di un appartamento non ammobiliato e senza contare le spese condominiali e di riscaldamento si sarebbero raggiunti otto euro al metro quadro nel centralissimo quartiere del Mitte, che diventano 10-12 qualora la casa sia arredata. Prezzi incredibilmente bassi, se paragonati a Milano e Roma. Stessa tendenza a Charlottenburg e Wilmersdorf, i ricchi quartieri residenziali dell´Ovest, dove un affitto mensile si calcola sui 7-8 euro al metro quadro (9-11 € se ammobiliato). Uno straniero che investisse a Berlino affittando un appartamento, potrebbe contare se una rendita tra il 4 e il 6 per cento. "Quando i prezzi crollavano non c´era nessuno stimolo a comprarer; ora che il mercato immobiliare sta crescendo, anche i tedeschi cominciano ad acquistare casa", sottolinea Paglione. "Il primo passo da fare nell´acquisto di un appartamento è la scleta del quartiere." spiega Andrea Barbato , titolare della societá d´investimento Bato Group, che offre una consulenza a 360 gradi: dall´acquisto alla gestioni degli immobili. "Ogni area è diversi, ogni strada ha una sua storia e un suo modo di vivere". La zona più alla moda é sicuramente Prenzlauer Berg, antico centro operaio dell´Est, oggi un allegro quartiere pieno di ristoranti, locali e negozi di abbigliamento. Qui abitano giovani famiglie, attori e genti di spettacolo, como el regista tedesco Wim Wenders, che al confine con il Mitte possiede un loft di 400 metri quadri con piscina. "Grazie alla popolarità del quartiere, i prezzi sono alzati, ma sono aumentati anche i canoni d´affito. Ecco perché è la zona ideale dove comprare" spiega Barbato.

Poco più a sud si trova il Mitte, storico quartiere ebraico della città e vera icona della rinascita berlinense: qui si delinea la zona delgi affari, con Potsdamer Platz e le vie intorno a Friedrichstrasse, vicino alla quale si sta sviluppando il grande progetto di appartamenti e ufici Yoo, firmato da Philippe Starck. Verso nord si susseguono invece piccole vie con locali e negozietti turistici, oltre ai famoso Hackesche Höfe, il complesso di cortili che oggi ospita appartamenti, boutique di moda e gallerie d´arte.

A Kreuzberg si trasferiscono sempre più giovani, attratti da affiti meno cari e da un´atmosfera vivace e multiculturale. Qui ha base il popolo di creativi, artisti e impiegati nella aziende multimediali che lavorano vicino al Viktoria Park.

L´antica Berlino Ovest è rimasta un´enclave della borghesia tedesca: a Charlottenburg e Wilmersdorf si incontrano belle zone residenzali con strade alberate, riffante villette monofamiliari e palazzine neoclassiche.

Inviati da DCase, Annalista Failla e il fotografo Nicolò Lanfranchi

10 Tenanted Apartments in Berlin for SALE

Price: EUR 395,000
Net rent: EUR 34,750
Net yield: 8.8%

Year of construction: 1983
Year of renovation: 1999
Total living area: 617.7 sq m (excluding storage rooms and balconies)

These ten apartments are all fully renovated and were given modern fully-tiled white bathrooms and double glazed PVC windows in 1999. Each apartment offers very generous room sizes and substantial balconies with views over the City towards Mitte. All apartments are let to reliable long-term tenants. The apartments form part of a very well managed development. Corridors, lifts etc are cleaned twice weekly. The grounds include ample parking and a variety of young trees and plants. The accounts for the development are EUR260,000 in credit (i.e. the buyer effectively gets EUR12,000 in free contributions). The development is in a green area of Eastern Berlin popular with young families.

The local U-Bahn and S-Bahn stations are a 5 minute walk away, the local park is a 2 minute walk. The development includes several small shops and a nursery. The regional shopping centre is just 5 minutes by car, and the very popular Gardens of the World attraction is just as accessible.

The centre of Berlin can be reached in 20 minutes by car or train. They were fully refurbished in 1999 (windows, internal doors, electrics, heating, and insulation were upgraded. They have all new bathriooms. Ideally, the owner wishes for them to be sold individually. Sales of individual properties are also possible.

Berlin is cool and property is remarkably affordable

by Lorna Blackwood

Apartments in the trendy parts of the German capital go for as little as £45,000





Berlin is pinning its hopes on the young. More than half its population is below the age of 35, media companies are flocking to the city and, with three excellent universities, it is establishing itself as the biotech and research capital of Germany.



