The European property market, which posted a slight rebound this year, might face more hurdles in 2010. The FTSE EPRA/NAREIT Europe index of property stocks is up 29% this year through Monday, but some analysts warn a sudden, unexpected setback quickly could extinguish the region's recovery. "We are expecting a slow, steady recovery," says Nick Axford, head of European research at CB Richard Ellis in London. "But if we get another big banking shock or something unexpected happens in capital markets, that changes the entire situation."

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