19
Aug
Most people "surprised" by lack of increase in distressed
properties
Most people are surprised by the small increase in the number of
distressed houses coming to market, one property expert has
asserted.
Michael Rhydderch, a partner at Cushman & Wakefield, which has
15,000 employees worldwide, said that distressed properties are
attractive to investors at the correct price, meaning that their
value has to fall quite considerably for them to attract
bids.
His comments follow the publication of a report by the Royal
Institution of Chartered Surveyors earlier this week, which
revealed that over 75 per cent of respondents believe that more
distressed commercial properties came to the global market in the
second quarter of 2009 compared to the first.
"Most people are quite surprised by how little [the number of
distressed properties] has increased to date," said Mr
Rhydderch.
The news comes after CB Richard Ellis reported earlier this month
that UK commercial property total returns increased for the first
time since June 2007.
