The document discusses investment opportunities in Swedish real estate in 2010. It provides an overview of the strong Swedish economy, stable political system, and transparency of the real estate market, which have attracted significant foreign investment in commercial and residential properties. Major cities highlighted for investment include Stockholm, Gothenburg, and Malmo/Lund, which have large office markets and growing populations.
1. Investment opportunities in Swedish Real Estate 2010 A prime European investment market March 25, 2010 www.isa.se
2. Contents March 25, 2010 www.isa.se FOREIGN INVESTMENTS THE SWEDISH REAL ESTATE MARKET THE SWEDISH ECONOMY INVESTMENT OPPORTUNITY MAJOR CITIES FOR INVESTMENT ISA AND ISA PARTNERS
3. March 25, 2010 www.isa.se FOREIGN INVESTMENTS FOREIGN INVESTMENTS THE SWEDISH REAL ESTATE MARKET THE SWEDISH ECONOMY INVESTMENT OPPORTUNITY MAJOR REGIONS FOR INVESTMENT ISA AND ISA PARTNERS
4. Positive inflows for most of the decade Investments by international investors 2002-2009, SEK billion* March 25, 2010 www.isa.se *1 SEK = € 0.09, $ 0.13 Source: Leimdörfer FOREIGN INVESTMENTS
6. A large recipient of cross-border investment Share of total European cross-border investments, 2004-2009 March 25, 2010 www.isa.se Source: Cushman & Wakefield FOREIGN INVESTMENTS
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8. International investor presence March 25, 2010 www.isa.se AXA Real Estate IM, France Boultbee, UK Eurocommercial (Netherlands) Commerz Real, Germany Credit Suisse, Germany Deka, Germany DnB Nor, Norway Klépierre, France Pembroke Real Estate, US Property Group, Denmark Bank of Ireland PB, Ireland Citycon, Finland Deutsche Bank/RREEF, Germany HSH Real Estate, Germany MEAG, Germany SveaReal, Norway Investea, Denmark IVG, Germany Orion Capital Managers, UK ING Real Estate, Netherlands FOREIGN INVESTMENTS Unibail-Rodamco (France) Ejendomsinvest, Denmark Invesco, UK/Germany Abu Dhabi Inv. Auth., UAE GIC Real Estate, Singapore GE Real Estate, US KLP Eiendom, Norway Vital, Norway
9. International investor origin 2009 Share of cross-border acquisitions March 25, 2010 www.isa.se Source: Cushman Wakefield FOREIGN INVESTMENTS
10. Investors range the full spectrum Type of investors 2009, share of total investment market March 25, 2010 www.isa.se Source: Leimdörfer FOREIGN INVESTMENTS
11. Strong demand for office and residential property Share of total transaction volume, 2009 March 25, 2010 www.isa.se Source: Leimdörfer FOREIGN INVESTMENTS
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13. Investors view Sweden favorably March 25, 2010 www.isa.se “ Sweden is a very accessible market for international investors and most properties are sold in an open process... I have few doubts about Sweden’s ability to maintain its leading competitive and innovative position.” “ Sweden is a highly active investment market with good transparency, anchored in one of Europe’s best performing economies. We are here to stay long-term.” Steinar Manengen, CEO, KLP Eiendom FOREIGN INVESTMENTS
14. March 25, 2010 www.isa.se THE SWEDISH REAL ESTATE MARKET FOREIGN INVESTMENTS THE SWEDISH ECONOMY INVESTMENT OPPORTUNITY MAJOR CITIES FOR INVESTMENT ISA AND ISA PARTNERS SWEDISH REAL ESTATE MARKET
15. Investments by investor category SEK billion* March 25, 2010 www.isa.se *1 SEK = € 0.09, $ 0.13 Source: Leimdörfer SWEDISH REAL ESTATE MARKET
16. Commercial owners are active buyers/sellers Ownership 2009, estimated market value SEK 725 billion March 25, 2010 www.isa.se Note: Industrial properties are excluded, since the majority of these are owner occupied. Source: Newsec SWEDISH REAL ESTATE MARKET
17. Sweden’s largest property owners March 25, 2010 www.isa.se Source: Newsec SWEDISH REAL ESTATE MARKET Aberdeen Prop. Inv., UK Acta, Norway AFA Fastigheter, Sweden Alecta, Sweden Akademiska Hus, Sweden Akelius, Sweden AMF, Sweden Atrium Ljungberg, Sweden Balder, Sweden Boultbee, UK Brinova, Sweden Castellum, Sweden Diligentia, Sweden DnB Nor/Vital, Norway Fabege, Sweden GE Real Estate, US Heimstaden, Norway Hufvudstaden, Sweden ING Real Estate, Netherlands Kungsleden, Sweden London & Regional, UK Niam, Sweden Nordisk Renting, UK Norrporten, Sweden Northern European Prop. (UK) Property Group (Denmark) SEB Trygg Liv, Sweden Skanska, Sweden Stena Fastigheter, Sweden Unibail-Rodamco, France Vasakronan, Sweden Valad Property Group, Australia Vital, Norway Wallenstam, Sweden Wihlborgs, Sweden
18. Excellent transparency Online analysis and forecasting tools available March 25, 2010 www.isa.se SWEDISH REAL ESTATE MARKET
