The gap between prices bid and sell the land market in the country slowly began to decline, according to a new report dedicated to the market of industrial areas in the country. The market correction is very slow and prolonged, as debtors play "First Bank, until it comes to forced removal of their property, says a report of the consulting company MBL / CBRE.
Despite extremely low market prices of land have not yet decreased significantly. The reason is the high indebtedness in the sector that makes the owners to maintain high levels. Even a small price decrease would wipe out the value of their participation. Ultimately, banks have the final word, take away property. Demand for land remains low, currently the only real buyers are supermarket chains, along with units opportunistic buyers.
House prices was caused by several factors such as the collapse of office rents and huge inventory, the problems of distressed retailers in shopping centers and the weak housing market. "Financial institutions are unwilling to talk about the gorilla in their room, namely the problem of property portfolios," the report said.However, the company noted, however, there is a real likelihood that this problem came on the agenda. The liquidation of troubled assets may be triggered by a possible low liquidity in banks' balance sheets. At least for now, however, this does not happen, so that creditors can not afford the luxury to take "wait position.