Rics: Property investment in Europe is booming
Overseas property investors have been "piling" into Europe thanks to the region's improving economic environment, according to a new report from a trade body.
The Royal Institution of Chartered Surveyors (Rics) revealed that despite rising interest rates, investor activity in European property has remained largely unaffected, with a positive economic outlook set to "bolster" investor appetite further in the next few months.
In particular, as the EU countries become increasingly economically integrated, helping to free up the markets and foster higher levels of investment between countries, Rics' Global Property Survey 2007 stated.
Oliver Gilmartin, senior economist at Rics, remarked: "As the economic slowdown continues across the US, the smart money has been flowing to more lucrative established European shores."
"This trend should continue throughout 2007 although supply constraints in eastern Europe are encouraging greater risk taking outside the more traditional locations," he concluded.
A reflection of the improved economic status of Europe could the fact that unemployment in the EU has reached a new low.
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