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21. Stable banking system, active domestic lenders Lending secured by commercial property, SEK billion March 25, 2010 www.isa.se Property providers Aareal Bank, Germany Danske Bank, Denmark DnB Nor, Norway Deut. Pfandbrief B., Germany DG Hyp, Germany Eurohypo, Germany Handelsbanken, Sweden Landesbank H. T., Germany Nordea, Sweden Nykredit, Denmark RBS (UK) SBAB (Sweden) SEB (Sweden) Swedbank (Sweden) SWEDISH REAL ESTATE MARKET Source: Statistics Sweden
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25. Commercial lease regulations tied to real property code March 25, 2010 www.isa.se Standard form contracts normally used for commercial leases SWEDISH REAL ESTATE MARKET
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28. Competitive corporate tax rate 2009, percent March 25, 2010 www.isa.se Source: PricewaterhouseCoopers, 2010 SWEDISH REAL ESTATE MARKET
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30. March 25, 2010 www.isa.se FOREIGN INVESTMENTS THE SWEDISH REAL ESTATE MARKET INVESTMENT OPPORTUNITY MAJOR CITIES FOR INVESTMENT ISA AND ISA PARTNERS THE SWEDISH ECONOMY THE SWEDISH ECONOMY
31. Diversified and international economy Distribution of exports by industry sector, 2009 March 25, 2010 www.isa.se Source: Statistics Sweden THE SWEDISH ECONOMY
32. A long tradition of global activity March 25, 2010 www.isa.se THE SWEDISH ECONOMY
33. Home to multinationals Sweden’s largest companies, sales 2008 SEK billion* March 25, 2010 www.isa.se Volvo Group, automotive 303.7 Ericsson, mobile systems 208.9 Vattenfall, energy 164.5 Sony Ericsson, mobile communications 123.0 Skanska, construction 143.7 Electrolux, household appliances 104.8 Telia Sonera, telecommunications 103.6 Scania, automotive 93.7 Sandvik, metals technology 92.7 SCA, pulp & paper 110.4 * 1 SEK = € 0.09, $ 0.13 THE SWEDISH ECONOMY Vattenfall wind turbine in Hailuoto, Finland ICA, retail 91.0
34. Strong public finances Current account and budget balance, % of GDP March 25, 2010 www.isa.se Source: Economist, February 2010 THE SWEDISH ECONOMY
35. One of Europe’s best performers Average annual GDP growth in selected countries 2005-2009, percent March 25, 2010 www.isa.se Note: Figures for 2009 are preliminary Source: National Institute of Economic Research; Eurostat; OECD, 2010 THE SWEDISH ECONOMY
36. Meeting inflation target of 2 percent Annual average inflation rate 2005-2009, percent March 25, 2010 www.isa.se Source: National Institute of Economic Research; Eurostat; OECD, 2010. Figures for 2009 are preliminary THE SWEDISH ECONOMY
37. The world’s most competitive countries Ranking, 2009 March 25, 2010 www.isa.se 1. Switzerland 2. US 3. Singapore 5. Denmark 4. Sweden 7. Germany 8. Japan 9. Canada 10. Netherlands 6. Finland Source: World Economic Forum “Global Competitiveness Report 2009–2010” THE SWEDISH ECONOMY
38. Most innovative countries Ranking, 2009 March 25, 2010 www.isa.se 1. Sweden 2. Finland 3. US 5. Netherlands 4. Switzerland 7. Canada 8. UK 9. Norway 10. New Zealand 6. Singapore Source: European Business School’s Innovation capacity index 2009-2010 THE SWEDISH ECONOMY
39. March 25, 2010 www.isa.se FOREIGN INVESTMENTS THE SWEDISH REAL ESTATE MARKET MAJOR CITIES FOR INVESTMENT ISA AND ISA PARTNERS INVESTMENT OPPORTUNITY THE SWEDISH ECONOMY INVESTMENT OPPORTUNITY
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41. Significant yield gap Yield vs long-term interest rates 2002-2009, percent March 25, 2010 www.isa.se Source: Leimdörfer INVESTMENT OPPORTUNITY
42. Total returns, breakdown on asset classes 1997-2009, percent March 25, 2010 www.isa.se Source: IPD INVESTMENT OPPORTUNITY
43. Undervalued Swedish krona? Currency stability, SEK vs € and $, 2001-2009 March 25, 2010 www.isa.se Source: Central Bank of Sweden INVESTMENT OPPORTUNITY
44. March 25, 2010 www.isa.se FOREIGN INVESTMENTS THE SWEDISH REAL ESTATE MARKET ISA AND ISA PARTNERS MAJOR CITIES FOR INVESTMENT THE SWEDISH ECONOMY INVESTMENT OPPORTUNITY MAJOR CITIES FOR INVESTMENT
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46. Europe’s largest office property markets Office stock 2009, million sq.m. March 25, 2010 www.isa.se 1. Greater London, UK 28.5 2. Greater Paris, France 27.2 3. Munich, Germany 18.5 4. Berlin, Germany 17.6 5. Hamburg, Germany 13.0 6. Brussels, Belgium 12.9 7. Frankfurt, Germany 11.9 10. Greater Stockholm 10.8 Source: CB Richard Ellis 31. Göteborg 3.1 44. Malmö/Lund 1.5 MAJOR CITIES FOR INVESTMENT
