Europe Watch - October 2017

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The outlook for France has improved since President Macron’s party managed to secure a parliamentary majority in the national assembly. The President has an ambitious reform agenda which is pro-business and pro-EU. Although Macron’s popularity has slid recently, the French economy is continuing its positive trend with sustained GDP growth and improving business and consumer confidence. The number of international visitors to the country is also starting to recover, supporting a positive outlook for the leisure and retail sectors. The encouraging macro fundamentals are also evident in the Paris office markets. Take-up rose to its highest levels since the financial crisis. Net absorption has been positive for nine consecutive quarters, and vacancy rates in Paris are on a downward trend. Although French property appears attractive at the moment, transaction data shows that the market is dominated by local investors. French SCPIs, a type of retail property funds, are an illustration of the dominance of domestic capital. These funds are pricing out foreign investors due to their low cost of capital, tax-efficient structure and general comfort with the French market.

Source : CBRE Global Investors

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