Prices begin to rise in French property market

January 10, 2011, 4:00 pm

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House prices in France have increased for the first time in eight quarters, new figures have revealed.

Research conducted by the Federation National de L'immobilier (FNAIM) has found that home values in the destination have started to rise once more following a period of stabilisation in 2010.

Speaking to Overseas Property Professional, Tracey Hudson, sales manager at local agency Leggett Immobilier, said that current historically low mortgage rates in the country will prove to be beneficial for the real estate market.

The expert believes that the French property sector will see "a modest rise in prices throughout 2011 with substantial growth in some hot spots".

Indeed, Ms Hudson also thinks that some UK buyers will choose to buy property in France rather than at home so that they do not risk entering the British housing market too soon.

According to the Global Real Estate Trends report, during 2010 France was singled out as one of the top-performing markets - alongside Canada, Australia, Sweden, Switzerland and the UK.

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Banks still offering 'good deals' in France

January 30, 2011, 4:00 pm

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Despite an increase in perceived risk causing a slowdown in property lending by banks, those looking to buy property in France can still get a good deal.

Athena Mortgages has highlighted the fact that not all banks in the country have decided to increase their margins, meaning that there is still an opportunity to capitalise on competitive lending rates.

"It is interesting that the market is increasing the prices for long term interest rates, indicating a belief in growth and inflation in the medium term," John Busby, director of Athena Mortgages, said.

"The demand for loans for purchases in France is certainly there and it will be interesting to see what effect if any these increases have."

It comes after a report from the European Central Bank claimed that a large number of banks across Europe have steadily declined and tightened procedures relating to property lending.

This is despite many euro-based banks reporting an increased demand for mortgage loans in the last quarter of 2010.

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French mortgage rates set to rise, firm warns

May 4, 2011, 5:00 pm

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Individuals looking to buy property in France may be interested to learn that higher eurozone inflation could lead to an increase in mortgage rates in the country.

This is according to Athena Mortgages, which claimed that the rise will come on the back of the European Central Bank's (ECB) decision to raise the main interest rate to 1.25 per cent in April.

It comes after two years of the ECB leaving the rate at one per cent and is an attempt by the finance house to ward off inflation.

However, Athena Mortgages noted that there has not been much change in the rates on offer for mortgages in France since the announcement of the increase.

"Markets and banks had in fact already priced in this increase. We have seen an average increase of about 0.20 per cent in the cost of variable rate mortgages, with some banks opting to further increase their margins," said director of the firm John Busby.

But the organisation added that further increases are on the way.

"We should expect further increases to the lowest rates on offer and a flatter market overall as it becomes more expensive for banks to refinance and maintain market beating rates," Mr Busby said.

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France top choice for Brits buying abroad

September 28, 2011, 5:00 pm

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Britons looking to purchase property abroad should consider homes in France .

This is because the country has been picked out as the best option at the moment by a Savills report for the Daily Telegraph.

The range of dwellings on offer is among the best in the world, while certain parts of the country - such as Brittany and Normandy - are easily accessible from the UK.

"French banks have continued to lend on second homes, stimulating the market," the report stated.

Prices are bouncing back after taking a 20 per cent drop in the cost of a dwelling between 2007 and 2009.

Other countries that fared well in the study are the US, Portugal and Italy.

The French ski resort of Megeve recently recorded a 4.3 per cent growth in real estate prices in the year to June 2011, according to the Knight Frank Ski Resort Property Index.

Meanwhile, US locations Telluride and South Lake Tahoe saw prices fall annually.
 

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French property market 'has potential'

November 17, 2011, 4:00 pm

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Investors looking for a property abroad may want to consider France, one expert has claimed.

Tim Harvey, from euro mortgage specialists Offshoreonline.org, explained that it is currently easier to arrange a high loan-to-value mortgage in France than it is in the UK.

He added that mortgages for up to 85 per cent of a French property's sale price are "widely available", with rates of around 3.45 per cent.

Mr Harvey also made some suggestions about where to buy real estate in the country.

"High -quality areas such as the Cote d'Azur and towns such as Nice and Cannes will always have a special appeal as second homes, but also as rental propositions, as the area has such strong leisure and business traditions," he stated.

Another part of the country that may attract investors due to its robust tourism industry is the French Alps.