The Government has invested €75billion (£59 billion) to improve the infrastructure of the city, enticing expatriates to find a home there or invest in residential properties. This, combined with numerous cultural and scientific places of interest, is only adding to the city's attraction.
The recent privatisation of the public housing stock has led to a small increase in the number of homeowners. However, the city has a strong rental culture - only 14 per cent of local people own their home - and with the rents low and laws heavily favouring the tenant, there is little to drive the domestic market.

Charles Peerless, a director of Winkworth's international department, concurs: “Berlin is exactly what the current housing market needs. With its huge rental market, it is a safe investment. The ‘less risk and less reward' strategy is what most long-term investors are choosing.”

The choice in Berlin ranges from the former East German high-rise blocks near Alexanderplatz and the experimental living communities of Kreuzberg to the Neo-Classical buildings of Prenzlauer Berg and Friedrichshain. The latter are the most popular with foreign investors.
These large apartment blocks, with their elegant stucco façades, were built in the early part of the 20th century and offer spacious, high-ceilinged accommodation that is usually ranged around an enclosed garden square. Most of these properties have been sold off in volume to investment companies that are extensively refurbishing, adding central heating, double glazing and modern kitchens and bathrooms. The buildings have been re-roofed, the communal gardens landscaped and all interiors redecorated, with the aim of increasing rents and, in turn, improving capital values.

Andreas Pichotta is one such developer. As a passionate Berliner and admirer of the city's architecture, he makes his projects as much a labour of love as an investment, although he knows what will make him money. “The most important part of the investment business is getting the right location,” he says. “There is an abundance of very cheap, unrefurbished property in the city but if you buy in the wrong place you are doomed.”

He uses his local knowledge to choose the buildings that he buys and refurbishes with great care. He has made good investments in Prenzlauer Berg and Friedrichshain. Prenzlauer Berg is an area of the city undergoing a renaissance. There is an abundance of restaurants, cafés, bars and eclectic boutiques. Many of Berlin's media, arts and student population live here. It was not bombed in the Second World War so there is a wealth of old-style apartment blocks. Many have been restored to enhance their traditional features, creating picturesque squares where regular farmers' markets attract affluent locals.

The area has the highest birth rate in Germany. It became very fashionable in the late 1990s and those who moved there then are now in their 30s, young professionals with families, looking for larger apartments. The location is perfect for commuting into the city and, accordingly, rents are beginning to rise. Dr Pichotta is refurbishing 6 Schönfliesser Strasse, pictured top right. One-bedroom flats there sell from €58,235 (£45,000). Such an outlay will earn him a monthly rental income of only €230. All his apartments are already pre-let to tenants, so his income is genuine and secure. The rental guarantee provided is for five years and has a yield of just over 4 per cent. The refurbishment of buildings is being undertaken throughout 2008, completing by the end of the year. The flats will be managed by the existing property manager and this is included in the fixed price. Investors are, however, liable for the sinking fund.

Winkworth also has a project in the area and is offering two-bedroom apartments in Thulestrasse. Almost all were snapped up after being released for rent after refurbishment. A two-bedroom flat of 62 square metres can cost as little as £66,584.

Perhaps an even better investment might be the slightly shabbier area of Friedrichshain, in East Berlin, which contrasts with the more gentrified and expensive areas of Prenzlauer Berg and Mitte. After the Berlin Wall came down, Friedrichshain began to develop a reputation as a young district. Its lower rents attracted artists and students; its multitude of empty flats also attracted the attention of West Berlin squatters. It retains its slightly run-down atmosphere - which gives it its character.

source: http://property.timesonline.co.uk/tol/life_and_style/property/overseas/article4954556.ece

Germany seen as a stable, long term option for property investors

Germany, which has always been regarded as having a stable but rather boring property market, is emerging as the number one target for cash-rich institutional investors who want to invest in the long term.

Few individual property investors have been tempted into the German property market. Many have been put off by the stringent rules for landlords and Germany has never been popular with holiday home owners.

But those who have bought property in Germany have not done so to make money quickly.

Prices have remained roughly stable in the residential sector over the last year.

Also in contrast to other European countries like the UK and Spain Germany did not experience a major housing boom in the late 1990s, early 2000s. Indeed just 42% of the population own their homes.

But there is strong evidence that companies and funds are already investing heavily in German property and that is about to expand.

Sales of commercial property in Germany surged to record levels last year but slumped in the first half of this year as the credit crunch began to bite and fears about the economic outlook dampened investor appetite.

