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Real Estate – Europe
The Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC) have published a report; The Emerging Trends in Real Estate Europe 2013. This report reveals real estate investor’s predictions for the market in 2013, and ranks 27 cities around Europe. London Boasts ‘Safe Haven’ Status The Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC) have published a report; The Emerging Trends in Real Estate Europe 2013. This report reveals real estate investor’s predictions for the market in 2013, and ranks 27 cities around Europe. Stable real estate markets and robust local micro-economic climates helped Munich achieve top spot; Berlin came in second place and Hamburg fifth place. The city of London took third position, and was the highest climber this year. London is viewed by many real estate investors as having one of the most liquid real estate markets, a strong currency and provides at least some shelter from the economic woes abound in Europe. The Eurozone crisis, along with the financial crisis in 2008 saw Madrid, Barcelona, Lisbon, Athens and Dublin dubbed as the weakest cities in the report. Report participants revealed their outlook for their own businesses is the most positive it’s been since 2008 but felt less positive regarding the cities’ real estate markets. The report suggests that this is a common response and will motivate investors to consider more specific stand-alone assets and strategies which are less focused on countries and cities as a whole. With real estate investors still applying caution to making an investment, they’re searching for the hidden gems in the best performing cities of London, Paris, Munich and Berlin instead of seeking out higher yields in the cities that are still in a poor state of recovery. Investors have adopted this new mind-set and will continue to deploy their capital into the ‘new norm’ environment, and whilst still cautious, feel positive about their future and able to meet their challenges going forward. Munich was seen as the strongest city as investors seek locations that can survive economic uncertainty, it boasts a growing biotechnology and environmental sciences industry, and has a diverse collection of global and medium sized businesses operating within it. Regarding the cities demographics, Munich will see its population rise to112,000 within the next 12 years or so, and it’s current population has the strongest purchasing power within the whole of Germany. Tourism has also increased, predominantly from visitors from the BRIC group of countries, and investors also foresee the rental market experiencing growth in 2013. The city of Berlin has seen an upward trend in its residential property market as well due to the technology sector bringing in skilled employees to work in the 15,000 technology companies it boasts, and the cultural centre of Berlin has long since bought large volumes of tourists which also benefits the rental market. London, which is dubbed as the ‘ultimate safe haven’ by many real estate investors is not seen as fully recovered by any means but is viewed as having a continued strength in its residential market, and some of the most sought after locations and post codes on a global scale, which also supports a growing private rented sector. Canary Wharf is still a highly desirable area but with the financial industry suffering a lot of job losses, the potential for the area to house the growing technology and the creative industries is tangible. With regards to future development, the report shows that Istanbul was the most favoured by investors because it has the most potential for real estate development. This is motivated by the kind of economic growth that rivals even China, and a population that has the average age of 29. Continue reading
#theTrend: Aaron Ramsey on football & trophies
For more news visit http://www.ntv.co.ke Follow us on Twitter http:// www.twitter.com/ntvkenya Like our FaceBook page http://www.facebook.com/NtvKenya Larry … Continue reading