UNITAS CONSULTANCY. Dubai: Yield Fallacy Q A GLOBAL CAPITAL PARTNERS GROUP COMPANY
|
|
- Terence Wilkerson
- 5 years ago
- Views:
Transcription
1 UNITAS CONSULTANCY A GLOBAL CAPITAL PARTNERS GROUP COMPANY Q Dubai: Yield Fallacy This document is provided by Unitas Consultancy solely for the use by its clients. No part of it may be circulated, quoted, or reproduced for distribution outside the organization without prior written approval.
2 Executive Summary A look into international real estate markets reveals that over the years there has been yield compression. In the United States from the 1960 s yields have declined 29%, whereas in the Hong Kong from 1999 yields have compressed by 34%. This secular decline (over a longer period of time for the US) reflect the structural decline in long term interest rates. Historically there has been a strong relationship between GDP growth rates and real estate price action. However, there have been times in history where the relationship has inverted. For example in the UK there have been periods with strong real estate price actions and weak GDP growth, and vice versa. In Hong Kong we can witness a similar trend, where over 16 years this relationship has broken down three times. This implies that there is not necessarily a symbiotic relationship between the two measures; rather real estate prices are affected by a confluence of forces including inflation and money flows. Similar to international markets we witness that there has been a yield compression in Dubai from 9% to 7% in the apartment space. The yield compression has transpired as function of price growth outpacing rents. In the 18 months prices have remained flat lined but rents have deaccelerated. Declining rental yields therefore appear to correspond to and are in sync with international trends, and appear to be unrelated to price concerns that have been publicly (and erroneously) expressed by the analyst community. Across major cities throughout the world, there has been a downward trending yield trajectory. Of all the major cities analyzed, Dubai remains far and above the highest yielding city, suggesting that there is ample room for further yield compression (partly a function of investors accepting lower risk premia) in the years ahead.
3 Contents 01 Global Real Estate Yields Trend Lower 02 GDP & Real Estate Growth Rates 03 A Look into Dubai Yields 04 Conclusions
4 Global Real Estate Yields Trend Lower It s easy to lie with statistics. It s hard to tell the truth without statistics. Andrejs Dunkels
5 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Jan-99 Sep-99 May-00 Jan-01 Sep-01 May-02 Jan-03 Sep-03 May-04 Jan-05 Sep-05 May-06 Jan-07 Sep-07 May-08 Jan-09 Sep-09 May-10 Jan-11 Sep-11 May-12 Jan-13 Sep-13 May-14 Jan-15 Sep-15 May-16 Jan-17 Real Estate Yields Trend Lower: US and Hong Kong USA Real Estate Price and Yields ( ) Hong Kong Real Estate Price and Yields ( ) $350,000 7% % $300,000 Prices Yields % $250,000 6% % 6.0% $200, % $150,000 5% % $100,000 4% % 2.0% $50, Prices Yields 1.0% $0 3% 0 0.0% Source: Lincoln Institute of Land and Property / HK Gvot A look into international real estate markets reveals that over the years there has been yield compression. In the United States from the 1960 s yields have declined 29%, whereas in the Hong Kong from 1999 yields have compressed by 34%. This secular decline (over a longer period of time for the US) reflect the structural decline in long term interest rates. Furthermore, even as prices have re-rated higher, investors (in their search for yield) have accepted a lower rate of risk premia over time.
6 Jan-72 Feb-73 Mar-74 Apr-75 May-76 Jun-77 Jul-78 Aug-79 Sep-80 Oct-81 Nov-82 Dec-83 Jan-85 Feb-86 Mar-87 Apr-88 May-89 Jun-90 Jul-91 Aug-92 Sep-93 Oct-94 Nov-95 Dec-96 Jan-98 Feb-99 Mar-00 Apr-01 May-02 Jun-03 Jul-04 Aug-05 Sep-06 Oct-07 Nov-08 Dec-09 Jan-11 Feb-12 Mar-13 Apr-14 May-15 Jun-16 Jul-17 A look into the FTSE NAREIT US Real Estate Index FTSE NAREIT US Real Estate Index ( ) Price Index Yields Source: REIT.com The FTSE NAREIT is an index that tracks the performance of the US REIT industry. Since 1972 the historical yield average has been 7.5%, whereas for the last 5 years yields have hovered below the 4% mark. We can witness that systematically there has been yield compression over the last 40 years as asset prices continue to climb. This yield compression further highlights the fact that yields have been declining throughout most developed markets.
7 GDP & Real Estate Growth Rates With too little data, you won t be able to make any conclusions that you trust. With loads of data you will find relationships that aren t real Big data isn t about bits, it s about talent. Douglas Merrill
8 GDP and Real Estate Growth Rates: UK GDP and Real Estate Growth Rates: UK GDP and Real Estate Growth Rates: UK GDP Real Estate 20.0 GDP Real Estate Source: Nationwide / World Bank Historically there has been a strong relationship between GDP growth rates and real estate price action. However, there have been times in history where the relationship has inverted. For example in the UK there have been periods with strong real estate price actions and weak GDP growth, and vice versa. This implies that there is not necessarily a symbiotic relationship between the two measures; rather real estate prices are affected by a confluence of forces including inflation, money flows etc. In particular, liquidity inflows have had a higher correlation to real estate prices in the last decade; more so than most other economic variables.
