EURO PROPERTY


City office values rose by 1.4% over the year, while offices outside London and the South East saw a decline of 10.4% However, some view this as a potential


opportunity. “The polarisation between London and the rest of the UK has led to considerable interest in the fate of the secondary and regional markets,


Office take-up in Madrid hit a 15-year low in 2012, reaching only 254,000 m2


in the last quarter, or 37% less than the


same period in the previous year. Nevertheless, Madrid in particular is beginning to


“The polarisation between London and the rest of the UK has led to interest in the fate of the secondary and regional markets”


Oslo Stockholm Helsinki . According to research by


BNP Paribas Real Estate, this represented a 24% drop compared with 2011, with take-up reaching only 63,200 m2


be perceived as an opportunistic buy and over 50% of Emerging Trends In Europe survey respondents agreed that southern Europe is a great buying opportunity. But Turkey, still outside the EU, is seen as a much


more promising prospect, and Istanbul ranked fourth in the Emerging Trends in Europe cities table owing to economic growth, demographics and new rules benefiting foreign property owners. “It’s Berlin and London for core. But it’s Istanbul for


Warsaw


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where discounted values have pushed initial yields to in excess of 8% in some sectors,” says Phil Tily, managing director of IPD. “A key question for 2013 will be whether parts


of the secondary market with potential for active management see more interest as investors shy away from expensive prime London, or whether further economic shocks and slow domestic growth continue to push investors towards low-risk assets.” In contrast to most of the remainder of Europe,


activity in Italy, Spain and Portugal was down significantly during 2012, although during the final weeks of last year €922m of deals completed in Spain.


MIPIM 2013: TALKING CITIES Cities will be at the heart of a series of MIPIM conferences, including keynote addresses from architects Caroline Barat, Philippe Chiambaretta, Jürgen Mayer and Ihsan Murat. David Lunts, executive director housing and


land for the Greater London Authority, will discuss how new investment can unlock potential in cities. Smart cities will be the focus of a


keynote from architect and engineer Carlo Ratti, who practices in Italy, teaches at MIT and is a member of the World Economic Forum Global Agenda Council for Urban Management.


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opportunity,” said one respondent. Turkey’s economic growth, which rivals China’s, has


prompted global companies such as Nestlé and Microsoft to establish in the country, drawn, in part, by its proximity to cities in Russia and the Middle East. Meanwhile, strong demand for prime retail space keeps the city centre thriving. ULI/PwC points out that recent changes have


eased restrictions on foreign ownership of Turkish real estate. These changes have been driven by the government’s desire to court international capital and transform Istanbul into a regional financial centre. Turkey’s Association of Real Estate Investment Companies, GYODER, estimates the change will boost investment in property by $5bn (€3.75bn) a year.


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