Everyone’s getting out their crystal balls these days. BNP Paribas Real Estate are the latest, and they’ve opted for a more optimistic outlook. Its chairman Peter Rosler says investment could rise 20 to 30%, which while certainly the direction we’d all like to see, doesn’t exactly get us back to the good old days. The Irish Independent writes:
Speaking at BNP Paribas Real Estate’s annual property presentation in Paris, Patrick Curran, managing director, BNP Paribas Real Estate Ireland, said the price correction that occurred in all European markets was allowing investors to come back into the markets in order to catch opportunities. “Moreover, deals larger than €40m are being closed again more frequently, showing that investors are able to get access to credit more easily.”
Not wanting to seem too optimistic, BNP speakers stressed that there could still be some tough months ahead in Europe.
This echoes thoughts from Eurohypo CEO Frank Pörschke who was quoted yesterday as saying his bank could be back in the black by 2011. He revealed that the bank had done €3bn in new business over the course of 2009, somewhat less than had been expected halfway through the year.