Half Year 2023 Savills PLC Earnings Call Transcript
Good morning, ladies and gentlemen, and welcome to this morning's virtual presentation of Savills' interim results for the 6 months ending 30th of June 2023. I emphasized in March this year the increased economic uncertainty which we were facing and its direct impact on the real estate markets in which we operate. And the rapid and continued rate interest rate rises that have occurred in most markets in order to obtain stubborn inflationary pressures has led to one of the most dramatic reductions in real estate transactional volumes since the global financial crisis. This has affected confidence in both the investment and occupational markets alike. For investors, the increased cost and reduced availability of debt has meant many have adopted a wait-and-see approach as pricing recalibrates. The result of this has been investment volumes in global real estate falling by 55% year-on-year.
Our occupiers, in particular, in the office sector, decisions are also being deferred due to high fit-out costs as well as
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