9 GDP and Real Estate Growth Rates: Hong Kong GDP and Real Estate Growth Rates: HK GDP and Real Estate Growth Rates: HK 50.0% GDP Real Estate 30.0% 40.0% 20.0% 30.0% 10.0% 20.0% 10.0% 0.0% -10.0% % -10.0% % -30.0% -20.0% -40.0% -30.0% -50.0% GDP Real Estate Source: World Bank / HK GOVT In Hong Kong we can witness over 16 years there has been a moderately strong relationship between house prices and GDP growth (+0.4). However, similar to the UK within this time frame there have been periods where the relationship has reversed. This has increased in frequency (occurring three times over the last 15 years) where the relationship has broken down. This yet again highlights that real estate prices are influenced by a plethora of factors, and increasingly in major cities, have been influenced by international money flows rather than domestic growth.
10 A look into Dubai Yields There is no room for procrastination, no time for delay. History is a witness to all of us. HH Sheikh Muhammad bin Rashid Al Maktoum
11 Sales Price (AED/Sqf) Rent Price (AED/Sqf/Month) A Look into Dubai Prices, Rents, and Yields Dubai Real Estate Prices and Rents ( ) Dubai Real Estate Yields ( ) 1, % 1, % 1, , % 1, % 1, % 1, Prices Rents % % Source: REIDIN Similar to international markets we witness that there has been a yield compression in Dubai from 9% to 7% in the apartment space. The yield compression has transpired as function of price growth outpacing rents. In the 18 months prices have remained flat lined but rents have decelerated. Declining rental yields therefore appear to correspond to and are in sync with international trends, and appear to be unrelated to price concerns that have been publicly (and erroneously) expressed by the analyst community.
12 A Community-wise look into Yields Dubai Yields: Apartments ( ) Dubai Yields: Villas ( ) 14% 13% Apartment City-wide Downtown Dubai Marina Greens International City Discovery Gardens 7.5% 7.0% Villas City-wide Palm Jumeirah Arabian Ranches Springs and Meadows 12% 6.5% 11% 6.0% 10% 9% 5.5% 8% 5.0% 7% 4.5% 6% 4.0% 5% 3.5% 4% 3.0% Source: REIDIN In the apartment as well as the villa space in Dubai, rental yields have trended lower structurally since 2009, indicating that investors are willing to accept risk with lower risk premia. In the villa space, the standout has been Palm Jumeirah where yields have corrected significantly (perhaps indicating that this community, more than any other one has had higher levels of home ownership, especially given its trophy status). Other than that, both in the villa and the apartment space, yields appear to have converged with each other, even as yields have systematically trended lower.
13 Yields by Major City: Yields by Major City ( ) Dubai Hong Kong Singapore New York % 3.9% 3.9% 4.8% % 3.4% 3.6% 4.9% % 3.7% 3.4% 4.7% % 3.5% 3.4% 5.0% % 3.8% 3.3% 4.6% % 3.4% 3.2% 4.0% Source: REIDIN / HK Gov t / Zillow / Squarefoot Across major cities throughout the world, there has been a downward trending yield trajectory. Of all the major cities analyzed, Dubai remains far and above the highest yielding city, suggesting that there is ample room for further yield compression (partly a function of investors accepting lower risk premia) in the years ahead. This suggests a different outcome of discourse, from the consensus based cacophony of analyst concerns that have been expressed.
14 Conclusions Global Real Estate Yields Trend Lower GDP & Real Estate Growth Rates A look into international real estate markets reveals that over the years there has been yield compression. In the United States from the 1960 s yields have declined 29%, whereas in the Hong Kong from 1999 yields have compressed by 34%. Over time there has been yield compression in the international real estate markets. In the United States from the 1960 s yields have declined 29%. Since 1972 the historical yield average of the FTSE NAREIT has been 7.5%, whereas for the last 5 years yields have hovered below the 4% mark. there has been yield compression over the last 40 years as asset prices continue to climb In the Hong Kong from 1999 yields have compressed by 34%. Even as prices have re-rated higher, investors (in their search for yield) have accepted a lower rate of risk premia over time Historically there has been a strong relationship between GDP growth rates and real estate price action. However, there have been times in history where the relationship has inverted. For example in the UK and Hong Kong there have been periods with strong real estate price actions and weak GDP growth, and vice versa. This implies that there is not necessarily a symbiotic relationship between the two measures; rather real estate prices are affected by a confluence of forces including inflation, money flows etc. A Look into Dubai Yields Conclusions Historically there has been a strong relationship between GDP growth rates and real estate price action. However, there have been times in history where the relationship has inverted Similar to international markets we witness that there has been a yield compression in Dubai. In the apartment as well as the villa space in Dubai, rental yields have trended lower structurally since 2009, indicating that investors are willing to accept risk with lower risk premia. In the 18 months prices have remained flat lined but rents have deaccelerated. Declining rental yields therefore appear to correspond to and are in sync with international trends Across major cities throughout the world, there has been a downward trending yield trajectory. Of all the major cities analyzed, Dubai remains far and above the highest yielding city, suggesting that there is ample room for further yield compression (partly a function of investors accepting lower risk premia) in the years ahead. This suggests a different outcome of discourse, from the consensus based cacophony of analyst concerns that have been expressed.
