Category : Commercial Transactional
Wales has defied the trend when it comes to commercial property auctions, the Royal Institution of Chartered Surveyors (Rics) has stated.
Figures from Rics show that in the fourth quarter of 2007 the value of commercial property sold in Welsh auctions totalled £23.8 million, up from £19 million in the third quarter, reports the Western Mail.
Apart from Wales the only part of the UK to see such an increase had been Scotland.
Director of Rics Wales Cathy McLean commented: "The increase in value raised at auction shows Wales is bucking the trend for reduced activity, demonstrating our commercial auction market here is performing much better than across the rest of the UK."
In addition to this, Ms McClean suggested, the news from Wales may be the first sign of a broader recovery of confidence in the market across the UK.
Earlier this week the Financial Times reported that analyst firm Merrill Lynch has predicted a reversion to positive returns in the sector by the beginning of 2010.
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