According to the latest Economic Pulse report from Cushman & Wakefield, the UK and Nordic property markets are to lead the road to recovery.
Allthough I cannot judge the Nordics market situation, this may be the case for the UK. Why? because the repricing (read: price-drop) has been biggest and swiftest in this market. However, bear in mind: these markets may be leading the road to recovery provided that such recovery is taking off.
The UK and Nordic markets, led by Norway, are expected to see an earlier and possibly stronger recovery from the economic crisis than other markets in Western Europe, according to the latest Economic Pulse report from Cushman & Wakefield. In Eastern Europe, recovery will be led by Poland, and, to a lesser extent, the Czech Republic.
Same here: I think it may take some time for CEE to recover, but I agree that Poland is the first market to benefit from such recovery.
Russia is suffering a severe recession but aided by higher commodity prices and robust government action, growth is forecast to return by the end of the year. Meanwhile, Hungary and the Baltics face a long period of correction as deficits are reduced.
‘The degree of improvement between now and the end of the year may be slight and while the prospect of growth in some economies, such as the UK and Norway, may be realised as early as the third quarter, most of Europe will have to wait for the last quarter or the opening part of 2010 for the recession to officially end,’ C&W said.
Well, C&W is taking a pretty opportunistic and optimistic stance here. This may be for marketing purposes, but you never know…