15 GCP believes in in-depth planning and discipline as a mechanism to identify and exploit market discrepancy and capitalize on diversified revenue streams. Our purpose is to manage, direct, and create wealth for our clients. GCP is the author for these research reports REIDIN.com is the leading real estate information company focusing on emerging markets. REIDIN.com offers intelligent and user-friendly online information solutions helping professionals access relevant data and information in a timely and cost effective basis. Reidin is the data provider for these research reports Indigo Icon, 1708 Jumeirah Lake Towers, PO Box Dubai, United Arab Emirates Concord Tower, No: 2304, Dubai Media City, PO Box Dubai, United Arab Emirates Tel Fax Tel Fax info@gcp-properties.com info@reidin.com
16 Our Aspiration and Motto No barrier can withstand the strength of purpose HH General Sheikh Mohammed Bin Rashid Al Maktoum The Ruler of Dubai and Prime Minister of UAE
17 REIDIN DUBAI OFFICE Concord Tower, No: 2304, Dubai Media City, PO Box Dubai, United Arab Emirates Tel: Fax: info@reidin.com
Property. Mashreq. Economic Overview. Wealth Gauge
Wealth Gauge Volume 23 November 2015 Economic Overview In spite of the dip in Global Oil prices the GDP for 2015 grew at 3.5. The UAE economic growth is expected to slow down and grow at 2.9 in 2016 driven
More informationProperty. Mashreq. Economic Overview. Wealth Gauge.
Economic Overview United Arab Emirates has continued to benefit from surging confidence, safeheaven status, rising population and stable world class real estate market opportunities. The macroeconomic
More informationREIDIN United Arab Emirates Residential Property Price Indices: April 2017 Results Edition:101. May 31, 2017
REIDIN United Arab Emirates Residential Property Price Indices: April 217 Results Edition:11 May 31, 217 REIDIN United Arab Emirates Residential Property Price Indices April 217 Results Dubai Market Analysis
More informationREIDIN United Arab Emirates Residential Property Price Indices: August 2017 Results - Edition:105. September 20, 2017
REIDIN United Arab Emirates Residential Property Price Indices: August 217 Results - Edition:15 September 2, 217 REIDIN United Arab Emirates Residential Property Price Indices July 217 Results Dubai Market
More informationREIDIN United Arab Emirates Residential Property Price Indices: January 2017 Results - Edition: 98. February 20, 2017
REIDIN United Arab Emirates Residential Property Price Indices: January 217 Results - Edition: 98 February 2, 217 REIDIN United Arab Emirates Residential Property Price Indices January 217 Results Dubai
More informationREIDIN United Arab Emirates Residential Property Price Indices: July 2017 Results - Edition:104. August 22, 2017
REIDIN United Arab Emirates Residential Property Price Indices: July 217 Results - Edition:14 August 22, 217 REIDIN United Arab Emirates Residential Property Price Indices July 217 Results Dubai Market
More informationREIDIN United Arab Emirates Residential Property Price Indices: January 2016 Results - Edition: 86 February 29, Edition: 86
REIDIN United Arab Emirates Residential Property Price Indices: January 2016 Results - February 29, 2016 REIDIN United Arab Emirates Residential Property Price Indices: January 2016 Results Dubai Market
More informationDUBAI HOUSING MARKET STUDY 2017
DUBAI HOUSING MARKET STUDY 217 Executive Summary Dubai residential market has been a story of increased supply and unsold stock resulting in declining prices over the last three years. Soft price corrections
More informationREIDIN United Arab Emirates Residential Property Price Indices: April 2016 Results - Edition: 89 May 31, 2016
REIDIN United Arab Emirates Residential Property Price Indices: April 2016 Results - May 31, 2016 The official Dubai and Abu Dhabi Real Estate Residential Sales Price Indices provided to Bank of International
More informationREIDIN United Arab Emirates Residential Property Price Indices: January 2015 Results - Edition: 74 March 2, Edition: 74
REIDIN United Arab Emirates Residential Property Price Indices: January 2015 Results - March 2, 2015 REIDIN United Arab Emirates Residential Property Price Indices: January 2014 Results Dubai Market Analysis
More informationProperty. Mashreq. Economic Overview. Wealth Gauge.
FOR THE PRIVILEGED FEW Mashreq Volume 12 August 20 Economic Overview As per National Bureau of Statistics, the economic growth in UAE for 20 stands at 5.2 which was well supported by Trade & Tourism, Hospitality
More informationProperty. Mashreq. Economic Overview. Wealth Gauge. Exceptional. Individual.
Exceptional. Individual. Volume 14 October Economic Overview United Arab Emirates has continued to benefit its safe-heaven status. The economic recovery has been strong which is well supported by tourism,
More informationREIDIN.com The United Arab Emirates Residential Property Price Indices: April 2011 Results. Issue: 16 15/05/2011
REIDIN.com The United Arab Emirates Residential Property Price Indices: April 2011 Results Issue: 16 15/05/2011 Content Page Dubai Residential Property Price Indices: Sales Price Indices 3-7 Dubai Residential
More informationProperty. Mashreq. Economic Overview. Wealth Gauge.