The Savills Alpine Property Market Spotlight highlighted the resorts of Val d'Isere, Courcheval and Megeve as being among the most expensive in the region.
 

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French property market 'a good target for UK buyers'

March 25, 2012, 5:00 pm

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British buyers are able to get a more favourable mortgage rate in France than in any other European country.

This is the assertion of Clare Nessling, director at Conti, who explained purchasing real estate in France and elsewhere overseas has become "much more affordable" due to the predominantly low interest rate environment in Europe and the falling value of property in many nations.

She went on to point out that the French mortgage market has fared better than the majority of its counterparts in Europe because it has historically taken a more cautious approach to lending.

"It currently offers the widest range of finance options and best-available rates in Europe for UK buyers. It is in a relatively secure situation and loan-to-value ratios are still high," Ms Nessling stated.

The attractive mortgage terms provided in France may be one reason behind its popularity as a retirement destination.

Earlier this month, managing director of The Villages Group Danny Silver drew attention to a survey by the National Association of Pension Funds, which found 34 per cent of people nearing retirement age would consider moving abroad to enjoy a lower cost of living. Mr Silver highlighted France as the ideal country to choose due to its food, culture and proximity to the UK.
 

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Is France's property market set to cool?

April 4, 2012, 5:00 pm

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There are indications the French property market may slowdown as the year progresses, with a number of factors helping to cool the sector.

According to a Global Property Guide report, the threat of a recession in the eurozone and the forthcoming presidential elections - which are due to be held in April and May - have made purchasers "more cautious".

The publication cited figures from the National Association of Real Estate Agents in France, which revealed price growth in the final quarter of 2011 was considerably weaker than the previous three-month period.

Between October and December last year, the value of property climbed by 1.04 per cent annually, while in the third quarter, prices rose by 7.1 per cent compared to the same period in 2010.

Last month, Clare Nessling, director at Conti, revealed the French mortgage market offers the most attractive rates in Europe for British buyers. She explained it is "in a relatively secure situation and loan-to-value ratios are still high".

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French mortgage market 'attractive for Brits'

May 2, 2012, 5:00 pm

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The level of finance available for property purchases in France makes the market very attractive to British purchasers.

Writing for My Introducer, Clare Nessling explained the nation's banking system has not been hit as hard as those in other countries, because its financial institutions exercised more caution than some of their counterparts elsewhere on the continent.

She stated the French market "currently offers the widest range of finance options and best available rates in Europe for UK buyers, and it's in a relatively secure situation".

It is also possible to take out a high loan-to-value mortgage on a property in France, with some providers continuing to lend up to 90 per cent of the purchase price.

A recent survey by HiFX revealed France is a top choice for British buyers overseas, with 35 per cent of people seeking foreign real estate hoping to buy in the country. This was more than double the number of purchasers considering Spain - which attracted 16 per cent of those surveyed - making it the second most popular destination for property deals, the Press Association reported.

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French lending market 'tightening'

June 28, 2012, 1:14 am

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The availability of mortgages with low rates is reducing in France, with many lenders increasing the cost of borrowing in the last month.

Head of operations at overseas mortgage specialist Connect Overseas Geoff Simmonds explained the cost of variable rate finance in the country has risen from 2.09 per cent to 2.79 per cent over the past four weeks.

However, he stated now is an opportune time for people to pick up property in France at a reduced cost, thanks to the strength of sterling against the euro.

"Overall, these are great times for bargain hunters, but I would caution buyers to source their borrowing needs in advance as the lending market is tightening," Mr Simmonds concluded. 

There is evidence more buyers are targeting the French real estate sector, with Trevor Leggett, managing director of Leggett Immobilier, recently revealing his firm experienced a 39 per cent rise in transactions during 2011.
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Mortgage numbers decline in France

November 4, 2012, 12:00 am

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The number of mortgages granted by French banks fell again in the third quarter, making it integral that those looking for property in France have their credit in order when applying for finance.

According to figures from the French Mortgage Watchdog, there was a drop of 23.3 per cent in the penultimate quarter of 2012, compared to 2011.

While there is traditionally an August slump in mortgages, the recovery that normally occurs in September was disappointing.

Michel Mouillart, professor of economics at the University of Paris-Ouest and author of the study, explained that the country has never faced a drop of the same magnitude and speed.

Nevertheless, the property market is still attracting British buyers, specifically in southwest France, the Global Property Guide reported.

