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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS
→ GROUP MANAGEMENT REPORT : 2. ECONOMIC PARAMETERS
In Germany, the auspicious economic outlook fuelled the
commercial real estate market. during the reporting year,
the transaction volume on the German commercial property
market rose by 83 percent compared to the previous year.
National and international investors continued to be drawn
to the German market, although, here too, demand was
largely concentrated in the top segment.
The picture in Central and Eastern Europe was mixed. In
general terms, the region profited from growing demand
from the eurozone, which resulted in a 90 percent volume
increase in commercial property transactions in 2010 compared
to the previous year. however, investors focused on
the more mature markets of Poland and Russia, while
smaller, emerging markets like Serbia continued to show
hardly any activity. Generally speaking, yields remained
largely stable across the region.
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In Asia, the region’s commercial property markets also profited
from continually strong economic growth: demand for
rental space increased markedly, resulting in growth of rental
prices. The volume of real estate transactions also doubled in
2010 compared to the previous year. Local investors continue
to dominate the Asian investment market, with cross-border
investments accounting for just 12 percent of total transaction
volume. In China, slight signs of overheating emerged on the
real estate market: a strong increase in speculative investments
and property prices forced the Chinese government
into action. In particular, this applied to the residential property
market and to metropolises like Shanghai. On the Indian
and vietnamese commercial property markets, rental markets
came under pressure as a result of excess supply. however,
the dynamic economic growth in both countries bolstered
demand and halted the downward trend in rental
values, while property yields remained largely stable.