Economic Overview The UAE economy has registered a growth of 5.2 in 2013. In spite of the dip in Oil prices globally the economy is expected to have registered a GDP growth between 4.7-4.8 in 2014. The
More informationJK PROPERTIES DUBAI S BIGGEST EUROPEAN REAL ESTATE COMPANY
JK PROPERTIES DUBAI S BIGGEST EUROPEAN REAL ESTATE COMPANY 30/1/2014 LOCATIONS Arabian Ranches The Meadows Sports City Palm Jumeirah Dubai Marina Downtown Dubai Green Community Jumeirah Beach Residences
More informationReport Highlights. Residential Market Q Snapshot. Valuations Mortgage and Secured Lending Portfolio Valuations
OBSERVER Dubai Market Report Q3 / 218 Services Valuations Mortgage and Secured Lending Portfolio Valuations Advisory and Research Financial Feasibilities Highest and Best Use Studies Market Research Conceptual
More informationDubai Market Overview - Q3 2017
Dubai Market Overview - Q3 2017 Sales prices have been relatively steady over the first 9 months of 2017, with average sale prices of apartments remaining stable while villa prices fell by 3%. This is
More informationDubai House Price Index First Quarter 2016
Dubai House Price Index First Quarter 2016 Index Points Index Points Executive Summary Overview DUBAI HOUSE PRICE INDEX: QUARTER ON QUARTER The overall quarterly index registered no major change in Q1
More informationDubai Real Estate Seller Guide
Dubai Real Estate Seller Guide Use our Seller s Guide to give you the knowledge on the steps that need to be taken in order for you to ensure that your property is marketed effectively and is ultimately
More informationEngland Occupancy Survey May 2017 SUMMARY OF RESULTS
England Occupancy Survey 2017 SUMMARY OF RESULTS Room occupancy in 2017 increased +1% to 73%. Bedspace occupancy also increased +1% to 54%. Weekday room occupancy remained stable at 72% whilst weekend
More informationQ OBSERVER
C H E S T E R T O N S M E N A Q 4 2 0 1 7 OBSERVER Q4 2017 R E P O R T 1 Report Highlights Chestertons MENA Services Valuations Mortgage and Secured Lending Portfolio Valuations Plant and Machinery Appraisals
More informationDubai Real Estate Market Review: FOURTH Quarter 2015
Dubai Real Estate Market Review: FOURTH Quarter 2015 www.valustrat.com ValuStrat in the Media 19 December 2015 16 December 2015 16 November 2015 16 November 2015 No drop in average Dubai property prices
More informationReal Estate Market Commentary 08-Sept-13 to 14-Sept-13
Kuwait Financial Centre Markaz MENA REAL ESTATE RESEARCH Research Highlights: A weekly market commentary Contents Market Commentary Charts to Note Activity Monitor: Dubai, Kuwait, Riyadh - KSA, Dammam
More informationSFR Condo Residential Lot Sales Inventory Sales Inventory Sales Inventory. Month YTD Month Month YTD Month Month YTD Month
Grand Strand Market Report 2017 capped off a great year for the Grand Strand as full year SFR sales volume and median sales price were up 9.8% and 4.3%, respectively. Condo sales activity increased 3.0%
More informationWhile a project is typically acquired on a specific date
A Presentation of the National Association of Home Builders While a project is typically acquired on a specific date Building rehab (if there are multiple buildings) is typically completed building by
More informationMARKET STRATEGY VIEWPOINT U.S. Housing Decelerating
Jan-01 Oct-01 Jul-02 Apr-03 Jan-0 Oct-0 Jul-05 Apr-0 Jan-07 Oct-07 Jul-08 Apr-09 Jan-10 Oct-10 Jul-11 Apr-12 Jan-13 Oct-13 Jul-1 Apr-15 Jan-1 Oct-1 Jul-17 Apr-18 U.S. Housing Decelerating August 27, 2018
More informationDubai Real Estate Report Q3 2017
Property Review Dubai Real Estate Report Q3 2017 In the Middle East for over 30 Years 2 Property map 3 Sales Rentals 4 Sales Rentals 5 Offices Sales Rentals Dubai Property Map 17 3 To Abu Dhabi 6 27 3
More informationReport Highlights. Residential Market Q Snapshot -3% +21% -2% +5% +10% Valuations Mortgage and Secured Lending Portfolio Valuations
OBSERVER Dubai Market Report Q2 / 2018 Services Report Highlights Valuations Mortgage and Secured Lending Portfolio Valuations Affordability is one of the key real estate trends being realised in 2018
More informationRESIDENTIAL REVIEW. Better Technology Better Marketing BETTER RESEARCH Better Education Better Support
RESIDENTIAL REVIEW Better Technology Better Marketing BETTER RESEARCH Better Education Better Support TABLE OF CONTENTS 3 Residential Resale Overview 4 Residential Investment Research 5 Better Technology
More informationMLS of Greater Cincinnati - Charts for the Month: November 2017
MLS of Greater Cincinnati - Charts for the Month: November 2017 The following charts provide an overview of what has occurred in the MLS over the past month. Each chart provides a historical trend. The
More informationCHINA AND HONG KONG RESIDENTIAL MARKETS. by Knight Frank and Holdways 10 December 2014
CHINA AND HONG KONG RESIDENTIAL MARKETS by Knight Frank and Holdways 10 December 2014 CHINA S ECONOMY, POLICIES AND IMPACT ON DEVELOPERS Presented by Helen Liu General Manager, Beijing Holdways Information