Trevor Legget, chief executive of Legget Immobilier, explained that his firm has seen transactions in the area sour by around a third over the past two years.
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France remains attractive prospect for buyers

January 3, 2013, 11:00 pm

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French property will continue to be an attractive prospect for investors going into 2013, with low mortgage rates and rising demand levels driving activity. Mortgage specialists French Private Finance claim that there has been renewed interest in the market of late, as buyers submit mortgage applications to take advantage of current ultra low rates.

John Busby, director of the company, told Property Wire on December 21st: "This week alone we have sent quotes out over €15 million (£12.1 million approximately) of new purchases in the Alps at all different price points with viewings all confirmed. Now certainly is a good time to be buying with French mortgage rates at their all time historic lows and with loan to values of 80 per cent of the purchase price and effective interest rates from 2.4 per cent over 25 years."

Luckily for buyers, these rates are expected to continue this year and mortgage lenders are eager to do business with non-French residents.  "We are not anticipating any further changes to underwriting criteria," Mr Busby said. "There have been some positive noises about Europe recently with consumer confidence increasing so we can’t be sure these low mortgage rates will be around forever."

This signifies a positive change in the market, which should help to generate recovery. However, overall lending figures remain down. French Private Finance claims that in the penultimate quarter of 2012, banks were registering a strong decline, with lending down 24.3 per cent on the same period in 2011.

However, Mr Busby stressed to the news provider that this does depend on the market segment and the lender. For example, the Banque de France recorded a rebound of 21 per cent over a month in the number of French mortgages but experienced a reported drop of 34 per cent over the year.

"The beginning of the year recorded a sharp drop in demand but since September, in a context where borrowing has never been so inexpensive, demand has increased again thanks, in part, to an increase in borrowers re-mortgaging," Mr Busby  explained.
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Paris apartments still too expensive

April 25, 2013, 6:43 am

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High prices are denting interest levels for Parisian property , according to one property expert. Christine Perrissel, company director of Agence Etoile, told Bloomberg that at least one in four apartments in the city can't be sold. This is despite mortgage rates currently standing at record lows.

So why aren't more people opting for French real estate? After all, prices are high in London but demand remains constant. It seems the state of attrition reached in the Parisian property market is thanks to an unwillingness of sellers to lower values. "I have some inventory that’s too expensive and sellers don’t want to lower prices," Christine Perrissel told the news provider. "Buyers are just much more selective."

This isn't the first negative report of the French property market to emerge. At the beginning of April the Global Property Guide reported that the country is struggling to bring down its sky-high unemployment rate and budget deficit, which is having knock-on effects for the real estate sector. The National Institute for Statistical and Economic Studies recorded a 1.63 per cent fall in house prices in Metropolitan France for 2012 compared to 2011 levels. This is the third consecutive year of annual declines.

When adjusted for inflation, values dropped by 3.12 per cent, with a 1.27 per cent quarter-on-quarter rise in Q4. Sales volumes have also taken a hit, with data from La Chambre des Notaires de Paris reporting just 709,000 homes were sold across Paris last year. This is a fall of 12 per cent year-on-year.

The poor health of the market is partly due to the inactivity of first-time buyers. As in most of Europe, those looking to get a foot on the property ladder have remained constrained in France. Les Chambre des Notaires de Paris believes this is due to the end of the loan to zero ration and the percentage of transactions by purchasers under 30 years of age fell to 15.8 per cent of all sales in 2012.
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French property market proving 'attractive' for buyers

May 15, 2013, 7:12 am

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French property is increasingly becoming the subject of much interest, according to one expert. Leggett Immobilier, a leading international estate agency in France, explained that market conditions are attracting buyers to the country. During the first quarter of 2013, the company experienced a "steady increase" in investors and claims this is thanks to low mortgage rates and sensible pricing.

It is certainly true that conditions are becoming more and more favourable for buyers across the channel. Mortgages are now at their lowest level in 65 years and the recession has forced vendors and sellers to bring down property prices to more affordable levels. However, investors will still need the capital behind them to obtain French real estate as lending is still relatively constrained, mirroring conditions in the rest of Europe.

What's more, the property market isn't exactly in good health at the moment, although there are signs of improvement. Trevor Leggett, chief executive of Leggett Immobilier, commented: "We understand that the overall number of property sales in France fell by 20 per cent to 655,000 last year and that this year is likely to see a similar number of transactions. However, it's clear that many people are also convinced that the market will improve over the coming years and with the cheap money available that now is the time to buy."

