Commercial property shows signs of overvaluation in most European Union countrie...
FRANKFURT - Commercial property shows signs of overvaluation in most European Union countries as yield-starved investors pile into bricks and mortar, the EU’s financial stability watchdog said on Monday.
The European Systemic Risk Board issued the warning just as its main stakeholder, the European Central Bank , prepares a new round of the same brand of monetary stimulus that has helped drive up property prices in the last few years. It added the price rise had been fueled by a search for yield, driven down in some cases to below zero by years of ultra-low interest rates and massive bond purchases by the ECB.
Unlike the real estate bubble of the 2000s, the latest price surge has not been mirrored by a boom in property-backed lending.
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