The global property market will surge by the end of the year according to predictions from global agency Jones Lang LaSalle.
The company believes that despite the recession, confidence is beginning to return to the property markets. Recovery throughout the global markets continued in the second quarter, with oversupply disappearing and rents pushing up.
Jeremy Kelly from Jones Lang LaSalle's global research team said: “There is no doubt that investors are more cautious than three months ago as demand on both sides has been tempered by mounting concerns over sovereign debt and by the pace of future global economic expansion."
"Nonetheless, we believe that barring significant economic setbacks, the current lull in real-estate sentiment is likely to be temporary and global markets will return to a more confident stride in the final months of 2011."
Global investment in the market has also risen by more than half in the last year, meaning continued growth. "In the second quarter, we saw direct global investment rise by 50 per cent from the $68.8 billion transacted in 2010 to $103.5 billion this year," said Arthur de Haast, head of the International Capital Group at Jones Lang LaSalle. "This activity has supported continued growth in capital values on prime assets.”
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