Growth in property investment
PROPERTY: An investment specialist at Garness Jones is forecasting steady growth in the property investment market during this year.
The practice has been marketing investment property worth more than £11m, with some deals close to completion.
Niall Macpherson, director of Investment Agency, warned growth will be modest but said there is optimism things will pick up later in the year.
Mr Macpherson, who joined Garness Jones late last year, said the firm placed £2.5m of property under offer in December and is confident of adding another £1.5m this month.
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"These are part of a portfolio worth more than £11m and comprising 17 sites," he said.
Mr Macpherson said a feature of the market was the "wide disparity" between perceived pricing of buyers and sellers, but the situation is encouraging interest from potential purchasers.
He said: "While many mainstream lenders remain cautious, we are seeing a number of cash-rich investors and also syndicate investors approaching us and wishing to take advantage of weakening yields and of other opportunities that are being seen within the secondary market.
"The expectation remains that 2012 will be the low point in real estate returns over the next five years as the negative rental and capital value growth forecasts of last year turn weakly positive in 2013 and continue to improve through 2014 and 2015."
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