More information1 June FNB House Price Index - Real and Nominal Growth MAY FNB HOUSE PRICE INDEX FINDINGS
1 June 2016 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 john.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST 087-328 0157 tswanepoel@fnb.co.za
More informationProfile of International Home Buyers in Florida
Profile of International Home Buyers in Florida Research Division National Association of REALTORS 2009 Prepared for the Florida Association of REALTORS 2009 National Association of REALTORS Profile of
More information2018 Real Estate Forecast Breakfast. Real Estate Market Update
2018 Real Estate Forecast Breakfast Central Oregon Association of REALTORS Real Estate Market Update Paul C. Bishop, PhD, CBE Vice President, Research NATIONAL ASSOCIATION OF REALTORS February 22, 2018
More informationHousing Bulletin Monthly Report
October 21 1 Housing Bulletin Monthly Report Housing Starts show Slight improvement in September CANADA Housing Starts 2, 15, 1, 5, Sep 8 Oct 8 Nov 8 Dec 8 Preliminary Housing Starts in Alberta and Canada
More informationCalifornia Housing Market Update. Monthly Sales and Price Statistics November 2018
California Housing Market Update Monthly Sales and Price Statistics November 2018 Home Sales: Largest Decline Since 2014 California, November 2018 Sales: 381,400 Units, -4.6% YTD, -13.4% YTY 700,000 600,000
More informationDubai Residential Market Report Q42015
Dubai Residential Market Report Q42015 Dubai Residential Market Report Q4 2015 Content Price performance Rent performance Residential supply Cavendish Maxwell Residential Market Survey Q4 2015 Sale price
More informationAsking Price Index Released 12/02/16 February 2016
EMBARGOED UNTIL 12/02/16 HOME.CO UK ASKING PRICE INDEX February 2016 Released: 12/02/2016 1 of 6 Asking Price Index Released 12/02/16 February 2016 England Prices Take a Spring Leap Headlines England prices
More informationExecutive Summary. Overview DUBAI HOUSE PRICE INDEX: QUARTER ON QUARTER Q / Q4 2015
Dubai House Price Index Fourth Quarter 2015 Index Points Index Points Executive Summary Overview DUBAI HOUSE PRICE INDEX: QUARTER ON QUARTER The overall quarterly index registered a 3% decrease in Q4 2015,
More informationThe Effective Analyst: From Research to Execution. Contents are subject to change. For the latest updates visit
The Effective Analyst: From Research to Page 1 of 8 Why Attend Solving problems in the business world is essential to keeping things moving along smoothly. While problems differ in complexity, almost all
More informationInformation sheet A Data
House prices: Statistics activity House prices change over time, but do so at different rates in different places. In this activity you will use statistical diagrams and measures to compare house prices
More informationPART OF NATURE'S FABRIC
PART OF NATURE'S FABRIC LEBANON INDIA JORDAN A TRIBUTE TO DAYS GONE BY YEMEN Stone homes have been around for centuries. Standing the test of time, this charming architectural style is seen around the
More informationREIDIN REAL ESTATE INDICES OCTOBER 2017 RESULTS NOVEMBER 15, 2017
REIDIN REAL ESTATE INDICES OCTOBER 2017 RESULTS NOVEMBER 15, 2017 SUPPORTED BY İŞBANK REIDIN-GYODER NEW HOME PRICE INDICES OCTOBER 2017 RESULTS ISSUE 83 INDEX SUMMARY According to the results of According
More informationMETROPOLITAN TRACT PERFORMANCE REPORT For the Quarter Ended December 31, 2006
F-11 METROPOLITAN TRACT PERFORMANCE REPORT For the Quarter Ended December 31, 2006 Finance, Audit & Facilities Committee March 22, 2006 CONSOLIDATED METROPOLITAN TRACT PROPERTIES Quarterly Summary Quarterly
More informationCalifornia Housing Market Update. Monthly Sales and Price Statistics October 2018
California Housing Market Update Monthly Sales and Price Statistics October 2018 Sales Had the 2 nd Largest Drop in the Last 6 Months California, October 2018 Sales: 397,060 Units, -3.7% YTD, -7.9% YTY
More informationDETACHED MULTI-UNIT APPROVALS
HIA New Home Sales DETACHED MULTI-UNIT APPROVALS SALES MULTI-UNIT DETACHED A monthly update on the sales of new homes September 214 MULTI-UNIT SALES REACH New Cyclical Peak The HIA New Home Sales Report
More informationHousing Price Forecasts. Illinois and Chicago PMSA, August 2017
Housing Price Forecasts Illinois and Chicago PMSA, August 2017 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University
More information2018 Abu Dhabi Real Estate Market
st QUARTER REVIEW 2018 Abu Dhabi Real Estate Market www.valustrat.com Real Estate Performance VPI Market Intelligence. Simplified. ValuStrat Price Index ValuStrat Price Index Residential -7.5% Key Indicators
More informationAn Exclusive Development
An Exclusive Development Rosebay Living is an exclusive residential low-rise development situated in one of the most prominent locations within the Meydan Avenue. It is at close proximity from Dubai s
More informationGrowing at a Slower Pace
2Q 2012 market overview research & forecast report hong kong retail market colliers international HONG KONG Growing at a Slower Pace Hong Kong s inbound tourism growth remained resilient, rising 14% YoY
