Sales of distressed real estate are down 39% on the volume seen in Europe last year, according to research by Evercore Real Estate Portfolio Solutions.

The firm’s latest European Distressed Real Estate Market report has recorded €24.4bn of transactions so far in 2016.

A review of 59 major European banks and asset management agencies found an estimated €462bn of exposure to non-core real estate in Europe.

More than €189bn is invested in Spain. SAREB, the Spanish government-owned ‘bad bank’, accounts for 45% of distressed assets held by European asset management agencies.

Transaction volumes have been boosted by Propertize and NAMA following their respective sales of Project Swan and Projects Emerald & Ruby.

Around €18.7bn of live transactions and €40.2bn of planned transactions are expected to fuel closed volumes towards the end of 2016 and the start of 2017.