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Investors Find Rich Property Pickings In Eurozone
by Jim Atkins : April 24, 2013 Eurozone economies might be in the doldrums, but some rich property pickings have seen France and Spain benefit from renewed interest from investors. However, it is a different story in financially stricken Cyprus, where plummeting home prices are putting off buyers. In Spain, which has large amounts of unsold properties and a struggling economy, couldn’t be more different. Figures from Eurostat, the European Union’s statistical office, have put the country at the top of the continent’s destination league for tourists once again. British tourists make up one in five of Spain’s visitor numbers and the French make up 18%. Spain is most popular for Portuguese tourists with 39% of visitors. Popular Spain Spain’s popularity with visitors is underlined by an increasing interest in property investment. The country’s Ministry of Development says that investment by overseas buyers increased by nearly 14% last year or the equivalent of £5.4 billion. That’s an increase over the 2011 figure of £4.8 billion and shows that investors believe that Spanish property will rebound in value and its economy will eventually recover. It’s a similar story in France which has seen real estate prices slump in recent times as the government imposed harsh property taxes. This hasn’t put off buyers from overseas who have, according to real estate firm Savills, spent more than £2 billion on commercial real estate in the country in the first three months of 2013. The figures match the amount spent in the same period last year, with buyers particularly keen on hotels and care homes which have seen sales increases of 119% and 85% respectively. Slump in Cyprus These sectors are so popular that they accounted for four out of every seven property deals in France, and the firm says that commercial property looks good for investors. Meanwhile, the on-going financial crisis in Cyprus has seen a major slump in property prices. Values in the capital Nicosia have seen prices drop by nearly 25% in the centre and nearly 45% in the suburbs. The big worry is for the performance of home loans, with many homebuyers who bought in the boom now in negative equity. However, with so few recent home sales, Cyprus Lands and Surveys Department says it is difficult to assess accurately what the decline in prices has been. The country’s Associations of Real Estate Valuers and Estate Agents has given figures and reckon while apartments in the capital have dropped in value by a small amount, other properties have seen falls of up to 50%. Continue reading
Europe Commercial Investments Jump in First Quarter
By Francys Vallecillo | April 19, 2013 11:12 AM ET Commercial real estate investments in Europe increased by 11 percent in the first quarter from a year ago, led by office space investments in core markets, according to new data from CB Richard Ellis. Europe commercial property investment during the first quarter totaled €29.4 billion, an increase from €26.5 billion a year ago. The surge was dominated by a 48 percent increase in investment activity in France, followed by a 32 percent jump in activity in Germany, the firm reports. Investment activity U.K. increased by 8 percent from the same period a year ago, according to CBRE. “With Europe still in recession investors continue to focus on the core markets – reflected in the performance of markets such as London, Paris and the German cities over recent months,” said Jonathan Hull, head of EMEA capital markets. “There is also some indication that investors are more actively looking at the southern European markets as investors start to seek yield instead of just capital preservation.” Countries in the region affected by the euro crisis also reported increased investment activity, with Ireland reporting its second consecutive quarter of higher investment activity. The country is seeing the highest level of investment activity since its peak in 2007, CBRE reports. Portugal and Spain also reported increases compared to the first quarter of 2012, although CBRE didn’t provide specific numbers. Italian commercial real estate investment increased by 38 percent compared to the previous quarter, but was lower than the first quarter of 2012, which included a large transaction. Investments in office space totaled €12.9 billion, accounting for 44 percent of total European investment activity. Industrial investment increased 13 percent to €3.7 billion, which was higher than the 8 percent long-term average for the sector, CBRE noted. During the first quarter, retail investment accounted for a little more than 25 percent of overall European activity, with the U.K. and Germany leading with €2.4 billion and €2.1 billion, respectively. With the number of transactions still low, CBRE warns it is still premature to draw conclusions about the European real estate market from the latest numbers. Yet, the market is expected to perform better, as financial markets continue to largely ignore issues related to the Italian election, the Cyprus banking crisis and Portugal’s budget issues, CBRE predicts. Continue reading
Chinese Buyer Keen To Buy More Kiwi Forest
Published: 6:12PM Wednesday April 24, 2013 Source: BusinessDesk A stack of cut logs. – Source: Photos.com The North Island forest estates are the first step in the Chinese company’s strategy to invest in the local industry and look at other opportunities, it said in a statement. The general manager of China National Forests, Lin Zhan, expects the forestry investment will generate new jobs. “To ensure that the forests are managed to best practice, New Zealand based in-forest suppliers will continue to provide the in-forest services.” “Owning the forestry estate will not likely see any reduction in the purchase of export logs from other New Zealand suppliers,” Wong said. The superannuation fund, known as the Cullen Fund for its architect former Finance Minister Michael Cullen, sought a buyer for the blocks last year, when it valued the estates at some $91.1 million as at June 30. “We see more attractive investment opportunities for our purposes elsewhere,” Whineray said. “We are always working to ensure that we have the best possible mix of investments in the fund.” The Cullen Fund recently upped its stake in the Kaingaroa Forest, which is still the fund’s single biggest asset worth $945.1 million as at March 31, and recently bought a $140 million stake in local IT company Datacom and 11 local dairy farms. Continue reading
