| Uneven Terrain
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European investment markets are now past the lowest point of one of the worst investment downturns in history. Investor confidence has improved from the historic lows at the beginning of 2009 and market drivers are trending up from all time lows. Economies remain weak but the majority have returned to growth, albeit at a pace which is considerably below trend.
We expect 2010 to be a challenging year for investors to navigate and the recovery will be uneven. Investors will find it difficult to secure product, to identify value and to establish pricing levels. Many investors and banks will still be working through legacy issues and refinancing remains a major concern. The impact of the downturn will continue to be felt across much of the continent and where recoveries emerge they will be uneven in speed and strength.
The early upside of the investment market cycle has in the past, proven to be one of the most profitable times in the cycle to invest but it also has its risks. This cycle is no different to others in that respect, the start of profit taking in the UK has demonstrated that there will be winners in 2010, but the uneven pattern of recovery and the widespread downside risks will ensure that being one of them will not be easy.
Please contact us directly to discuss any of the issues raised in this report or for more information about our research capability.
Petra Blazkova
Associate Director – EMEA Research
+44 (0)203 147 1175
All Pan EMEA research contacts. |
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