COUNTRIES across the world are reporting a rise in distressed sales of commercial property, a new survey reveals.
The study of 27 countries, carried out by the Royal Institution of Chartered Surveyors (RICS), showed more than 75% said such sales were increasing.
The biggest pick-up in distressed sales was reported in South Africa, followed by the US, New Zealand, Malaysia and Hungary with the Caribbean, Ireland, Spain, Russia and the Ukraine making up the remainder of the top 10.
RICS members work on both sides of any distressed property transaction.
Consequently, the survey asked surveyors whether the level of interest from specialist funds in distressed properties was increasing.
The majority of agents are reporting a rise in specialist funds expressing interest in distressed commercial properties.
Oliver Gilmartin, RICS senior economist, said: “The number of distressed properties coming to market rose across every global region in the second quarter, although record low interest rates may be limiting the pain for some landlords.”