He added that he has received "anecdotal evidence" that vendors are also becoming more realistic with their pricing, understanding that high values will not wash in the current climate. This was demonstrated by a recent sale by Mr Leggett's team in Brittany, in which two Parisian buyers arrived with financing in place, drove a hard bargain and gained a good value for money property.

However, it isn't just the French who have realised that there are bargains to be had in the French property market. "France has historically been the favourite destination of UK property buyers who love the sunshine, countryside and relaxed way of life," Mr Leggett stated. During A Place in the Sun Live last month, Leggett Immobilier in fact noticed a swath of Britons surprised by the value for money French property could offer them.
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Strong Pound And Low Prices Leading Brits to Look Towards France

February 21, 2014, 4:32 am

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British property investors are increasingly looking towards France for purchasing second homes as an investment, following a syncing of economic conditions that works in their favour. Recently, it had been reported that Spain overtook France as the number one destination overseas for British investors to purchase in. But according to France's English language newspaper The Connexion, this could be a reality that changes as the relative strength of the pound and the lowered prices for homes in France leads to more people looking to buy in the country.

Mortgage lenders, estate agents and currency exchange experts are all experiencing a serious rise in interest from British buyers at the moment, the latest report in the news provider has claimed. The biggest reason for the returning sentiment has been the strength of the pound. It has this week reached a 12-month high at €1.21 to the pound. On top of this, property prices in France have fallen by 1.8 per cent over the course of the last year with only low interest rates propping up the weak sector. This synergy is working to the advantage of overseas investors from the UK who can get more for their money.

And with the eurozone financial health improving all the time, house prices in France are only likely to improve in the long-term, meaning that people will most likely be able to make their money back somewhere down the line. Another potential reason for more Brits in France at the moment offered up by the newspaper is the fact that the French property sector is so strong currently. As the market improves, people are able to sell their homes for a higher price before buying something more substantial across the Channel.

Mark Bodega, of currency exchange specialists HiFX, said that France is so attractive at the moment simply because it " ticks all the right boxes ". “ Borrowing costs have tumbled in recent months; mortgage rates are at their lowest in years, and affordability has been boosted by a slower property market as worries remain that France may well be lagging behind the rest of the Eurozone in terms of economic growth. Of course, there’s also the added appeal of easy access from the UK, better weather and the way of life so adored by British Francophiles, ” he said.

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Brits Top Buyers of French Property

July 25, 2014, 9:08 am

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A survey undertaken by French bank BNP Paribas shows that Britons bought more second homes in France during 2013 than any other nationality. The number of British purchasers rose by 5% during the year, with most purchases in the Loire, Charente and Limousin areas, rather than the more expensive regions of the Alps and the Côte d'Azur.

In the prime area of Paris, Britons bought just 3% of the homes bought by foreigners, as interest from ultra-wealthy Russian and Chinese buyers picked up through the year.

Average house prices for France are now at €448,000 and the average euro mortgage is €354,000 although transaction volumes have continued a downward trend, to just less than 13,000 in 2013 from 15,000 in 2012.

The findings of the survey were noted by offshoreonline, an advisor to UK expatriates who attribute the increase in number of British buying property in France reflects the recovery in the UK property market.

Offshoreonline's Tim Harvey commented that France has weathered the economic crisis better than Spain , making the country a " sound investment in its own right, " adding that: " Mortgages in France offer a huge variety of choice to the buyer from simple variable rates through to capped, fixed and long-term fixed rates. Banks will often allow deposits of just 15%, with lower rates available for those with higher deposits. "

The highly-developed mortgage market in France represents value to overseas buyers, attracted by the flexibility of terms and low associated taxes and fees.

Harvey also pointed out that the European Central Bank's interest rates are at their lowest ever levels with many banks now offering variable rate Euro mortgages from just 2.3%.

Britons are increasingly looking overseas for investment opportunities in real estate in response to spiralling house prices in the UK, together with increased lending restrictions imposed by mortgage providers.