More informationCalifornia Housing Market Update. Monthly Sales and Price Statistics September 2018
California Housing Market Update Monthly Sales and Price Statistics September 2018 Sales Had the Largest Decline since March 2014 California, September 2018 Sales: 382,550 Units, -3.3% YTD, -12.4% YTY
More informationMETROPOLITAN TRACT PERFORMANCE REPORT For the Quarter Ended September 30, 2007
F-6 METROPOLITAN TRACT PERFORMANCE REPORT For the Quarter Ended September 30, 2007 Finance, Audit & Facilities Committee November 15, 2007 CONSOLIDATED METROPOLITAN TRACT PROPERTIES Quarterly Summary Quarterly
More informationDemocratising Property Investments
Democratising Property Investments What I wish to share today 1. Property sector outlook 2. How theedgeproperty.com can help you make better property investment decisions Property Sector Outlook The property
More informationBankwest Future of Business: Focus on Real Estate
Bankwest Future of Business: Focus on Real Estate 2018 Contents Key insights Industry overview What s driving industry growth? Spotlight on Australia Spotlight on Western Australia What does the future
More informationHousing Market Cycles
MEGA AGENT Market Update Gary Keller and Jay Papasan 2 The U.S. Housing Market Keller Williams Realty, Inc. Housing Market Cycles 4 The U.S. Housing Market Housing Market Cycles 5 The U.S. Housing Market
More informationes nc eside sta R Shai
I m Home 1 Shaista Residences Shaista Apartments 3 Shaista Residences Chairman s Message 2016 has been a significant year for Azizi Developments. While two of our projects at Al Furjan Azizi Yasamine and
More informationMonthly Indicators + 7.3% + 6.6% + 8.3% Single-Family Market Overview Condo Market Overview New Listings Pending Sales.
Monthly Indicators 2018 The three most prominent national market trends for residential real estate are the ongoing lack of abundant inventory, the steadily upward movement of home prices and year-over-year
More informationUNITED KINGDOM OCCUPANCY SURVEY. Serviced Accommodation Summary Report March the research solution
UNITED KINGDOM OCCUPANCY SURVEY Serviced Accommodation Summary Report March 2014 the research solution UK OCCUPANCY SURVEY This study has been commissioned by the National Boards of England, and Scotland
More informationREIDIN REAL ESTATE INDICES: MAY 2015 RESULTS JUNE 15, 2015
REIDIN REAL ESTATE INDICES: MAY 2015 RESULTS JUNE 15, 2015 REIDIN TURKEY RESIDENTIAL PROPERTY PRICE INDICES: MAY 2015 RESULTS Issue: 78 INDEX SUMMARY The residential sales prices for existing homes increased
More informationBRISBANE HOUSING MARKET STUDY
BRISBANE HOUSING MARKET 2018 STUDY Executive Summary Brisbane s residential market, especially the detached houses segment has risen steadily over the last year due to the rise in population, falling unemployment
More informationSeptember bounce in house price sentiment
Knight Frank/Markit House Price Sentiment Index (HPSI) SEPTEMBER 2012 September bounce in house price sentiment Key headlines for September UK households perceive that the value of their home declined
More informationReal Estate Market Commentary 09-Dec-12 to 22-Dec-12
Research Highlights: A weekly market commentary Contents Market Commentary Charts to Note Activity Monitor: Dubai, Kuwait, Riyadh - KSA, Dammam KSA Qatar Markaz Research is available on: Bloomberg - Type
More informationTHE VALUE PROPOSITION OF A STRONG INDUSTRY ASSOCIATION SCOTT ANDISON
THE VALUE PROPOSITION OF A STRONG INDUSTRY ASSOCIATION SCOTT ANDISON JANUARY 15, 2016 THE LINE UP THE FRPO BRAND INDUSTRY PROFILE THE NEED FOR INDUSTRY ADVOCACY SELECT POLICY PRIORITIES QUESTIONS 2 Professional
More informationHousing Price Forecasts. Illinois and Chicago PMSA, December 2015
Housing Price Forecasts Illinois and Chicago PMSA, December 2015 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public
More informationBureau of Business Research Webinar Series October 2016
Bureau of Business Research Webinar Series October 2016 Presented by Eric Thompson W.W. Marshall Associate Professor of Economics Director, Bureau of Business Research Outline Importance of Affordable
More informationJumeirah Lake Towers Market Report Q4 2018
Jumeirah Lake Towers Market Report Q4 2018 Publication This document was produced in 2018. The data used in the tables and charts is the latest available at the time of publishing. Data sources are included
More informationSoaring Demand Drives US Industrial Market to New Heights
Soaring Demand Drives US Industrial Market to New Heights Capitas (DIFC) Limited I June Issue: 2017 THIS ISSUE COVERS: The Amazon Factor a seismic shift in the way people shop Industrial real estate hitting
More informationSan Francisco Bay Area to Napa County Housing and Economic Outlook
San Francisco Bay Area to 019 Napa County Housing and Economic Outlook Bay Area Economic Forecast Summary Presented by Pacific Union International, Inc. and John Burns Real Estate Consulting, LLC On Nov.
