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LONDON-Failure for Britain to join the European monetary union could leave thecountry’s property market on the sidelines, according to findings at arecent international property conference. Monetary union and its effectson European real estate was one of the 200 papers delivered at theworld’s largest real estate research convention last week at theUniversity of Alicante in Spain.

‘Not all the papers warranted conclusions, being more the basis forfurther research,’ says Bob Thompson, e-commerce partner at King Sturgeand president of the European Real Estate Society, ‘but thediscussion on monetary union brought positive responses from a number ofBritish analysts. Being part of the Euro will take away the cross borderrisk of property investment. It would also lead to more efficienteconomies which, in turn, would stimulate property development.’

‘There is, at worst, tacit acceptance that monetary union would bebeneficial to the pan European property market,’ says Thompson. Fears ofinflationary pressure created by joining the Euro were also countered bythe general feeling that modest inflation has, historically, been goodfor the property world, stimulating increases in both rental and capitalvalue. Thompson says, ‘A little inflation has often been a positiveinfluence when it comes to real estate.’

Over 300 participants from 37 countries, including Thailand and Estonia,attended the eighth annual ERES conference. The next one is scheduled for Glasgow.

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