Europe’s deal-starved property investment bankers are pinning their hopes on a recovery in activity following a torrid time since the property bubble burst nearly four years ago.

In 2007, investment bankers working in the real estate sector in Europe, the Middle East and Africa, had a certain zip to their gait. Property deals were booming, mergers and acquisitions hit a record $481bn and fees were being generated at an eye-popping rate, with deals bringing in a cool $1.9bn in that year alone.