The European real estate debt situation is continuing to erode at a time when the global situation is showing signs of improvement, according to new research by property adviser DTZ. The firm found that Europe's debt funding gap rose 4% to $122 bn (EUR 90 bn) in the last six months. In contrast, the global debt funding gap is estimated to total $142 bn over the next three years, a reduction of 27% on the $196 bn estimated in May 2011, and half the level reported a year ago.