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- U.S. REALTORS® Well Advised to Understand Mexican Market and Investor Issues
- Germany Poised to Offer REITS to Open Market to Foreign Investors
- DVD Helps REALTORS® Work with Clients from Different Cultures
- Sao Paulo Leaps Forward in Global Ranking of World's Office Space
- A European View of the U.S. Economy
- Commercial Real Estate Portal: One Stop Shopping
- TRC Training Prepares REALTORS® to Receive & Make Cross-Border Referrals
- Convert TV and Radio Spots for Foreign Language Audiences
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The increasing rate at which American are buying homes in Mexico has been a recurring global industry news story over the past year. Interest isn't just from border states, as evidenced in a March 27 article in the Seattle Times, entitled "Mexican Haciendas Becoming Hot Targets for Americans." Given that this trend is wide-spread across the U.S., REALTORS® would be well-advised to understand the Mexican marketplace and issues for foreign buyers. The Joint Center for Housing Studies (JCHS) at Harvard University produced an indepth report on Mexico's housing in 2004. The full report (76 pgs.) can be downloaded from the JCHS web site. A portion of the study was reprinted in the Global Perspectives (NAR's newsletter for the CIPS Network) in the 4Q 2004 issue. Access this article online in the Global Perspective archives.
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Germany is forging ahead with plans to create a market for real estate investment trusts in order to attract more foreign investors into the market. Secretary of State Barbara Hendricks expects Deutsche REITS, or D-REITS, to be introduced early next year. She said her ministry will hopefully push the necessary legislation through parliament by the end of this year, once the tax issues have been dealt with. Foreign investment in indirectly owned real estate in Germany currently stands at only 5 percent. It is hoped that D-REITS will become as successful as REIT-style vehicles in the Netherlands and France. Ernst and Young offers a simple comparison grid of Dutch, French, Belgian and Italian REITS. A report by Initiative Finanzplatz Deutschland, an alliance of banks and insurers working with the government, predicts the D-REIT market could be worth up to 127 billion euros by 2010.
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The Center for Education and Private Enterprise has developed a video for real estate professionals containing practical advice on how to work with clients from different cultures, including terms of address, proper attire, how to avoid stereotyping and steering, qualifying the buyer, and negotiating a contract. The 80-minute presentation is divided into sections of approximately 15 minutes each so that portions can be easily shown to supplement a class or used in a sales meeting. Features several CIPS designees. Available from NAR Library.
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After two years in 36th place, Sao Paolo jumped to number 30 in the latest edition of Cushman & Wakefield's annual study of office markets. The report ranks the most expensive office markets in 47 cities around the world. London is once again at the top of the list, followed by Paris in second place. Rental costs for office space in Sao Paolo were US$18.26 per square meter in 2004, more than US$81 less than the average rental costs in London. A real estate business consultant with Cushman & Wakefield Semco believes the higher ranking of Sao Paolo in this year's list reflects Brazil's economic recovery and the declining value of the US dollar. Sao Paolo's office market is already showing signs of heating up, with occupancy rates for luxury buildings 22 percent higher in 2004 than they were in 2003. The full report (hard copy or electronic) can be purchased from Cushman Wakefield for €250. REALTORS® representing U.S. investors interested in the Sao Paulo market may wish to contact a member of SECOVI-SP, NAR's counterpart and bilateral partner in Brazil. Learn more about SECOVI-SP and the Brazil real estate market at WorldProperties.com.
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"Resiliant growth set to be supported by external demand" is the headline for the forecast for the United States in Europa's Spring 2005 Economic Forecasts. The report focuses on current and prospective EU countries, but includes the U.S. and Japan in its non-EU category. A global market forecast is also included. Download free from Europa, the portal site of the European Union. Those interested in the European market will find Europa a generally useful site as it provides up-to-date coverage of European Union affairs and essential information on European integration.
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Looking for the latest news, information or research in commercial real estate? ReasearchWorldwide.com is a commercial real estate portal site that provides users access to commercial real estate news from 84 sources in 28 countries. Search for information by country, category (office, industrial, retail, etc.), or view the most recent research available (many are free to download) or strategic views. You can also locate professional associations by country/city, search for education or conferences, and a variety of other commerical research information.
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TRC, or "Transnational Referral Certified" is the newest industry certification and is geared for those working in markets that attract immigrants, second-home buyers or investors. Offered by the International Consortium of Real Estate Associations (ICREA), the TRC is available in the U.S. only to members of NAR. Learn more about TRC or register to take the course online. NAR members attending the SIMA International Real Estate Conference and Expo in Madrid in May, may register to the a live version of the course (delivered in Spanish).
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REALTOR® Associations or brokrage firms with English language radio or TV ads targeting local consumers can use these same ads to target ethic groups in the marketplace by using foreign language voice over and/or audio translation services. InterNation (a New York-based multilingual media services company) offers a wide range of services including translation, interpretation, subtitling, voice over and more. Before moving ahead, be sure to have the content reviewed by someone familiar with the targeted culture to make sure the overall message (and images) are appropriate. InterNation offers free best practice guides to help potential customers understand what's invovled and issues to consider before undertaking such a project. Download their free best practice guide on voice replacement and audior recording.
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Report compiled by NAR International Operations, narglobe@realtors.org.
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