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Europe is enjoying a steady economic recovery, supported by a combination of cheap oil, a weak euro and the European Central Bank’s substantial quantitative easing (QE) stimulus package.
The eurozone has now posted nine consecutive quarters of economic expansion and is on track for more. Led by Southern Europe, gross domestic product (GDP) growth for the region is expected to reach 1.4%1 in 2015, the highest rate in four years. Our correlation analysis suggests that the recovery will gather pace over the coming years, as the eurozone follows the US and the UK along the economic cycle.
A breakdown of GDP contributors shows that consumers are the driving force behind the recovery. Disposable incomes are on the rise and the labour market is improving. This bodes well for real estate demand as a whole and for retail in particular.
Lending conditions are also beginning to improve, removing one of the biggest barriers to the region’s recovery. This is evident through increased demand for loans (from businesses and consumers), as well as through a trend of more relaxed credit standards demanded by the banks. In time, this should help stimulate the real economy, including occupational fundamentals of the real estate market.
Source : M&G Real Estate