47. March 25, 2010 www.isa.se FOREIGN INVESTMENTS THE SWEDISH REAL ESTATE MARKET ISA AND ISA PARTNERS THE SWEDISH ECONOMY INVESTMENT OPPORTUNITY MAJOR REGIONS FOR INVESTMENT ISA AND ISA PARTNERS
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Editor's Notes
This presentation is an introduction to the Swedish real estate market, one of Europe’s most favored destinations for cross-border real estate investment. The presentation - which complements an Invest in Sweden Agency publication – will provide insights into Sweden in terms of foreign investment activity, the features of the Swedish real estate market and the state of the Swedish economy.
Let us begin with a review of investment activity in 2009 and the preceding years.
Total net investments by international investors during the past eight years were SEK 172 billion (EUR 15.5 billion). In 2009, however, net investments were negative; divestments exceeded acquisitions by SEK 6 bn.
By year-end 2009, international investors owned Swedish real estate assets amounting to SEK 215 billion (EUR 19 billion) by acquisition value, a 65 percent increase f rom five years earlier. There is great diversity among investors, including property companies, institutional investors and property funds. Investments have been made all over Sweden.
Sweden was Europe’s fourth-largest destination for cross-border investment in 2009 , outranked only by the UK, Germany and France – all three much larger countries. Looking at individual cities, the capital of Stockholm scored very well, as we can see from the next picture.
Stockholm has been among Europe’s most important investment markets for real estate for a number of years, and has remained so in spite of the financial crisis. Stockholm was Europe’s sixth-largest investment market in 2009.
Investors that have entered Sweden span the full investor spectrum , from open-ended public funds seeking high quality properties in prime locations, to opportunistic, highly leveraged investors. Investors primarily originate in the UK, the US, Denmark, Germany, Netherlands and Norway.
The investor base includes investors from some 15 countries in the US, Europe, Middle East and Asia. In 2009, German and Norwegian investors accounted for nearly all acquisitions made by international investors.
Private property companies, property funds and publicly traded property companies jointly accounted for nearly 60 percent of transactions.
Offices remained the largest investment class, although decreasing while residential property increased considerably in 2009.
2009 was marked by significantly smaller transactions; few transactions valued at more than SEK 1 billion (EUR 90 million) were recorded. The largest single asset transaction was the sale of the Royal Viking Hotel in Stockholm to the Norwegian institutional investor KLP (transaction value not disclosed). The largest cross-border acquisitions (disclosed values) were made by Deka, Catella Real Estate and IVG.
International investors display a similar view on the Swedish real estate market. Asset quality, professionalism of advisory services is often quoted, as is market transparency, liquidity and the reliability of the legal and fiscal systems. Investors also appreciate the presence of other foreign investors.
This graph displays the development of the total Swedish investment market between 2002-2009, split on different investor categories. Total real estate transactions amounted to some SEK 40 billion (€ 4 billion/$ 5.5 billion) in 2009, down by some 70 percent compared with 2008. Investments by international investors fell to its lowest level in more than a decade. Cross-border transactions, involving a foreign buyer or seller, amounted to 26 percent of total transaction volume compared with 36 percent in 2008. As the year progressed transaction activity picked up; transaction volumes more than doubled between the third and the fourth quarter. In spite of the reduced investment activity, Sweden remained one of Europe’s largest investment markets. Although financially driven, opportunistic investors have left the market, activity by Swedish institutional and private investors as well as international equity investors have sustained transaction volumes. Subdued investment volumes and falling property prices during 2009 lead many to believe that the Swedish property investment market has reached the bottom
A large share of the ownership of commercial property lies in the hands of institutions, listed property companies, foreign owners and private owners. Many are active buyers and sellers – a key contributor to the good market liquidity.
