Growth in Global Distressed Property Sales Eases: RICS
Fewer countries reported expectations of growing distressed property sales in the second-quarter survey conducted by the Royal Institution of Chartered Surveyors (RICS). Growth in global distressed property listings -- those listed for sale by the lender or under foreclosure order -- eased back across 85% of the countries surveyed since the Q110 survey. The growth in distressed property sales is contracting, with 13 of 25 countries reporting an increase in distressed sales in Q210, down from 17 countries in the previous quarter. More survey respondents expected the number of distressed properties coming to market in Q310 in Portugal, the US and the Republic of Ireland: Distress in the property sales market is increasing at a faster pace than the previous quarter in Portugal, Spain and Germany. At the same time, Brazil, Russia and Hong Kong reported declines in expected distressed property in Q310. Write to Diana Golobay.