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Bad loans still eating into Spanish bank profits

February 5, 2013, 11:00 pm

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The effects of Spain's bad loans are still being felt in the banking sector, with three of the country's largest lenders revealing that the Spanish property crisis is continuing to eat into profits. In the final quarter of 2012, Banco Popular, Caixabank and BBVA reported significant net losses. A net loss of €2.46 billion (£2.12 billion) for the year was noted by Banco, down from a €480 million (£415 million) profit in 2011. This is the largest drop on record for the bank. Caixabank recorded a 78.3 per cent loss, leaving profits at €229 million (£198 million) for the year, while BBVA had a net profit fall of 44 per cent year-on-year to €1.67 billion (£1.44 billion).

These losses will not be welcomed and are indicative of the damaging effect of the Spanish property market crash. However, it is believed that the rate in which bad loans are increasing is slowing, which is good news for the sector. In fact, it seems as though confidence is slowly returning to sector following the country's request for a €40 million (£34.5 million) European bailout last year. Credit conditions are beginning to ease for lenders and demand is increasing for certain real estate segments.

Even foreclosed properties experienced a year-end rush in 2012, with Bankia announcing that it raised €550 million (£475 million) from selling such units, Reuters reported. This is 19 per cent more than in 2011 and has been attributed to tax breaks currently on offer in Spain. In December alone, Bankia independently sold 1,100 foreclosed properties, which is 70 per cent more than in November. However, to clear distressed real estate off the books, banks are being forced to offer units at significant reductions of between 40 and 60 per cent.

For those looking for Spanish real estate, this creates a wealth of opportunity, enabling those previously unable to afford property to invest overseas.  However, the Financial Times claims that the market isn't out of the woods just yet and banks will face further challenges. The Spanish economy looks set to contract sharply this year and financial institutions must ready themselves for the fallout.
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Estonia plans mortgage bond market

February 26, 2013, 4:40 am

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It is hoped the Estonian property market will have a change of fortune in the future, after plans to create a mortgage bond market in the country were revealed. Bloomberg reported that the local unit of Stockholm-based Swedbank AB made the proposals to reduce borrowing costs and revive capital markets. While an official decision has yet to be made, it is expected the Estonian Banking Association will deliver its verdict imminently, which will initiate the legal steps needed to start trading bonds, Priit Perens, Swedbank chief executive officer, stated last week.

Although Mr Perens failed to estimate the potential size of the market or when bonds may be offered, the plans appear to be positive ones. They follow the break between Estonia's banks and Nordic parents, who have traditionally provided funding. This was triggered by the Lehman Brothers Holdings Inc.'s 2008 collapse, which burst the country's property bubble and shut off credit flows.

Mr Perens explained to Bloomberg: "The main reason to do this is to finance our activities more cheaply. In Sweden, there is a clear difference in prices of mortgage-backed bonds and senior unsecured bonds. It would definitely also be a suitable instrument to boost the local capital market.” What's more, Estonia is an attractive country for foreign investors, as it currently boasts a relatively low debt to private and public sectors. This makes it a prime spot for pension funds in particular.

Estonia has been performing well in other areas lately too. Data published by Statistics Estonia revealed that average wages grew by 5.9 per cent annually in Q4 2012, reaching €916 (£799.53). Real wages also increased from 1.9 per cent in the penultimate quarter to 2.1 per cent in Q4. This continues the trend for growth that has established itself over the previous six consecutive quarters. In 2013, real wage is expected to accelerate further, thanks to slowing CPI growth. Unemployment also seems to be decreasing, with the Wages and Salaries Statistics Survey showing that the number of employees at the end of December increased by 4.5 per cent year-on-year.
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Mortgage processes tightening in Portugal

May 3, 2013, 7:40 am

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While low prices and a vibrant tourism industry may make Portuguese property an attractive prospect for investors, getting a mortgage in the country is becoming more and more difficult. Ricardo Reis, Cushman & Wakefield Inc's head of valuations in Portugal, told Bloomberg that lenders are now requiring more collateral. This is causing a drop in the number of real estate valuations made by banks and in March, appraisals of homes and apartments fell by 6.9 per cent year-on-year. Average values now stand at €981 (£831.11) per square metre, the lowest level since September 2008, according to Portugal's National Statistics Institute.

"A lower bank valuation reflects the overall drop in property prices and may require potential home buyers to come up with more money to purchase the property due to a lower loan-to-value required by the banks in order to reduce their risk," Mr Reis explained to the news portal. This means that instead being able to take advantage of lower prices, some buyers remain priced out of the market.

