Is the global real estate industry out of the woods? The flurry of real estate deals globally indicates so.
In the first of this year, more than $132 billion worth of real estate deals were signed globally, up 74% over $76 billion deals signed during the same period last year.
The global economy was in the midst of an economic downturn last year. But with growth from emerging countries such as China, India, and Brazil, helping build economic activity in the developed world, real estate transactions are also on the rise. The recession was triggered by the mortgage crisis in the US. The collapse of firms such as Lehman Brothers also aggravated the situation.
However, full-year volumes will be between $275 billion and $300 billion, significantly ahead of 2009 ($209 billion), with cross-border investors continuing to be very active, said Arthur de Haast, head of the international capital group at Jones Lasalle, Property week reported on Tuesday.