March 14 (Reuters) - Real estate adviser Savills said on Thursday there were some "early signs of underlying market improvements" globally, that could lead to a broader recovery in the second half of this year and into 2025, despite the current economic uncertainties.

Transaction activity in the global property markets has remained weak since the onset of the pandemic, particularly in the office and retail segments, while elevated interest levels and tighter credit conditions have further punctured deal appetite.

Savills said its annual profits were driven by the performance of its less-transactional businesses such as property management and consultancy, with revenue from that segment growing 7% and accounting for 63% of the group turnover.

The London-based company's group underlying profit before tax fell 42% to 94.8 million pounds ($121.32 million) in the year ended Dec. 31, partly hurt by weak transaction volumes in global property markets.

Reflecting the extremely challenging real estate markets across the world, Savills said 2023 saw the lowest levels of transaction volumes in a decade. ($1 = 0.7814 pounds) (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Janane Venkatraman )