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- Patriot Act: Real Estate FAQ
- Vietnam FDI Growth; China to Feel the Loss?
- New Research on Asian-American Homebuyers
- What's in a Name?
- UAE Added to WorldProperties.com Distinctive Property Marketing List
- NEW: International Topics/Speaker Database
- Se habla Espaņol?
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The Patriot Act, portions of which were set to expire at the end of 2005, was given a short-term extension (until Feb. 3, 2006) by Congress. The Bush administration contends that the domestic anti-terror laws are vital to keeping Americans safe. Amid a debate over whether the act sufficiently protects civil liberties, most Senate Democrats and a few Republicans united against legislation that would have renewed several provisions permanently while extending others for four years. The current extension allows the debate to continue. During 2005, NAR examined the Act from the real estate perspective (read a summary of the Act, NAR's position, opposing views and impact on REALTORSŪ). This summary, however, doesn't delve into the possible impact on foreign investors of U.S. real estate. The Nov./Dec. newsletter of the Association for Foreign Investors in Real Estate (AFIRE), includes a Frequently Asked Questions (FAQ) article on this topic. For a personal viewpoint, read the Notes from the Chair column from Global Perspectives in Real Estate, written by Carmela Ma, CIPS,
NAR's 2005 International Operations Chair. Search Google News or other online news sources for updates on Congressional activity regarding a longer term renewal of the Patriot Act.
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China's booming economy and foreign direct investment (FDI) has been widely reported, although China's actual FDI dropped slightly in the first 11 months of 2005. Recently, Vietnam is seen as an alternative to China. Why? Although still speculation, China's rapid growth ("bubble" concerns) coupled with the country's bureaucratic hoops, may be scaring off some investors. While Vietnam has its own risks and limitations, the country's preparation for WTO membership and overall efforts to attract foreign investors, make it a viable alternative for some. In the business-focused Mekong region, Vietnam's FDI as a percentage of GDP was 4.1% in 2004; higher than in any other country in the region, including China at 3.8%. Mekong Capital, a private equity investment management company, attributes this to Vietnam's political stability, low labor costs, strong labor force work habits, improvements in the regulatory environment, and sustained annual GDP growth rates of over 7% since 2001. Vietnam was projected to lure 6 billion U.S. dollars of FDI in 2006, up from 5.8 billion in 2005, but revised those figures down to 5 billion last week, citing the need for infrastructure development to catch up to the increasing foreign investment. WTO membership (seen as critical for continued economic growth) is not guaranteed as talks had stalled, but new negotiations begin this week. REALTORSŪ advising investors: take note of the Common Investment Law and the Unified Enterprise Law, to be enacted on July 1, 2006, which will level the playing field for domestic and foreign investors through economic reforms such as the ability to transfer capital abroad.
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Many Asians in the U.S. say their lack of knowledge about the homebuying process could delay or prevent them from purchasing a home, according to a new study by mortgage corporation Freddie Mac. Published in Dec. '05, "Homeward Bound: An In-depth Look at Asian Homebuyers in the United States," reports that Asians need to feel financially ready, stable and secure before they can consider buying a home. Also, generally, Asian-Americans have an aversion to debt and a need to determine the most cost-conscious financing package. Freddie Mac conducted focus groups of Chinese, Korean, Vietnamese, Asian Indian and Filipino immigrants, American-born Asian consumers, and Asian real estate professionals to better understand the cultural norms and expectations of Asian first-time homebuyers. Although there were differences among ethnicities, the report highlights recurring themes across groups that can help REALTORSŪ understand the needs and expectations of Asian consumers and better serve this growing market. Asians represent the second-fastest-growing minority in the U.S., many of whom will become homeowners in the coming decades. See a current list of available Freddie Mac reports.
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For real estate agents, understanding how to write or say a person's name can mean the difference between a signed contract or a lost customer. Those unfamiliar with some cultural norms regarding names, however, may find themselves in an awkward situation---or worse, never know they've offended a customer. Find out how much you know about presentation of name with a this online quiz. Be honest (no one's looking), and then check the answers. Quiz provided by Terri Morrison, Wayne A. Conaway, and George A. Borden, authors of Kiss, Bow or Shake Hands: How to Do Business In Sixty Countries. Available from most major online book sellers.
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Investors eyeing the Middle East may find the United Arab Emirates (UAE) an increasingly attractive investment climate. Fifty-one percent participation by UAE nationals has been the general requirement for UAE established companies, but exceptions exist. In December, the Abu Dhabi government enacted a landmark law to attract foreign direct investment by allowing 100% ownership for foreign investors. Anticipated changes in the UAE Company Law (federal legal system) to accommodate rapid expansion of established free zones reflect the country's liberal economy. A flexible fiscal regime, free zone set-ups, and a stable business-minded government have contributed to making UAE ripe for overseas investment. In the wings is a US-UAE free trade agreement (FTA). A Trade and Investment Framework Agreement (TIFA) was ratified in April '04, laying the groundwork for a full FTA. The first round of FTA negotiations were formally launched in March '05, anticipating that a full agreement could be signed in 2006 resulting in a significant increase in the flow of American dollars into the UAE. To help REALTORSŪ understand this market, NAR offers a one-day course, "Middle East/Africa and International Real Estate." Also recognizing this burgeoning market, ICREA, recently added UAE to the list of countries which REALTORSŪ can market distinctive properties at WorldProperties.com.
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Looking to get the word out about the impact of immigrants in your marketplace, how global events shape the real estate industry, opportunities for cross-border referrals, or doing international business in the local marketplace and more? NAR offers a database of presentations and speakers on a wide range of internationally-focused topics. Download presentations for use by your own speakers, search for a speaker in your area, or submit your own application to be part of the database. All this information can now be accessed in one place at the International Speaker Cadre page at www.Realtor.org/international.
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REALTORSŪ working in largely Hispanic markets, or for those looking to better serve Spanish-speaking prospective clients should check out a new resource from NAR: "Spanish for Real Estate Agents." The book and two audio CD package contains more than 300 specific Spanish language commands that will assist REALTORSŪ in better serving Spanish-speaking homebuyers. Request this item from the NAR Library.
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Report compiled by NAR International Operations, narglobe@realtors.org.
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Intl. Web Site of the Month
Virginia Association of REALTORSŪ
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Upcoming Intl. Events
 | NAR Resort Symposium / Feb 5-7 / Kohala Coast, HI, USA |
| CRS Sell-a-bration / Feb 9-11 / San Antonio, TX, USA |
| Panama Spectacular 2006 / March 13-17 / Playa Bonita, Panama |
| MIPIM Commercial Property Mktg. Show / March 14-17 / Cannes, France |
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Featured CIPS Course
Escape winter's chill in Puerto Rico while earning the CIPS designation. International Real Estate for Local Markets and CIPS Institute, Feb. 20-27, 2006, San Juan (taught in English) / Sponsor: Puerto Rico Association of REALTORSŪ
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NAR Global Partners:
Congratulations to the Italian Federation of Real Estate Agents (FIAIP), honored as NAR's Course Sponsor of the Year for 2005! The May 2005 CIPS Institute in Rome attracted 100 students from Italy, USA and elsewhere!
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