But according to analysts this has opened the door for cash-rich investors like Sovereign Wealth Funds, banks and institutional funds to jump into the German real estate market.

In particular SWFs from China, Singapore and the Gulf are hovering. 'You have these big state funds considering acquisitions. The Russians may be making strategic investments too as Germany is still considered a stable option,' said Christine Schaefer, an analyst at DZ Bank.

These kinds of funds can be secretive and often buy via specially created holdings. Peter Starke, head of real estate firm Aengevelt's investment division, believes they are already investing in Germany.

'They don't exactly walk around with signs around their necks. But I can think of two players from the Gulf region whom I strongly suspect are backed by wealth funds,' he said.

Some analysts think the SWFs are more likely to buy stakes in property management firms rather than investing directly. Some of these firms are strapped for cash due to the credit crunch and may wish to sell assets.

'I think there will be deals with owner-occupier retailers who are pushing the margins and keen to sell their real estate,' said Iryna Pylypchuk, of CB Richard Ellis.

To understand the nature of property in Germany it is necessary to look at the country's history and try to understand the people, according to Jonty Crossick of Ready2Invest which specialises in spotting emerging markets and believes in analysing the market before recommending it.

'If you look at the history of Germany it was very fragmented before 1862 and even after re-unification it never lost its federal nature. Cities have their own economic power bases. From a property point of view it doesn't have one city dominating like London in the UK,' he said.

This means that prices and rental yields can vary from city to city and also that each city has different attractions. Frankfurt is regarded as the commercial and financial centre of the country whereas Munich is seen as the cultural capital.

'Also the mind set in Germany is less entrepreneurial and more cautious. The Germans are much more averse to risk and borrowing and more anti-inflation than other economies like the UK and the US,' added Crossick.

One result is that Germans tend to rent rather than buy. This has positive and negative outcomes for potential property investors.

The main negative is that rents are set by each municipality and rental contracts are often for indefinate periods. Germans think nothing of staying in the same rental for 10 years or more.
'There are plenty of rules and regulations that limit the potential of returns,' said Mark Bingham, managing director of Owner Invest, which specialises in buy-to-let investments and hotel rooms. 'The amount of rent you are able to charge is strictly enforced and landlords who go over the maximum rental value can face severe penalties. There are also limits to how much and often you can increase the rent.'

But there are plus sides too. 'Tenants are usually expected to pay the utilities bills, property taxes and most other costs associated with running the property and most are rented unfurnished. From an investment point of view yields of around 7% can be achieved,' added Bingham.

The company believes that one way into the German market for individual property investors is through the hotel industry. 'Germany is the largest country in the world when it comes to trade fairs, special events and festivals. It is the ideal place for attracting short term visitor,' said Bingham.

'In the domestic rental market you might be looking at a return of around 7%, with an hotel apartment you would be looking at around 14% based on 50% occupancy,' he added.

There is a healthy market in terms of German nationals buying property according to John Hitchcox, chairman of yoo, a design and investment company with projects in several German cities including Hamburg, Munich and Berlin.

Yoo project in BerlinIn development terms there are good investment opportunities. The company's project in Hamburg sold ahead of construction and it is looking at potential sites in Dusseldorf and another in Berlin for next year.

'Germany does have poor housing stock that needs re-furbishing, especially the stock in what was East Germany,' he said. As a result a number of institutions are buying up whole apartment blocks.

In terms of buying individual apartments it is the Germans themselves who are buying rather than foreign investors. Yoo has found that most buyers are Germans although a Fulham footballer has recently bought in Hamburg.

One thing for sure is that the Germany economy is suffering along with the rest of the developed world. A few days ago Jorg Decressin, chief of the International Monetary Fund's world economics division, said growth in Germany is now predicted at zero.

'Even though Germany has not experienced the same run up in house prices as other advanced economies, it has been an economy that has been flying pretty much on one engine and that engine was exports. With world growth now slowing that engine is now running out of gas,' he said.

Any changes in the Germany property market are likely to be slow and unspectacular. 'The real estate culture in Germany is changing but it will not be radical. The Germans are more likely to have investments in sectors other than housing because they have not had the level of property appreciation that has occurred in the UK or the US,' said Hitchcox.

source: http://www.propertywire.com/news/features/germany-stable-option-property-investors-200810151751.html

German property may soon lure sovereign wealth

By Dave Graham

BERLIN, Oct 9 (Reuters) - Sovereign wealth funds (SWFs) from Asia and oil-rich nations may be set to jump in to the German real estate market, helping to support a sector which has been knocked down but not out by the financial crisis.

