A new report indicates that Real Estate Sales in the Middle East, North Africa and Europe are set to increase by approximately one third in 2010. During the first quarter of this year sales performed much better than expected. The report issued by Jones Lang LaSalle indicates that revenue received far exceeds those that were received for the same period last year.
Although sales are still approximately 15% lower than they were for the last three months of 2009 it is expected that this situation will rectify itself by the end of 2010. Analysts are not overtly concerned about the slow performance in the first quarter as the real estate sector often performs less favorably in the first couple of months of the year as there is no immediate need to close sales and press on as there is in the closing months of the year.
Analysts also say that the year ahead is showing a lot of promise and there are already a number of deals on the table that are worth in excess of €100 million. They feel that by the close of business this year the market will have grown by approximately 30%. There is believed to be a growing market for good quality real estate and business confidence is definitely resuming within the sector.Paul Holdsworth, Staff Writer, Gulf Jobs Market News