The property investment market in Brussels have moved dramatically since the second quarter due to a severe correction and major stock market volatility.
The property investment market in Brussels have moved dramatically since the second quarter due to a severe correction and major stock market volatility.
The year-to-date investment volume in Belgium reached EUR 1.96 bn, down 51% compared to the third quarter of 2007. In Brussels, investment levels dwindled and reached EUR 1.25 bn, down 43% compared to the five-year third-quarter average.
According to the latest Savills office report, another EUR 250 mln of deals could close by the end of the year in Belgium, which would represent a decrease of 54% compared to the record in 2007.
Sheelam Chadha, head of research and investment advisor for Savills Benelux, said: 'With no real indication as to where things will go, investments have stalled or collapsed. We forecast few investments over the remainder of the year as investors and banks hoard cash. Nonetheless, the letting market should continue to hold up well with some major letting transactions by the European Commission in the pipeline. These size lettings should help absorb any corporate transactions which disappear due to the economic crisis.'
