COOLING EXPECTED FOR 2011 ASIAN PROPERTY MARKET
Real estate firm Savills expects the Asian property market to cool down this year, due to the
disasters and anti-speculation measures being issued by Asian governments. Japan
“In the near term, it is unclear how markets will react to the recent catastrophic events in
, particularly at a time of unprecedented global economic and political change,” said Jeremy Helsby, CEO of Savills. Japan
Together with the ongoing government measures in
and Hong Kong, Singapore to cool their respective real estate markets, Savills “continues to expect a reduced volume of transactions in the region in 2011.” China
The Asia Pacific region contributed 41 percent to the company’s 2010 sales. It believes that any slowdown in
Asia should be balanced by improvement in other markets.
Savills’ total 2010 revenue was 677 million pounds (US$1.09 million), an increase of 21 percent from 560 million pounds (US$904.3 million) in 2009.
“You won’t see substantial growth year-on-year and the portfolio will behave in a slightly different way in 2011 than it did in 2010,” said Simon Shaw, Savills’ Chief Financial Officer.
Info courtesy : - PropertyGuru.com.sg