西班牙、意大利商业地产市场几近崩盘

The Spanish and Italian commercial property markets have all but collapsed with the number of transactions in both countries falling more than 90 per cent in the three months to July as investors worry about the future of the eurozone.

西班牙和意大利商业地产市场几乎已崩盘，在截至7月的3个月里，由于投资者对欧元区未来的担忧，这两个国家的商业地产交易数量骤减逾90%。

Only three property transactions were registered in Spain during the second quarter, down from 58 deals in the previous quarter. In Italy the slide was even more pronounced, with just two buildings being traded during the period, down from 56 last time, according to data from Real Capital Analytics.

今年第二季度，西班牙登记的商业地产交易只有3笔，低于上一季度的58笔。Real Capital Analytics的数据显示，在意大利，市场的滑坡更为明显，期间只有两处楼盘交易，上一季度为56处。

The severity of the decline highlights investors’ concerns about the risk of owning fixed assets in the two countries given the uncertain direction of the eurozone economy.

市场下跌的严重程度突显出，由于欧元区经济的不稳定走势，投资者对购买这两个国家固定资产的风险感到担忧。

The total value of transactions for offices, shops and industrial property in Spain was €67m for the second quarter, down 74 per cent from €260m in the first quarter. The inactivity meant Spanish property transactions were below those of neighbouring Portugal for the first time.

第二季度，西班牙办公楼、商铺和工业地产的交易总值为6700万欧元，较第一季度的2.60亿欧元下滑74%。交易疲软意味着，西班牙房地产交易首次逊于邻国葡萄牙。

“Heightened risk aversion, particularly among cross-border institutional investors, has led to an almost complete collapse in southern European acquisitions, said Joseph Kelly, director of market analysis at RCA.

Real Capital Analytics市场分析主管约瑟夫·凯利(Joseph Kelly)表示：“避险情绪加重（尤其是跨境机构投资者）导致南欧房产交易几乎彻底崩盘。

In Italy, a few property sectors, such as the Milan retail space market, had held up well during the downturn. However, growing concern over the country’s economy and its future position in the eurozone appear to have snuffed out investor confidence across the market.

在意大利，在经济低迷期间，为数不多的几个房地产领域（例如米兰零售店铺市场）曾一直表现良好。然而，人们对该国经济及其在欧元区的未来地位的担心日益加重，这看上去扼杀了整个市场的投资者信心。

The decline of the Spanish property market, previously among the most active in Europe, has been more gradual.

西班牙房地产市场一度是欧洲最活跃的市场，其下滑是相对渐进性的。

During the early 2000s, the country’s property sector grew bloated on cheap debt and inflated expectations about future demand. But the global credit crunch dented confidence in the market, wiping hundreds of billions of euros off the value of Spanish property. The country’s banks were left holding vast portfolios of offices, shops and development land, most of which could only be sold at heavily discounted prices.

本世纪初，西班牙房地产行业因廉价贷款和对未来需求的预期升温而膨胀。但全球信贷紧缩削弱了投资者对市场的信心，西班牙数千亿欧元的房地产价值被抹去。该国银行持有大量办公楼、商铺和开发土地，其中多数只能以超低折扣价出售。

The drop off in activity during the last quarter, which has coincided with sharp rises in the borrowing costs for Spain, suggests even the appetite for buying distressed real estate has dissipated.

上一季度，房产交易减少与西班牙借款成本大幅上涨同时出现，这表明，投资者甚至连购买困境房地产的兴趣也已消失。

Leading property economists have suggested that Spanish and Italian investors have been in denial about the state of their respective real estate markets.

顶尖的房地产经济学家指出，西班牙和意大利投资者对各自房地产市场的现状持否定态度。

Christian Ulbrich, European head of Jones Lang LaSalle, a property services group, said reality had dawned as a result of further declines. “Things have deteriorated a lot since the end of last year and prices are coming down drastically.

房地产服务集团仲量联行(Jones Lang LaSalle)欧洲主管伍博琦(Christian Ulbrich)表示，由于市场继续下行，现实已变得明朗起来。“自去年底以来，形势严重恶化，价格正剧烈下挫。