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- Foreign Investment into Vietnam on the Rise
- The Celtic Tiger
- Are Your Listings Reaching non-English Speakers?
- Funding for REALTOR® Association Diversity Activities
- Cross-border Invesment at All Time High
- Inetegrate International Thinking into Staff Training
- Diversity Guide for REALTORS®
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Vietnamese inbound investment is up 32% for the first seven months of 2006 compared to the same period in 2005, according to the country's Ministry of Planning and Investment. This reflects 367 foreign-invested projects with registered capital of US$2.77 billion. An additional 197 existing projects increased registered capital by $642.6 million, bringing total 2006 new foreign investment through July to over $3.4 billion. Ho Chi Min City topped the investment destination list, followed by Ha Noi. Ba Ria-Vung Tau and Hai Duong also drew considerable FDI. Hong Kong respresents the leading source of investors, followed by South Korea, USA and Japan. Industrial and construction projects represented 69.4% of projects and 57.9% of capital. Service and tourism accounted for 25.2% of projects and 41.3% of capital. Many believe Vietnam is poised to become one of Asia's top tourist destinations. The Vietnamese Economic Times reported that in the first half of 2006, tourism and service sectors represented nearly 38% of total new registered FDI, much higher than the same period last year. Interested investors should note that there is typically more investment interest than available land in Vietnam, especially desirable coastal property, so proposed projects will be reviewed in a highly competitive environment. Detailed information for foreign investors
is available from the Ministry of Planning and Investment.
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After achieving independence from the UK in 1922, Ireland's policies failed to achieve economic self-sufficiency. By the mid-1950s the country's stagnation and soaring emigration rates (one-seventh of the population left in a single decade) were in stark contrast to other, fast-recovering economies of postwar Europe. Compare that to the Ireland of today, one of Europe's most thriving, knowledge-driven economies. Ireland now has the second highest gross domestic product (GDP) per capita within the European Union. Unemployment is virtually zero, and the country is now a net importer of skilled workers. Those interested in the Irish market will find a thorough economic overview, including a historical perspective, at The Heritage Foundation's website. Information was provided by the Industrial Development Agency of Ireland (IDA), a government agency charged with securing foreign investment. The U.S. is the top investor in Ireland, representing a 41% increase in investment from 2004 to 2005 for the period January to June, according to LOCOMonitor, a global firm tracking FDI . Learn more about investment opportunities in Ireland, or download LOCOMonitor's report on Irish FDI.
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Whether marketing to buyers around the world or around the block, U.S. REALTORS® can't assume that all prospective buyers speak and read English. The CIA World Factbook ranks English third (4.84%) on a list of languages spoken worldwide, following Mandarin Chinese (13.69%), and Spanish (5.05%). Domestically, the Factbook indicates that among U.S. residents, 10.7% speak Spanish, 3.8% speak other Indo-European languages, and 2.7% speak Asian and Pacific Island languages. These numbers are likely to grow. Harvard’s Joint Center for Housing Studies forecasts that during this decade, approximately 11.7 million new households will be formed, of which 31% will be Hispanic and 13% will be Asian, and which will drive the housing market. NAR research reports that direct foreign investment in U.S. real estate reached $37.9 billion during 2004, and is estimated to have surpassed this for 2005. Japan, Latin America and Germany were the top sources of foreign investors. Many individual brokers and firms have used selective translation for several years, but the trend is growing among REALTOR® associations as the technology improves. A number of local Associations offer translation services for online property ads, and the Missouri Association of REALTOR® (MAR) recently announced plans to offer translation for all of its members' listings into 12 languages. An MAR press release notes that it is the first State Association to do so.
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NAR's recognizes the critical role that local diversity activities play in achieving NAR's diversity objectives. To support local efforts, NAR's Community Outreach Department is soliciting applications for the Diversity Initiative Grant program. Local and state REALTOR® associations can apply for financial support for programs and activities that position REALTORS® as leaders in our increasingly diverse communities. The maximum amount available to an association is $5,000 per grant cycle, and applications are due Oct. 6. Details on the application process and what types of activities are fundable are available at Realtor.org, Groups looking for diversity program ideas for local implementation should review the activities of past grant recipients.
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Worldwide, direct commercial real estate investment jumped to a record US$475 billion in 2005, a 21% increase over 2004, according to Jones Lang LaSalle's (JLL) annual Global Capital Flows study. Of particular note, cross-border investment increased 43% to US$164 billion, accounting for 35% of total transactions. Inter-regional investment reached US$114 billion, a 40% increase, representing nearly a quarter of total transactions. Of the inter-regional investment, Asia Pacific was the fast-growing market, up 46% to US$68 billion. North America remained the largest investment destination at US$216 billion, up 17%. Of note was the growth of capital exports from Asia Pacific to North America. Concurrently, North American investors remained strong purchasers in Europe, notably in Germany, the UK and France. REALTORS® take note: Despite record levels of investment, JLL estimates that 50% of investors are unable to locate suitable assets. Will the globalization trend continue? Yes, says JLL, which forecasts further growth in 2006 due to debt environment, improving market transparencies, and the retiring baby-boomer generation, among other factors. Read study highlights in the July issue of Global Real Estate Now (pp. 3-11), published by PricewaterhouseCoopers.
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Real estate firms working with (or hoping to work with) international clients should integrate international thinking into office day-to-day operations. There are many formal training programs available, but a broker or office manager can also undertake quick and easy steps to accomplish this at little or no cost. For example, does everyone in the office know how to dial an international call or send a fax overseas? Distribute a list of country codes. Spend 5 minutes at each staff or sales meeting on one current international news topic. Distribute a news story in advance. It doesn't necessarily need to have direct relevance to real estate; simply raising the general awareness of world affairs is valuable when working with global clients. Additional training ideas can be found at GoingInternational.com, a resource for organizations wishing to expand internationally. Download any of eight prepackaged sales meeting training modules from NAR for use in the office or at REALTOR® Association meetings.
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The changing demographics of the United States underscore the need for REALTORS® to be sensitive and well-versed on diversity issues. Harvard's Joint Center for Housing Studies '2006 State of the Nation's Housing' report states: "Immigrants represent not only a key source of labor for the housing industry, but also a large and growing customer base.” NAR offers members a wide array of resources in its online Diversity Field Guide, including statistics, advertising tips, eBooks and links on the important issue of diversity. Locate other Field Guide topics available from Realtor.org.
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Report compiled by NAR International Operations, narglobe@realtors.org.
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