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Commercial property in Spain and Italy before the collapse. The number of transactions in both countries fell by over 90% in the period April to June.
In the second quarter were registered in Spain only three transactions compared to 58 during the first three months of the year. In Italy, the decline was more pronounced, as their owners have changed only two buildings to 56 earlier, according to Real Capital Analytics.
The sharp drop in sdelkiteotrazyava concerns of investors from holding assets in both countries, given the uncertain direction of the euro area economy.
The total value of transactions in shops, offices and industrial property in Spain in the second quarter amounted to 67 million, which is 74% below the 260 million recorded during the first quarter. For the first time in the volume of transactions in Spain is lower than in neighboring Portugal, the edition.
Low activity during the last quarter, which coincided with sharp increases in the cost of borrowing for the country, suggesting that even the appetite for buying troubled properties has cooled.
“We can not determine the market price. Banks hold stocks for eight years, so how could anything at all to be evaluated,” the magazine said a senior official of the Spanish private equity company, requesting anonymity.
Leading economists from the property industry also argued that Spanish and Italian investors refuse to acknowledge the reality of markets.