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Europe Watch

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Europe Watch

Pope John Paul II said that "amongst all the unimportant subjects, football is by far the most important" so as we enter the month of Brazil 2014, let's see whether soccer and property performance tallies. Spain leads with a top FIFA ranking and odds of 13/2, but with an aging team, has pricing moved ahead of fundamentals? Germany is second, and with odds of 11/2, it's even more pricey – but just like as in real estate, a reliable performer is more likely to make it to the semi-finals. Portugal ranks third, with odds of 20/1 – arguably better value than the more obvious recovery play – Spain; and Italy at 9th with odds of 22/1 looks fairly priced – the recovery will be delayed. The biggest upset is England ranked 11th, in contrast to stellar property performance. Belgium, ranked 12th with odds of 16/1 looks an under-rated perfomer in both soccer and real estate. Dutch property prices have rebased as much as in Spain: ranked 15th by FIFA and at 25/1, this could represent the best hidden value in Europe! Finally, with French odds at 20 1, is Paris – with its high liquidity and large market size, a good contrarian play worthy of a second-look ?

Source : CBRE Global Investors

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