World renowned property company, Savills, have warned that the uncertainty surrounding Asian markets may affect the world property market in the medium term.
Countries in Asia are trying to cool their own markets, which coupled with the disasters in Japan have had a negative effect on the Asian market, which made up 41% of Savills sales last year.
The company announced a 173% profit rise to £36.8million last year, and added that revenues had increased 21% to £677million.
Whilst 2010 say a “strong performance” Savills chief executive warned that “reduced volumes” could be seen in 2011, after last year saw growth in London, Asia and even France, the US and Germany.
With India again increasing interest rates to try to get to grips with increasing inflation, Helsby warned that 2011 could be tough.
He said: “In the near term, it is unclear how markets will react to the recent catastrophic events in Japan, particularly at a time of unprecedented global economic and political change.
“For the markets of mainland China, Hong Kong and Singapore these events come on top of government measures of the last 12 months to address property speculation.
“The longer term potential of our Asian business remains compelling, but at this stage, we continue to expect a reduced volume of transactions in the region in 2011.”