The Belgian commercial property market recorded total investment turnover in the 2012 first half of EUR 1.1 bn, representing 78% of the total volume achieved in 2011 (EUR 1.5 bn), according to Savills.
The Belgian commercial property market recorded total investment turnover in the 2012 first half of EUR 1.1 bn, representing 78% of the total volume achieved in 2011 (EUR 1.5 bn), according to Savills.
The real estate adviser predicts that total turnover for 2012 will reach approximately EUR 2 bn, which is an increase of 33% on the figure achieved last year.
At EUR 533 mln, the Q2 total investment volume in Belgium was up 37% compared to the same period in 2011 with retail remaining the market driver, accounting for 35% of turnover. The office sector saw an increased level of activity in Q2, making up 34% of total investment volume, from 32% in the previous quarter.
According to Savills, private investors accounted for the bulk of turnover, at 27%, followed by Belgian REITs (16%) and institutional investors (15%). Domestic players dominated the market, making up 55% of transactions, a trend that Savills anticipates will continue.
Gregory Martin, managing director at Savills Belgium, commented: 'Many transactions which have been delayed due to new tax measures should close during the second half of 2012 and into 2013 and we therefore expect investment levels in the office sector to see an increase in H2 compared to H1 2012.
In the office segment many international investors adopted a wait-and-see attitude during H1 2012 despite Belgium releasing a sound set of macroeconomic data compared to some other European countries.'
