the real estate sector
possible in rendering our services in the field of real estate, both in
the sector of finance and in that of real estate development and
operation.
In 1976 mortgages effected totalled ƒ743 million.
Redemptions accounted for an amount of f 325 million.
Amounts held back on mortgage loans totalled f 53.6 million against
12.1 million at the end of 1975.
In the past year our mortgage debtors again continued to meet their
obligations.
In our previous annual report we recorded a continuance of the
stagnation in the demand by tenants for commercial and office
premises. During the past year, too, this picture did not change
materially. It is true that it can be established that the space let in
1976 did not rise inconsiderably compared with the previous year,
but it should be taken into account that in this increase a few major
transactions, mainly in the Government sector, played a relatively
large part. Besides, a number of new lettings only meant replace
ments and, therefore, resulted in non-occupancy elsewhere. In our
view the relatively small net decrease in unlet commercial space in
1976 leaves for the time being no scope for the conclusion that we
can speak of a general revival in demand. An exception may perhaps
be made for the sector of smaller unit lettings, where a slightly more
marked progress in demand could be noticed, in which our company
also got its share.
The situation outlined above induced us to adopt a prudent policy
with regard to initiating new projects in this sector. In addition to the
continued development of a block of office buildings within the
framework of the Hoog Catharijne plan in Utrecht, a start was made
with the construction of an office building at Breda and a block of
industrial halls at Oosterhout. An office building at Assen (approx.
6,000 sq. m.) was completed and has for the greater part been let,
as was a block of industrial halls (18,000 sq. m.) in Amsterdam,
which was sold after it was let completely.
In the house-building sector the favourable development of the past
few years continued in 1976 to an increasing extent. The growing
preference for the privately-owned dwelling, to which reference is
made elsewhere in this report, was reflected in an increased rate of
sale of projects under construction.
The Capelle aan den IJssel plan, comprising 560 dwellings of
various types, was for a considerable part completed during the
