All Change in the Real Estate MarketBy World Finance, PRNE
Thursday, August 25, 2011
LONDON, August 26, 2011 -
Real estate was one of the worst hit industries of the global recession. Projects across the world ground to halt and thousands of construction workers have struggled for work. In reviewing the industry for our Real Estate Awards, World Finance magazine has observed that while times are still trying there are plenty of glimmers of hope.
The European market remains downtrodden and split; while Spain and Ireland currently tackle huge surpluses in housing stock, the UK is suffering a chronic lack of capacity, catalysed by the banks’ reluctance to loan either to builders for new projects or to buyers to get mortgages. This made it necessary for architects and developers to look elsewhere for real estate markets with brighter prospect.
One such location experiencing a change in fortunes is the Gulf region, with several successful projects coming to fruition. The world’s tallest building - the Burj Khalifa - has drawn plenty of attention in Dubai, in turn attracting further investment for projects in the emirate. Qatar too is also looking forward to extensive new development to support the country’s successful bid for the World Cup in 2022.
In China, real estate supply has struggled to keep up with demand at times. Though growth has slowed in recent months there are still plenty of opportunities for Western businesses to get involved in the market.
In every region, we have observed real estate companies that have maintained success regardless of the economic climate. We recognise these businesses through the World Finance Real Estate Awards 2011, winners of which seen at:
Read more about the winners in the September-October edition of the magazine. Alternatively visit www.worldfinance.com for more information
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