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- China and India May be Hot, but Don't Count Europe Out
- Denmark Most "Hospitable" to Foreign Investors
- Headed to Spain for SIMA? Are You Culturally Ready to do Business?
- Addressing Foreign Clients
- Turkey Next Mediterranean Hotspot for Second Home Buyers
- NAR Targets Asian Investors
- Speaking Your Client's Language
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While much of the 2005 investment news focused on China and India, a new report shows an escalating appetite for European real estate assets. Respondents to the 3rd annual Emerging Trends in Real Estate® Europe 2006 survey, published by PricewaterhouseCoopers LLP and the Urban Land Institute (ULI), expressed a fundamentally positive outlook. The Report highlights how European and international economic trends and issues are affecting real estate; describes capital market trends; where the best opportunities are for investment and development; property markets to avoid; and gives detailed analysis and prospects for office, retail, industrial, hotel and residential property sectors. PwC reports that U.S. investors are seeing many of the same innovations taking place in Europe that helped transform the U.S. real estate marketplace, including REITs, expansion of securitization in commercial real estate, greater transparency and more reliable data on returns and performance. Read a key findings press release, or download the full report.
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For most investors, rate of return is key in choosing where to put their money. As access to foreign capital markets has
become commonplace for individual investors and multinational institutions alike, countries are competing to attract foreign investment capital. Individual investors who lack corporate resources now have a one-stop source to assess a country's investment "hospitableness." The new Forbes Capital Hospitality Index (FCHI) measures macroeconomic indicators like GDP growth and international trade, along with societal factors affecting investment, including poverty, bureaucracy, technological advancement and corruption. Forbes gathered survey, statistical, and socioeconomic data on each of the 135 countries in order to assign category rankings and final scores. U.S. investors who prefer to keep their money at home will be happy to learn the United States is ranked #4, following Denmark, Finland and Iceland. Click on any country for a snapshot view of the market, or sort the full list by GDP Growth, GDP/Capita, Trade Balance, Population or Unemployment. Those adverse to risk may want to avoid Haiti, which ranked last in the 135 country index.
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The SIMA Real Estate Expo in Madrid, Spain attracts a growing number of Americans interested in the second home market. SIMA 2006 (April 4-7), will draw 250+ REALTORS®, joining 10,000 real estate professionals worldwide who come for the exhibition, education and networking events for second home market professionals. The event also draws 140,000 consumers. Attendees will meet brokers and developers from around the world, but will have extensive opportunities to network with Spanish professionals and should brush up on cultural etiquette in Spain. Know the cultural practices for business appointments, dress, negotiating the deal and more. Not headed to Spain? This information is useful for anyone doing business in the Spanish market or with Spanish locals. If Spain simply is not part of your market services, Executive Planet offers cultural etiquette information on nearly 50 countries. Participate in free discussion groups where you can explore cultural practices in detail with other business professionals.
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Formal correspondence with foreign clients or customers can challenge those who desire to be most culturally correct. How should the address be formatted? What do those extra letters and numbers mean? How to formally address the recipient? What's the difference between Sr., Sra. and Srta. in Brazil? Does the same apply for Portugal? Before sending that letter, check the international address formats and salutations for 25 countries.
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A new Turkish law, enacted January 7, giving foreigners the right to own property in Turkey, is expected to launch a buying frenzy as Europeans look to snatch up prime locations on the Aegean and Mediterranean coasts, predicts the Oxford Business Group, a publisher of economic and political intelligence on the region. The legislation provides clear limits on foreign purchases, including type, size and usage. Buyers are largely expected to be British, Dutch, Germans and Greeks, although sun-starved Northern Europeans and wealthy Gulf State investors are also expected. The new law opens questions about land management, economic development and social interaction between the conservative Turks and Western buyers. Some safeguards have been enacted, e.g., limiting the percentage of foreign ownership in any given province, but other zoning, growth management and environmental issues have yet to be addressed and face opposition from the country's real estate lobby. Regardless, the door has been opened. Reuters reported in February that Turkish real estate companies expect the building and property sector to grow by more than 10 percent in 2006. As with any new market, investors should exercise caution as Turkey is just beginning to put into place professional standards common to most western markets.
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In an alliance with the U.S. Consulate in Hong Kong, NAR will participate in the "American Real Estate and Services" (AREAS) pavilion at the MIPIM Asia property marketing show in Hong Kong, September 27 - 29. AREAS is supported by the U.S. Commercial Services of the Commerce Department. The pavilion will promote specific commercial, industrial, and residential real estate portfolios and highlight support services, including brokerage. Information on opportunities for U.S. REALTOR® groups has been sent to all state associations and large local boards. Participation as part of a state economic development board is recommended. NAR's primary role will be to help educate Asian investors about the role of the real estate broker in U.S. property transactions and to promote the use of a REALTOR®. Individual REALTORS® interested in participating should contact their state association or area large metro board to see if any plans are in place, or can register individually for the MIPIM show at the MIPIM Asia web site.
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Many argue that English is the language of business. Whether this is true or not is irrelevant if you're working on a deal and one party doesn't understand English. Even good conversational English may not be sufficient to confidently conduct a business transaction. An interpreter should be hired. Regardless of who brings pays for the interpreter, you should follow some basic guidelines to ensure good communication--verbal and nonverbal. Here's a few tips for working with an interpreter. If your firm finds itself regularly needing interpretation services, consider recruiting an agent who is fluent in that language. Not only will you benefit from having in-house talent who understands the industry, you may also attract new clients who want to work with someone who speaks their language!
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Report compiled by NAR International Operations, narglobe@realtors.org.
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Intl. Web Site of the Month
The International Real Estate Council of the Arizona Association of REALTORS® (AZIREC) allows users to search for an international real estate specialist in the state of Arizona by language, country specialization or professional organization membership.
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Upcoming Intl. Events
 | SIMA2006 - Second Home Show / April 4-8 / Madrid, Spain |
| CEREAN Business Club (CBC) Conference / April 29 - May 2 / Instanbul, Turkey |
| NAR Midyear Meeting / May 15-20 / Washington, D.C., USA --
International program highlights. |
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Featured CIPS Course
Be an "American in Paris" while earning the CIPS designation; a unique educational & cultural opportunity!
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NAR Global Partners:
FNAIM (France)--Local sponsor and host of CIPS Institute / June 26 - July 1
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