Europe attracts investors. - According to estimates from CB Richard Ellis real estate agents, the European real estate sector has accumulated debts of €970 billion. The commitments on half of all this debt are due to be met in three years' time (more than €160 billion this year). This total includes €207 billion in debt linked to sub-prime mortgages, financed through high debt leverage, for which repayment will pose a real problem. The balance sheet demonstrates that the problems are concentrated in the United Kingdom (34% of the total) and Germany (24%). Massive foreclosures at low prices, however, are not expected. The banks will not be able to support this debt indefinitely but it is not in their interest to repossess these properties in order to sell them and subsequently suffer massive losses in a saturated market. “Vulture” funds that were recently set up to buy real estate at knockdown prices are not currently doing great business. Investors are seeking to identify assets and markets that are more attractive and consequently contain a certain price risk. The European market remains high and incursions into emerging markets are no longer on the cards: 60% of the 270 European investors surveyed by CBRE want to focus on Europe in 2010 and 31% of them are targeting the United Kingdom. London is currently the European centre that has experienced a hike in office prices. Investors are also betting on a recovery in Germany (18%) and in France (also 18%). Finally, although Asia has experienced the most robust recovery, it is only attracting 21% of investors, whereas the US is still stuck in a quagmire and of all the investors surveyed only 12% of them are planning to invest there. Only 1% is currently interested in investing in the Middle East. (I.L./transl.fl)