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- U.S. States Looks East for Investors
- U.S. Port Controversy A Study in Globalization for Americans
- International Netiquette
- UAE Booming Investment Market
- A European View of the U.S. Economy
- CEE Joins Global World's Global Markets
- WorldProperties.com Launches New Home Page; New Resort Portal
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In conjunction with the Sept. 27-29 MIPIM Asia show (Hong Kong), the Commercial Service of the U.S. Commerce Dept. in Hong Kong has organized an American Real Estate and Services (AREAS) pavilion and is working with U.S. state governments to have a strong real estate (commercial and residential) presence. The Commercial Service group is also marketing the AREAS pavilion to potential Asian and Middle East investors, working to bring investors together with U.S. exhibitors in Hong Kong. To date, 14 state governments have made commitments to participate. NAR is working with state REALTOR® Associations to encourage and support their involvement with these state delegations. NAR will also have a presence in the pavilion. Foreign direct investment (FDI) in the U.S. has been on a steady rise. FDI in the real estate section is also growing; 2004 FDI in real estate was nearly $38 billion, the highest since pre-9/11 ($41 billion in 2000). The U.S. remains the top destination for foreign investors due to high capital appreciation combined with market stability and security.
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In response to the outcry of the management of U.S. port facilities by Dubai Ports World, the U.S. Senate Banking Committee voted unanimously to tighten rules on foreign takeovers of American companies but watered down some provisions amid pressure from Wall Street, the Bush administration and U.S. allies. In an effort to balance national security interests and the need to maintain foreign investment, the bill would require the U.S. government to spend an extra 45 days examining deals with state-owned companies. Bill detractors fear a negative impact on inbound FDI, which is linked to more than 5 million U.S. jobs. Global commentary following the port controversy reflected the opinion that most Americans don't understand how dependent the U.S. economy is on foreign investment. A poll by the Organization for International Investment shows that 74% of registered voters think that foreign direct investment is beneficial to the U.S. economy. Read details of the Committee bill from a March 30 Reuters feature and a March 31 Washington Times article. For a distinctly outsider's view of the bill read the UAE's Khaleej Times April 1 article.
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E-mail has nearly replaced written correspondence--even for business. When e-mailing clients or broker from outside the country, it's good to keep a few Netiquette rules in mind. Keep messages short. Niceties are fine, but don't overdo it. They can be idiomatic and difficult to understand by someone not fluent in English, or "American" (read a British or Irish blog if you don't think there's a difference!). Use short, simple sentences to increase understanding. If you're unsure of how informal to be, err on the side of formality. It's easy to move to a more informal style, but hard to go back without seeming awkward. Don't send spam or junk mail. If you find it irritating when you get it from nearby colleagues, image a global multiplication of it! Apply rules of good writing to e-mail--regardless of its destination. Check your grammar and spelling. Unlike with local clients, you may never meet your foreign client or colleague, so e-mail is your best and first opportunity to make a professional impression! Read more tips on international e-mail etiquette.
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Ten years ago, few Americans had heard of Dubai or Abu Dhabi in the United Arab Emirates. Now, these fast-growing economic centers are creating unprecedented real estate investment opportunities. Firms operating in the 110-acre free zone Dubai International Financial Center (DIFC) benefit from 100% foreign ownership, zero tax rate on profits and no restrictions of repatriation of capital. Land-reclamation projects such as the Palm Islands and Dubai Waterfront are attracting investors worldwide. The Abu Dhabi real estate market has been experiencing unprecedented growth since 2004. The RSP Group (a Middle East real estate investment advisory organization), projects that 250,000 new housing units will be required over the next decade to meet demands. The recent controversy over U.S. port security may reflect Americans' slowness to this market. David Welch, Assistant Secretary for Near Eastern Affairs, speaking at a news conference this month in the UAE, indicated U.S. support for cross-investment between the U.S. and UAE. Middle East investment in the U.S. is picking up again since the period following the 9/11 terrorist attacks, but Arab investments represent only a fraction of inbound FDI. The U.S. Commerce Dept. reports European nations accounted for $977 billion of the $1.53 trillion of FDI while Middle Eastern Arab countries accounted for only $9.3 billion, half of which was from Saudi Arabia. UAE was second among Middle East Arab countries with $1.8 billion in investments. The U.S. State Dept. offers a UAE investment climate overview.
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The Central Eastern European (CEE) property market has evolved from a speculator's market after the breakup of the USSR, to a local market with limited foreign interest, to today's booming global market. This is evidenced by the growth of the annual CEPIF (Central Europe Property & Investment Fair), May 11-12, 2006 in Warsaw. In 2005, CEPIF attracted 2,316 participants representing 716 groups from 34 countries; an increase of 95% over 2004. CEPIF hosts a residential and a commercial conference, the latter focusing on Public Private Financing. Key conference contributors include ULI, RICS, and IDP. A Cushman & Wakefield study reports that since 1998, almost 10.5 billion euro has been invested into CEE institutional property (mostly office and retail); 80% of that since 2003. 2005 totals are expected to exceed the 2004 record 4.1 billion euro. C&W ranks the region's top commercial property markets, led by Czech Republic, and followed by Hungary, Poland, Slovakia and Estonia. CEE investors are increasingly diverse. While German and U.S. money remains very significant, Dutch, Irish and UK buyers are prevalent; and Israeli, Danish, Norwegian and French investors are extremely active. Read a detailed article on the CEE market and upcoming CEPIF.
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WorldProperties.com recently got a face lift and a full body makeover is in the works. The new home page was launched in March to coincide with the debut the Global New Home Resort portal, which features high quality new construction products by established developers—primarily targeting second home and investment buyers. Brokers benefit three ways: 1) bring a qualified developer/project to the site and receive a percentage of the fee the developer pays to be featured at the site*; 2) consumers indicating interest in the project introduced by the broker are directed to that same broker for representation (and subsequently receive a fee when the deal closes); and 3) register clients interested in new developments at the site and earn a referral fee when the client purchases any of the featured projects. A contact management system will allow brokers to track clients and projects. In the U.S. these services are available to NAR members only. *Projects/developers will be limited for first 9 months in order to ensure highest quality service.
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Report compiled by NAR International Operations, narglobe@realtors.org.
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