European real estate stocks have dropped sharply over the summer on the back of mounting fears over a double dip recession. The unfolding of the eurozone's debt crisis, coupled with prospects for slower economic growth, has sent shockwaves through the listed sector, prompting a nearly 16% share price drop throughout the industry in the first three weeks of August alone, data from Global Property Research shows.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
