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- May 1, 2013: Vol. 7, Number 5

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No no-go areas: Growth in Europe may be hard to find, but investors are seeing opportunities

by Steve Bergsman

Last year had all the attributes of another mediocre year for European real estate; transaction volume running negative as compared to the year before. Then, in the fourth quarter, trading activity billowed like an early winter storm slamming into northern Europe. According to CBRE, transactions in the final quarter totalled €41.5 billion, the highest level of trading since 2007.

Much of the dealmaking came from foreign investors. Asia Pacific capital, for example, accounted for €2.2 billion of net cross-border acquisitions in 2012, an increase of 43 percent over the prior year, according to the Emerging Trends in Real Estate Europe 2013 report from the Urban Land Institute and PricewaterhouseCoopers.

The big question is why? After subsequent years of po

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