Distressed property sales in Europe at 3-year low

Madrid

SALES of distressed property assets in Europe slumped to the lowest in almost three years in the first quarter because of an absence of significant debt disposals in the UK and Ireland, according to Cushman & Wakefield Inc.

A total 3.7 billion euros (S$5.6 billion) of soured loans and troubled assets was sold in the period, a drop of 91 per cent from the previous quarter, the New York-based broker said in a report published on Wednesday. Assets in Spain and Italy represented 81 per cent of the total for the three months.