poland and slovakia top euro property watchlist
News Posted On: 08 October 2010
Dubai based Cityscape Global has just named five European property hotspots, London, Paris, Frankfurt/Munich, Stockholm and Warsaw.
As you can see they are all major cities in established markets, with the exception of Warsaw.
In the accompanying report, Cityscape cites the fact that the Polish economy bucked the downward trend in Europe, recording growth in 2009.
However, it is clear that Cityscape is classing Poland and Warsaw as an established rather than an emerging market; the report opens with:
"While emerging real estate markets are out-performing more mature markets, it is important that your investment portfolio includes assets with steady and dependable returns".
This is also apparent, because if it was going to start including emerging markets on their way to being established markets then it would have to include Slovakia.
Slovakia is absolutely powering out of recession. After a rocky start to 2009, Slovakian GDP grew 1.2% in the third quarter of 2009, 1.7% in the fourth quarter, 0.8% in the first quarter of this year, and 1.2% in the second. Poland grew just 0.7%, 1.2%, 0.7% and 1.1% the same periods.
On a year on year basis, Slovakia grew 4.6% in the first quarter of this year, and 5% in the second quarter, compared to Poland with 3.1% and 3.8% respectively in the same periods.
When we looked at European property markets early in 2009, we said that Slovakia property was a good investment bet, because its current account balance and other factors were in among the best shape in Europe. This combined with its growth potential made it a good bet.
Slovakia was hit harder than we expected by the recession, but the solid make up of its economy, banking sector and account balances are now allowing it to return to growth more quickly than most of Europe.
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