German property bank PBB gives bleak assessment of real estate market
FRANKFURT: Deutsche Pfandbriefbank (PBB), one of Germany's top property financiers, on Thursday gave a bleak assessment of the real estate market alongside its third quarter results, warning it "does not anticipate a short-term improvement."
Frankfurt: Deutsche Pfandbriefbank (PBB), a leading German property financier, delivered a pessimistic outlook on the real estate market alongside its third quarter earnings announcement. The bank forecasted no near-term market recovery, with net profit falling to €12 million (US$13.29 million) in Q3, down from €15 million in the previous year.
Market turmoil and rising interest rates, especially in the third quarter, have slowed and tempered the pace of recovery, according to CEO Kay Wolf. Wolf also noted that numerous market participants are delaying their transaction decisions until a later time. Commercial property sales in Europe dropped to €43 billion in Q3, marking the lowest quarterly total in three years, as per MSCI data released last month.
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