Property will go down before it goes up - CSAM

The team attributes the sector's steep decline to an over-heated investment market, the effects of the credit crunch and the wave of forced sales from some property funds, but sees signs for optimism. Lower interest rates, a relaxing of the credit crunch, sustainable fundamentals and a cooling but still growing economy all offer grounds for an upturn later this year, it is argued. Credit Suisse sees such a 'short sharp' market correction, driven in part by the activities of 'vulture' funds looking to benefit from the distressed selling of assets from retail funds. It also sees the lar...