Press release
Iceland - Commercial property market
After sharp increases in commercial property prices last year, the market will grow calmer next year. A cool down in the economy, high interest rates and a vast increase in supply will lead to a slowdown in activity. Growth in service sector - higher concentration of property in the Reykjavik area and both new and old core areas have been growing. There are signs of a slowdown in demand in the commercial property market - Kaupthing Research does not expect a fall in nominal commercial property prices. Kaupthing Research forecasts an 18% increase in commercial property this year, but substantial contraction in 2008.Download the report at http://www.kaupthing.com/lisalib/getfile.aspx?itemid=12177
Author:
Asgeir Jonsson, head of the analysis department of Kaupthing Bank.
asgeir.jonsson@kaupthing.com
About Kaupthing Bank
Kaupthing Bank offers comprehensive commercial and investment banking services to individuals, companies and institutional investors. The Bank is a leading player in all the main areas of the Icelandic financial market, and in addition to Iceland, the Bank's key markets are Denmark and the United Kingdom. The Bank focuses on the growth and development of its international activities and aims to be one of the leading investment banks in northern Europe.
Kaupthing Bank operates in twelve countries with its headquarters located in Reykjavík. The Bank's main subsidiaries are FIH Erhvervsbank in Denmark, Kaupthing Singer & Friedlander in the United Kingdom, Kaupthing Bank Sverige, Kaupthing Bank Luxembourg, Kaupthing Bank Oyj in Finland, Norvestia Oyj in Finland, Kaupthing New York, Kaupthing Asset Management in Switzerland and Kaupthing Norge in Norway. The Bank also has activities in the United Arab Emirates (Dubai) and Qatar and operates a branch in the Faroe Islands. As of 30 September 2007 the number of full-time equivalent positions was 3,190 at Kaupthing Bank and its subsidiaries. www.kaupthing.com
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