Slowing economies added to the downturn in which sales fell to $306
billion.
Brazil, Russia, India and China, however, showed gains. Emerging markets accounted for 25% of all property sales, up from 10%
in the first half of 2007.
Japan is also defying the downward trend. Tokyo overtook New York and London
with sales of office buildings jumping 103% to $12.6 billion.