Sales of commercial property surged to record levels in Europe's biggest economy last year, but they slumped in the first half of this year as bank losses, the credit crunch and fears about the economic outlook dampened investor appetite.

Banks and other institutional investors have scrambled to hoard cash as money markets froze, which should open the door for cash-rich funds from China, Singapore and oil producers in the Gulf region, said DZ Bank analyst Christine Schaefer.

"You have these big state funds considering acquisitions," she said. "And the Russians may be looking to make strategic investments here too. Germany is a stable option."

Peter Starke, head of the investment division at real estate firm Aengevelt, said the publicity-shy funds were probably already buying in Germany via specially created holdings.

"I can think of two players from the Arabian region whom I strongly suspect are backed by wealth funds," he said. "But the thing is, they don't exactly walk around with signs around their necks saying 'sovereign wealth fund ABC from country XY'."

If SWFs invest enough to support or even boost property prices, it should help stabilise investment and domestic consumption, said MM Warburg economist Carsten Klude.

In contrast to countries like Spain, Britain and Ireland, Germany did not experience a major housing boom in past years. As a result, its residential market has held steady in 2008, helping offset a big drop in commercial property transactions.

Marcus Lemli, capital markets chief for property services firm "I can think of two players from the Arabian region whom I strongly suspect are backed by wealth funds," he said. "But the thing is, they don't exactly walk around with signs around their necks saying 'sovereign wealth fund ABC from country XY'."

If SWFs invest enough to support or even boost property prices, it should help stabilise investment and domestic consumption, said MM Warburg economist Carsten Klude.

In contrast to countries like Spain, Britain and Ireland, Germany did not experience a major housing boom in past years. As a result, its residential market has held steady in 2008, helping offset a big drop in commercial property transactions.

Marcus Lemli, capital markets chief for property services firm Jones Lang LaSalle in Germany, says commercial turnover could drop to as little as 20 billion euros ($27.4 billion) in 2008 from a record 55 billion last year.

NO MORE LEVERAGING

The correction has been felt right across the country.

In the first half of 2008, revenue from sales of office, retail and other business premises were down by 75 percent in Berlin, the biggest single market, official data show.

Investment in offices in Cologne fell 82 percent over the same period, and by 68 percent in Munich. In Duesseldorf, spending on all types of real estate was down by half.

The drop in activity reflects the disappearance of highly leveraged foreign financial investors, who bought up big German portfolios before the credit crunch hit.

Even if liquidity returns to credit markets soon, some observers say investment will be tailored to long-term returns of the kind favoured by SWFs and German open-ended funds.

For now, though, investors remain cautious and prices may need to fall further before SWFs part with big sums of money.

"A lot of people also think we're heading for a recession, though we're not actually there yet," said Tobias Just, a property expert at Deutsche Bank in Frankfurt. "These new investors will need more certainty about this before they move."

A government source told Reuters on Wednesday that Berlin would soon cut its 2009 growth forecast for Germany to below 0.5 percent from a current estimate of 1.2 percent.

For now, the property market itself is giving little away, said Berlin estate agent Gottfried Kupsch.

"Basically nothing else will be sold this year," he said of the capital. "What we're hearing is that banks have closed their books for the year. It'll probably last till February at least."

INDIRECT STAKES

Germany's housing market, where the majority of homes are rented, is also seen as a safe, if unspectacular bet.

House prices fell in Britain by over 12 percent in August year-on-year, and in Spain by nearly 5 percent, industry figures show. German house prices, by contrast, were broadly flat this summer, according to data from financial services firm Hypoport.

JLL's Lemli said the SWFs which enter Germany are likely to buy stakes in property management firms rather than invest directly -- a strategy that is already underway in Europe.
On Tuesday, the Singapore government's wealth fund said it had raised its stake in U.K. real estate company British Land Co Plc to more than six percent.

SWFs could invest as much as $725 billion in global commercial real estate by end-2015, CBRE forecast last month.

One source of bargains may be asset sales by cash-strapped firms as the credit squeeze reaches the corporate sector.

"I think there will be more deals where owner-occupier retailers are pushing the margins and keen to sell their real estate," said Iryna Pylypchuk, an analyst at property consultancy CB Richard Ellis (CBRE).

"And I think there is going to be more pressure from the banks. So I think market activity will pick up later this year."

(Editing by Patrick Graham)


source: http://www.guardian.co.uk/business/feedarticle/7847453