More informationMONTHLY STATISTICS PACKAGE
MONTHLY STATISTICS PACKAGE FEBRUARY 2019 FOR IMMEDIATE RELEASE March 1, 2019 Guideline B-20 Continues to Dampen Housing Sales NANAIMO, BC Sales of single-family homes in February board-wide dipped by 28
More informationSan Francisco Bay Area to Marin, San Francisco, and San Mateo Counties Housing and Economic Outlook
San Francisco Bay Area to 019 Marin, San Francisco, and San Mateo Counties Housing and Economic Outlook Bay Area Economic Forecast Summary Presented by Pacific Union International, Inc. and John Burns
More informationOutlook for Median Home Selling Prices. United States data are useless for us.
Outlook for Median Home Selling Prices Outline United States Data Unobserved Prices The Future of California s Median Home Price Bill Watkins August 28, 28 2.% Existing Single-family Housing Sales percent
More informationManhattan Residential Rental Market Report
Manhattan Residential Rental Market Report December & Fourth Quarter 217 Residential Rental Market Report December & Fourth Quarter 217 This report follows overall conditions in the Manhattan rental market
More informationSan Francisco Bay Area to Santa Clara & San Benito Counties Housing and Economic Outlook
San Francisco Bay Area to 019 Santa Clara & San Benito Counties Housing and Economic Outlook Bay Area Economic Forecast Summary Presented by Pacific Union International, Inc. and John Burns Real Estate
More informationQ manhattan. the corcoran report. comitini. com
Q3. manhattan the corcoran report peter comitini comitini.com peter@ comitini. com 212. 444.7844 3 r d QUARTER We are pleased to present the Third Quarter Corcoran Report, an easy-to-read snapshot of the
More informationPublished in Spring 1986 Issue The Real Estate Appraiser & Analyst Society of Real Estate Appraisers 1
(1) Published in Spring 1986 Issue The Real Estate Appraiser & Analyst Society of Real Estate Appraisers 1 Alternative Valuation Methods for Leasehold Properties By Tony Sevelka, AACI, SREA, MAI, CRE Introduction
More informationMonthly Market Watch for Maricopa County An overview of what is happening in the Maricopa County real estate market
Monthly Market Watch for Maricopa County An overview of what is happening in the Maricopa County real estate market Provided by Susan Kraemer of Prudential Arizona Properties Report overview: This report
More informationF 5 STANDING COMMITTEES. Metropolitan Tract Performance Report. For the quarter ended June 30, B. Finance, Audit and Facilities Committee
F 5 VII. STANDING COMMITTEES B. Finance, Audit and Facilities Committee Metropolitan Tract Performance Report For the quarter ended June 30, 2008 F 5/209-08 9/18/08 METROPOLITAN TRACT PERFORMANCE REPORT
More informationDubai Real Estate Report Q2 2017
Property Review Dubai Real Estate Report Q2 2017 In the Middle East for over 30 Years 2 Property map 3 Rent Sales 4 Rent Sales 5 Offices Rent Sales Dubai Property Map 16 3 To Abu Dhabi 6 3 46 26 19 Most
More informationMETROPOLITAN TRACT PERFORMANCE REPORT For the Quarter Ended June 30, 2007
F-6 METROPOLITAN TRACT PERFORMANCE REPORT For the Quarter Ended June 30, 2007 Finance, Audit & Facilities Committee September 20, 2007 CONSOLIDATED METROPOLITAN TRACT PROPERTIES Quarterly Summary Quarterly
More informationReal Estate Market Report
THE POWER OF DISCIPLINED INVESTING Real Estate Market Report March, There continues to be demand for core real estate in major Canadian markets and institutional investors continue to show interest in
More informationFOR IMMEDIATE RELEASE Contact: David B. Bennett President & CEO Phone:
FOR IMMEDIATE RELEASE Contact: David B. Bennett President & CEO Phone: 727-216-32 Email: dbennett@tampabayrealtor.com Real Estate Statistics for September 216 At this time of year everyone starts to get
More informationDUBAI RESIDENTIAL MARKET UPDATE. Core Savills Research Q3 2017
DUBAI RESIDENTIAL MARKET UPDATE Core Savills Research Market performance Supply dynamics Off-plan offer and demand CONTENTS Foreword Sales Market Performance Spotlight-Transaction Activity Spotlight-Cityscape
More informationCalifornia Housing Market Update. Monthly Sales and Price Statistics May 2018
California Housing Market Update Monthly Sales and Price Statistics May 2018 Sales Lost Momentum as Mortgage Rates Continued to Climb California, May 2018 Sales: 409,270 Units, +0.3% YTD, -4.6% YTY 700,000
More informationMonthlyStatistics AUGUST 2017
MonthlyStatistics AUGUST 2017 FOR IMMEDIATE RELEASE September 1, 2017 VIREB Housing Market Continues to Sizzle NANAIMO, BC The Vancouver Island Real Estate Board (VIREB) reports that single-family home
More informationFinancial Analysis Workshop. Contents are subject to change. For the latest updates visit
Financial Analysis Workshop Page 1 of 11 Why Attend In today s world, finance professionals are challenged with providing management a detailed analysis of the impact of the organization's financial decisions.
