CEI

Confederation Europeenne de l'Immobilier European Confederation of Real Estate Agents
Property Clocks – Office Rentals
1 Oct 2012

Property Clocks – Office Rentals

See the latest development of prime office rentals worldwide, published by the research team of Jones Lang LaSalle. Source: http://www.joneslanglasalle.com/GMP/en-gb/Pages/Global-Market-Perspective-Charts.aspx

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24 Sep 2012

Saving rate of household at 13,3 %

In the first quarter of 2012 compared with the fourth quarter of 2011, the household saving rate and the household investment rate remained almost stable in both the euro area (EA17) and the EU27. In the euro area, household disposable income increased by 0.2% in real terms, after falling by 0.5% in the previous quarter. These data come from a detailed set of seasonally adjusted quarterly European sector accounts released by Eurostat, the statistical office of the European Union and the European Central Bank (ECB). Household saving rate nearly stable in both zones In the first quarter of 2012, the gross saving rate of households was 11.6% in the EU27, compared with 11.5% in the fourth quarter of 2011. In the euro area, the household saving rate was 13.3% in the first quarter of 2012, unchanged compared with the previous quarter.

Household real income and consumption up in the euro area In the euro area, the household saving rate remained stable due to real final consumption expenditure increasing at the same pace (+0.2%) as real gross disposable income. The latter increased due to nominal income increasing more (+0.7%) than consumption prices (+0.5%). Source: http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/2-01082012-AP/EN/2-01082012-AP-EN.PDF

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20 Sep 2012

Retail Trade down 0,2 % in Euro Area

The volume of retail trade down by 0.2% in euro area and is stable in EU27 In July 2012 compared with June 2012, the volume of retail trade1 fell by 0.2% in the euro area2 (EA17) and remained stable in the EU27. In June retail trade rose by 0.1% and 0.2% respectively. In July 2012, compared with July 2011, the retail sales index fell by 1.7% in the euro area and by 0.2% in the EU27. These first estimates come from Eurostat, the statistical office of the European Union.

Monthly comparison In July 2012, compared with June 2012, “Food, drinks and tobacco” decreased by 0.9% in the euro area and by 0.6% in the EU27. The non food sector rose by 0.9% and 0.7% respectively. Among the Member States for which data are available, total retail trade rose in twelve, fell in seven and remained stable in Denmark and Finland. The largest decreases were observed in Spain (-1.9%), Malta and Austria (both -1.7%) as well as Germany and Slovenia (both -0.9%). The highest increases were registered in Latvia (+2.7%), Ireland (+1.7%) and Poland (+1.6%). Annual comparison In July 2012, compared with July 2011, “Food, drinks and tobacco” fell by 1.7% in the euro area and by 0.8% in the EU27. The non food sector decreased by 1.0% in the euro area, while it increased by 1.2% in the EU27. Among the Member States for which data are available, total retail trade rose in twelve and fell in nine. The largest decreases were observed in Portugal (-7.6%), Spain (-7.3%) and Malta (-4.2%), and the highest increases in Latvia (+10.3%), Estonia (+6.5%) and Lithuania (+5.7%).

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17 Sep 2012

Global Office Market Conditions

Interesting to see the expectations for the office market in various cities across the globe. JLL published this matrix in their latest report. What is in for your area in the next years? Source:http://www.joneslanglasalle.com/GMP/en-gb/Pages/Global-Market-Perspective-Charts.aspx

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14 Sep 2012

How to weight real estate – time to overweight – says Michael Haddock, CBRE

Michael Haddock, Senior Director, EMEA Research and Consulting, CBRE, said earlier this year in his viewpoint, that it is time to overweight real estate. "In the context of the euro zone sovereign debt crisis and sharp downgrades in economic growth forecasts, both prices and investment activity in the commercial real estate sector held up remarkably well in 2011. One might normally expect an illiquid asset such as property to perform relatively poorly under such circumstances, yet investors continue to increase allocations to real estate. This report looks at why that might be and what that means for the prospects for property over the next few years. It argues that at the moment the conventional case for property is being augmented by particular features of the current market.

Reasons for investing in property can be divided into two categories: There are portfolio level justifications – its particular risk/reward characteristics and diversification. These make a case for holding at least some real estate at any stage in the economic cycle, but change in importance over time as investors’ attitude to risk changes. Then there are justifications based on pricing – that if property as an asset class is under-priced (relative to other asset classes) there is a case for investment because of the expectation that as a result of this mis- pricing it will generate higher risk-adjusted returns in the short to medium term. High transaction costs, and the time it takes to trade in and out of real estate, mean it can be difficult to take full advantage of such mis-pricing, but this is still an important part of the investment decision. This is also different from the issue of whether a particular property is being correctly priced by the market. A specific investment opportunity can still be over-priced, even if the asset class as a whole is ‘cheap’ and vice versa. It is arguable that real estate is attractive in terms of both pricing and its portfolio characteristics at the moment. However, it makes sense to consider them separately as the portfolio case is arguably stronger than usual right now." Source: http://www.cbre.eu/portal/pls/portal/res_rep.show_report?report_id=1660

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