World: Global real estate market's rebound depends on economic and financial market upturn.

Section: Business News - No revival until crisis bottoms out, Jones Lang LaSalle predicts, The Nation reports.

Real-estate markets around the world will not see a revival unless risk aversion abates, and that will not happen until the global economy and world financial markets reach the bottom of the current down cycle, according to international property firm Jones Lang LaSalle in its latest Global Market Perspective report.

The company, which offers a regular commentary on changing economic and market conditions and their impact on the real-estate business, says that global financial market liquidity is a necessary spark for a sustained economic recovery.

While many indicators of liquidity have improved dramatically over the past five months - thanks to government programmes to buy commercial paper and guarantee short-term debt - the markets have tightened a bit in recent weeks and, at the same time, the world's economic landscape …