According to CB Richard Ellis (CBRE), the average size of commercial property deals in Europe fell -59% in the first half of 2009 compared with the market peak in 2007.

In the first six months of this year, European property transactions were completed at an average size of €18.4m, down from €44.4m in the first half of 2007. Commercial property values in Europe have been hit hard by the financial crisis, led by the UK where prices fell -44% in two years, while banks remain unwilling to finance larger deals as they cannot securitise the loans, CBRE said.

At the height of the European property boom in the first half of 2007, there were 115 completed transactions each worth €200m and above, which fell to just nine deals in the first half of 2009, according to CBRE.

Retail properties have dominated the bigger deals so far this year, it said, with the UK sale of the mostly retail former Dawnay Day portfolio for over £600m the single largest deal in the first six months.