Global transaction volume was down around 28% over the year, cutting across most property types and markets, particularly in EMEA and Asia Pacific. However, the US and Hong Kong posted strong gains. Cross-border investment also increased. In terms of top markets, London, Tokyo, New York, Hong Kong and Paris ranked among the top five.

Debt financing is expected to be more constrained, particularly in Europe, as banks continue to pick their spots carefully. Lenders are pulling back as pressure mounts from maturing real estate loans and banks are forced to hold more capital against those loans. Given the amount of troubled loans, some of the biggest sellers in 2012 could be the banks.

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