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- Annual AFIRE Survey Shows U.S. Real Estate Tops with Foreign Investors
- Turkey Hot Investment Market
- German Franchise Brings European Culture to U.S. Industry
- Helping Homeowners be Green and Save Money Too
- Six Gulf States Form Common Market
- U.S. Joins Group Pursuing Pacific-Rim Trade Agreement
- State Department Travel Web Site More User-Friendly
- BBC News Offers Country Profiles Online
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Despite a growing interest in Asia, U.S. real estate is first in the global property market among foreign investors with New York City and Washington, D.C. topping the list of global cities vying for foreign investors’ real estate dollars, according to the results of the 16th annual survey by the Association of Foreign Investors in Real Estate (AFIRE). The survey was conducted among the association’s nearly 200 members. Collectively, AFIRE members hold $700 billion of cross-border real estate, including $230 billion in the U.S. For the first time since the 'global city' category was added to the survey, U.S. cities have taken first and second spots. London ranked third, down from the top spot in 2006. China continues to be market to watch, being voted as the country offering the second best chance for capital appreciation (U.S. was first). The gap between the U.S. and China has narrowed from 27 percentage points in 2005 to fewer than five percentage points in 2007. Read more survey results. The strength of the U.S. real estate market is underscored by the timing of the survey, conducted during the 4Q of 2007 after the much-publicized credit crunch and sub-prime mortgage crisis. That said, the U.S. is facing increasing competition. On average, survey respondents say they plan to increase global real estate investments from $1.394 billion in 2007 to $1.692 billion in 2008, an increase of more than 20% (compared to a 16% increase in planned U.S. acquisitions).
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Turkey is regularly named as one of the new, hot real estate investment markets, particularly for second home buyers who want to own a piece of the "Turkish Riviera," the Southern Turkish coastline which along the Mediterranean and Aegean Seas. Investors are focused on more than just great views, however. As Turkey moves toward European Union membership the country is undergoing important changes in legislation, the most significant of which may be changes in Land Registry Law related to foreigners' acquisitions of Turkish real estate. Additionally, a decrease in inflation, price stability, and transition to the New Turkish Lira all contribute to increasing local and foreign interest in the Turkish real estate sector. The 2007 "Emerging Trends in Real Estate Europe," prepared jointly by PricewaterhouseCoopers and the Urban Land Institute, speaks to this growing market interest and is available at no charge. Istanbul will host the 2008 Central European Real Estate Associations Network Congress (Oct. 13-15). NAR is exploring the option of organizing an add-on business development/networking program in partnership with the Istanbul Chamber of Real Estate for NAR members attending this Congress. Anyone interested in receiving email updates on this event should email cweinrich@realtors.org. Read more about what's attracting foreign investors to Turkey (scroll down page to see article).
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The Germany-based Engel & Vöelkers, well-known in Europe for upscale international real estate, is expanding in the U. S. with a strong focus on Florida. With 10 European-style property shops already open throughout the state and an anticipated 240 more debuting over the next 10 years, the company is rapidly exposing the Florida residential market to its international network of agents and buyers, offering premium property representation. While the strong euro exchange rate makes Florida property appealing to Europeans, other international buyers are attracted to drops in American housing prices while foreign home prices are increasing. Reports indicate that 20% of all second homes in Florida are being purchased by foreigners. Engel & Vöelkers offices, all independently owned by franchisees, are designed to appeal to upscale international and local buyers with luxurious, unique, and boutique style ambience. Office features include clean lines, no clutter and windows free of property ads. Coffee is served in china--not Styrofoam--per Engel & Vöelkers’ mandate. To avoid offending clients of all cultures, associates do not personalize their desks. Engel & Vöelkers Group has operations in 24 countries and four continents.
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Keep your name in front of past client and potential future ones while helping them to be more "green homeowners." Copy and paste the article "Green: Easy Does It" from the February 2008 REALTOR® Magazine on to your firm letterhead for distribution to clients. It offers tips for improving home energy efficiency through lighting, draft reduction, appliance maintenance and more. Includes easy steps to be taken as well as advanced for more serious green homeowners. Be sure to credit the article's author and include the following reprint permission line on all copies: "Reprinted from REALTOR® magazine by permission of the National Association of REALTORS®. Copyright 2008. All rights reserved." If possible, print on recycled paper that shows the recycled mark. To really be green, send the information electronically to eliminate the paper use--which is also a better way to reach your non-U.S. clients.
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On Jan. 1, Saudi Arabia, Qatar, Bahrain, Oman, the United Arab Emirates (UAE) and Kuwait came together to form a single common market, similar to the European Union (EU) on which the Gulf model is based. Valued at $715 billion, the common market is the first step toward common banking and exchanges, and increased ties between the nations. All this, ideally, leads to a common currency and it is at that point that the impact is felt by foreign investors. Opinions differ on when this will happen--some predict within as little as two years; others think 2013 is more realistic. When it does happen, the value and clout of the region will increase, particularly if the U.S. dollar remains weak, as the Gulf state currencies are currently pegged to the dollar. So as the U.S. economy struggles, so too does the Gulf region, which is directly affected by our financial woes. A common currency will also facilitate more cross-border cooperation in the region, which many argue has been one of the biggest benefits the EU has reaped from its integration. Real estate investors should keep an eye on developments regarding the Gulf common market. The six Gulf states are represented by the Gulf Cooperation Council. Read more about the new common market from an insider's view.
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The United States will join Chile, Singapore, Brunei and New Zealand (known as the "P-4" countries) in the pursuit of a Pacific regional accord to reduce barriers to foreign investment, according to U.S. Trade Representative Susan Schwab. The U. S. already has free trade deals with Singapore and Chile. The countries will start talks in March on common rules to open the economies to more foreign investment and financial services. A successful agreement could be the core of a much broader agreement among the 21 member economies of the Asia Pacific Economic Cooperation forum. While some U.S. legislators support a "pause" in negotiating new trade accords, many U.S. companies are worried the U.S. will be left behind as Asian nations, led by China, put together their own agreements leaving the U.S. out of the region's rapidly growing network of free trade pacts and other preferential trading arrangements. The new agreement would tap into an accord the nations completed in 2005 to eliminate tariffs. Read more from Reuters news service.
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In January, the U.S. State Department launched a redesigned consular affairs website, which provides Americans with the latest information for international travel. In addition to changes in the general look and feel of the site, documents have been repackaged into accessible, more user-friendly formats. Reports on current conditions in all nations, previously known as Consular Information Sheets, are now known as Country Specific Information. Reports about conditions expected to be of limited duration and scope, previously known as Public Announcements, are now called Travel Alerts. Travel Warnings, which contain information on continuing conditions throughout a country, continue in their current format. There reports are helpful to REALTORS® working with clients and customers interested in investing or relocation abroad. The site now offers Really Simple Syndication (RSS) feeds to update travelers on changes to the site's content. and also subscriptions to listservs that provide information of interest.
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Looking for an easy way to get a lot of information in one place about a country or territory? The BBC News online Country Profiles offer a concise overview of a country; a list of factoids, e.g., population, size, Internet domain, monetary unit, etc.; information on national leaders; and a list of media sources. Each country/territory page also links to current news and related links. Audio and video clips are available for some countries. Site visitors can also search and get information on global institutions such as the World Trade Center, European Union, G8, Nato and others.
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Report compiled by NAR International Operations, narglobe@realtors.org.
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