Lower appraisals are given by lenders in volatile markets to protect them from being lumbered with an asset worth less than a mortgage. With the Portuguese property market still some way away from a recovery, this practice is becoming more and more common. Figures from the Bank of Portugal noted that during the first quarter of the year, lending fell once again and the trend looks set to continue.

These conditions may offset any benefits from government schemes to attract overseas investors, such as the Golden Residence Permit. Under this policy, investors from outside the EU can receive a five-year residency permit if they invest in property worth at least €500,000.  The scheme is expected to generate considerable interest from Asians looking to enjoy the right to study and travel in 26 European states that make up to Schengen region. A similar scheme is also being implemented in Spain, but barriers to lending could throw a spanner in the works for such policies.
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New property finance measures in Malaysia to avoid debt

July 10, 2013, 6:17 am

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New property finance measures have been introduced by the central bank in Malaysia to avoid excessive debt. Bank Negara Malaysia is promoting responsible lending practices by introducing a series of maximum tenures. Those granted financing for the purchase of residential and non-residential properties have a top tenure of 35 year, while those seeking financing extensions for personal use will have a maximum period of ten years. Offering pre-approved personal finance products has also been prohibited.

With household debts in Malaysia increasing at an annual average rate of 12 per cent over the last five years, introducing finance caps is considered to be in the best long-term interest of consumers. Previously, people were able to borrow money to buy Malaysian property for up to 45 years. While this reduced monthly repayments, it increases the debt burden and market instability.

The introduction of the new measures by the central bank supports section 31(1) of the Central Bank of Malaysia Act 2009. Caps will apply to all financial institutions regulated by Bank Negara, credit cooperatives regulated by the Suruhanjaya Koperasi Malaysia, Malaysia Building Society Berhad and AEON Credit Service (M) Berhad. The scope of the regulations are hoped to encourage consistency in the industry.

Key credit providers will also be required to observe prudent debt service ratios in their credit assessment. This will ensure borrowers have sufficient financial buffers to protect them against rising costs and unexpected events. "Households who have the financial capacity to take on borrowings will continue to enjoy access to financing," the central bank said in a statement. "To enhance responsible debt management by households, Bank Negara Malaysia will intensify its efforts in financial education to all segments of society including young and first time borrowers from financial institutions."

The bank added that the framework for consumer protection will be strengthened through the  Financial Services Act and Islamic Financial Services Act. It seems Malaysia has certainly learnt lessons from the property market crashes of Europe and the US, and investing in the country will no doubt be much safer in the long run.
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Thai lenders cut loan-to-value ratios

July 16, 2013, 2:21 am

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Mortgage criteria in Thailand is becoming tighter in a bid to reduce debt levels in the country. Loan-to-value ratios will be cut to prevent speculation amid an economic slowdown and high household debt, the Bangkok Post reported. Several banks have already made moves to tighten criteria, including the United Overseas Bank (Thai) (UOBT) , affecting the ease with which buyers of Thai property can secure finance.

UOBT has lowered its loan-to-value ratio to 80 per cent from 90 per cent for residential real estate priced at ten million baht (£212,520) or more, the newspaper revealed. Kasikornbank has also tightened rates to between 75 per cent and 80 per cent from 90 per cent to 95 per cent for third-home borrowing.  Meanwhile, TMB Bank has cut loan-to-value rates to 70 per cent from 90-95 per cent for second mortgages and holiday homes.

This follows warnings from the central bank over the risk arising from household debt. Property bubbles were also developing in some areas of the country - a worrying sign for the market and the economy. In fact, the Bank of Thailand had already introduced a compulsory minimum loan-to-value ratio on mortgages, which has been in place since 2011. This was designed to stop the property market overheating and prevent saturation.

With Spain just one European country where overly free lending led to a housing bubble and oversupply, it seems Thailand has certainly learnt a lesson. Tightening lending criteria should help to ensure the market remains sustainable, particularly in areas of high demand. Condominiums in downtown Bangkok are a prime example of this, with the CBRE claiming more and more investors are setting their sites on residential real estate in the area.

In 1988 there were just 10,000 condominium units in Bangkok but today there are over 350,000. "With continuous supply coming onto the market, the condominium market will become even more complicated and competitive," the CBRE wrote. However, under current conditions, a healthy low volume and high value market is expected in the future.
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