This better tone has, significantly, also begun to filter through into rental expectations.
Latin American and Asian countries have the most favourable readings when it comes to the outlook for rents with Hong Kong enjoying a particularly big swing in sentiment.
In the second quarter of the year, a net balance of 67% of respondents from Hong Kong expected rents to fall further; by contrast in the latest survey, a net balance of 16% of respondents suggest rents are likely to rise over the next three months Peru, Columbia and Brazil also reported positive net balances on rental expectations while South Korea, China, Thailand and India were only moderately negative.
Australia, UAE and the UK also saw rental expectations become less negative over the quarter but the weak results from the US and Japan were not far from the lows touched in the second quarter report.
Interestingly, a number of European countries including Ireland, France and Spain have the worst readings on the rental outlook.
In the UK, the net balance on capital values expectations is still in negative territory although only marginally so and there has been a noticeable increase in transaction activity.
RICS chief economist Simon Rubinsohn said: "The rebound in Asian economies is clearly being reflected in the more positive responses to both rental and capital value expectations throughout the region. By way of contrast, the relatively sluggish economic revival though much of Europe and the US is consistent with the more downbeat results for these regions.
"This contrast could become even more pronounced through 2010 as any unwinding of the monetary and fiscal stimulus presents a further challenge to the tentative recoveries being experienced in most western economies."
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