More informationHousing Price Forecasts. Illinois and Chicago PMSA, April 2013
Housing Price Forecasts Illinois and Chicago PMSA, April 2013 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs
More informationMonthly Indicators + 4.8% - 3.5% %
Monthly Indicators 2015 New Listings were up 45.0 percent for single family/duplex homes but decreased 44.1 percent for townhouse-condo properties. Pending Sales increased 14.3 percent for single family/duplex
More informationOnline Real Estate Advertising
Online Real Estate Advertising FY 2008 - Results Presentation realestate.com.au Ltd 25 www.rea-group.com FY08 was the best year in the history of REA Group REA GROUP KEY METRICS Revenues ($m) EBITDA ($m)
More informationMARCH 2019 Harrisonburg & Rockingham County Real Estate Market Report
MARCH 219 Real Estate Market Report An analysis of real estate activity through February 28, 219 provided courtesy of Scott P. Rogers, Funkhouser Real Estate Group Spacious Four Bedroom Brick Colonial
More informationRightmove House Price Index
Rightmove House Price Index The largest monthly sample of residential property prices August 2018 London edition Monday 20 th August 2018 First-time buyer opportunity as their target sector falls to 3
More informationECONOMIC CURRENTS. Vol. 3, Issue 1. THE SOUTH FLORIDA ECONOMIC QUARTERLY Introduction
ECONOMIC CURRENTS THE SOUTH FLORIDA ECONOMIC QUARTERLY Introduction Economic Currents provides an overview of the South Florida regional economy. The report contains current employment, economic and real
More informationDUNA HOUSE BAROMETER. July month issue THE LATEST PROPERTY MARKET INFO FROM DUNA HOUSE NETWORK
DUNA HOUSE BAROMETER 73. issue July month 2017 THE LATEST PROPERTY MARKET INFO FROM DUNA HOUSE NETWORK www.dh.hu PRIVACY POLICY Statistical information and estimates published in the Duna House Barometer
More informationUNITED KINGDOM OCCUPANCY SURVEY. Serviced Accommodation Summary Report April the research solution
UNITED KINGDOM OCCUPANCY SURVEY Serviced Accommodation Summary Report April 2017 the research solution OCCUPANCY SURVEY This study has been commissioned by the National Boards of England, Ireland and Scotland
More informationYOUR HOME AT THE CENTRE OF THE NEW DUBAI
YOUR HOME AT THE CENTRE OF THE NEW DUBAI Whether you are investing in a new home or searching for a real estate asset with healthy returns, Villa Lantana has a list of advantages that are hard to ignore.
More informationCalifornia Housing Market Update. Monthly Sales and Price Statistics December 2018
California Housing Market Update Monthly Sales and Price Statistics December 2018 Sales Reached the Lowest Level since Jan 2015 California, December 2018 Sales: 372,260 Units, -5.2% YTD, -11.6% YTY 700,000
More informationHouseholds expectations for house price growth reach new survey high
Knight Frank/Markit House Price Sentiment Index (HPSI) October 2013 Households expectations for house price growth reach new survey high Key headlines for October Households perceptions of house price
More informationCalifornia Housing Market Update. Monthly Sales and Price Statistics August 2018
California Housing Market Update Monthly Sales and Price Statistics August 2018 Sales Declined for the 4 th Consecutive Month California, August 2018 Sales: 399,600 Units, -2.1% YTD, -6.6% YTY 700,000
More informationSummary of JREI Global Property Value/Rent Indices (No. 11, Oct. 2018)
November 29, 2018 Japan Real Estate Institute (JREI) JREI-kenkyu-madoguchi@imail.jrei.jp Summary of JREI Global Property Value/Rent Indices (No. 11, Oct. 2018) We are pleased to release a summary of the
More informationRightmove House Price Index
Under embargo for 00.01 hours, Monday 16 th April 2018 Rightmove House Price Index The largest monthly sample of residential property prices April 2018 London edition Under embargo for 00.01 hours, Monday
More informationResidential Auctions 2013 Annual Review
Residential Auctions 2013 Annual Review Residential Auctions 2013 Annual Review Index INTRODUCTION PROPERTY ANALYSIS ANALYSIS REGIONS YIELDS ANALYSIS BUYERS HIGHLIGHTS OF THE YEAR 2014 CONTACT DETAILS
More information