This list introduces Sweden’s over 30 of Sweden’s largest property owners. Institutional owners : AFA Fastigheter, Akademiska Hus, Alecta, AMF, Diligentia and SEB Trygg Liv. Listed property companies : Atrium Ljungberg, Balder, Castellum, Fabege, Hufvudstaden, Kungsleden, Wallenstam and Wihlborgs. Foreign investors : Aberdeen, Acta, Boultbee, DnB Nor, GE Real Estate, ING Real Estate, Landic Property, Nordisk Renting, Northern European Properties, Property Group,Unibail-Rodamco, Valad Property Group and Vital. Vasakronan is owned by the Swedish State. The remainder, Akelius, Niam, Norrporten and Stena Fastigheter are privately held property companies.
Building on the advanced state of information technology in Sweden, Internet-based property information systems , combining local and national property market information systems with forecasting and analysis tools, have been introduced to the market. One example is the subscription service Datscha, www.datscha.com . The Datscha database includes property information for 300,000 retail, industry and special properties in Sweden and Finland . The database also makes available statistical information as well as detailed property market information from the 110 largest municipalities in Sweden and 7 in Finland . The system has a map functionality which shows every property’s location and classification. The larger screen print shows the center of Stockholm. Property units are displayed in different color schemes according to their quality of location . Each type of property can be analyzed in a number of different ways. The smaller screen print shows the 1994 data for the properties displayed in the large screen print: spans of rent levels, vacancy rates and yields . The data is broken down on residential, office, retail and industrial property space , and can be presented for any chosen year.
Sweden is recognized for openness and good access to information from official sources. The Land Register is available online and in English. It contains detailed property information, for example: property unit, location, area, title holder, mortgages and tax assessment value. Other available data include purchase price for the last transfer and measures taken in the property unit, such as measuring of land, amalgamation, reallotment and utility easement procedures. Each property unit in the Land Register has a specific name and code. The Land Register is maintained by the National Land Survey of Sweden ( Lantmäteriet)
To improve sustainability performance of buildings is highly prioritized in Sweden, due to strong environmental awareness and pressure from tenants, property developers and owners/investors alike. Sweden is a European leader in energy use from renewable sources, partly thanks to pioneering waste-to-energy developments and extensive build-up of district heating/cooling systems in Swedish municipalities. The European Union’s Green Building Program, set up in 2004 to improve the energy efficiency of non-residential buildings in Europe, has been rapidly implemented in Sweden. Swedish property owners and developers account for a large share of all buildings approved by the program. More importantly, the Swedish real estate industry is now making a collective effort to advance environmentally-friendly building practices. During 2009, twelve companies and organizations including NCC, SEB, Vasakronan, the Swedish Property Federation and the cities of Stockholm and Malmö co-founded the Sweden Green Building Council (SGBC). SGBC aims to support the transformation to greener property construction and real estate management by influencing decision-makers, disseminating knowledge and developing various supportive tools. One important task is to champion the development of a limited number of commonly accepted and locally adapted green building standards. In Sweden, the industry has in principle agreed on three standards going forward: the UK and US standards BREEAM and LEED, and the Swedish standard ‘Miljöklassad Byggnad’. Kungsbrohuset in Stockholm, finished by early 2010, is one of Europe’s most energy-efficient buildings, thanks in part to the recycling of excess heat from the nearby Central Station.
The Swedish property financing market is dominated by a handful of domestic banks and complemented by a number of international banks. Data from Statistics Sweden, which assembles statistics on Swedish-based financial institutions, show that Swedish financial institutions accounted for 88 percent of commercial property financing by year-end 2009, while foreign-owned financial institutions accounted for 12 percent. Several international banks are in the process of leaving the Swedish market and are not engaged in new lending. The stability of the Swedish banking sector, aided by considerable government intervention during 2009, is a comfort to the property investment market. Following capital raisings and other capital measures during 2009, the Swedish banks are now among Europe’s best-capitalized banks. SEB, for example, had a total capitalization of 14.7 percent at year-end 2009.
Sweden has an uncomplicated taxation structure and offers competitive corporate taxes of 26.3 percent (lowered from January 1, 2009). The effective tax rate is lower due to the possibility of deferring taxation of profit. Sweden has no thin capitalization rules, no withholding taxes on interests and one of the world’s most favorable holding company regimes, to be presented in more detail on the following slide.
Sweden is among Europe’s most favorable jurisdictions for holding companies, a result of participation exemption rules in combination with other tax rules and case law. Capital gains and dividends from business related shares are exempt from tax. The definition of business related shares is generous compared to other countries. The holding company regime applies to shares held in, or dividends received from, companies in Sweden and abroad. Qualification for tax exemption Unlisted shares are always tax exempt – ie. There is no qualification time or minimum holding of votes or capital. For listed shares, shares must represent at least 10 percent of the voting rights or must be held in the course of the holder’s business. Must also be held at least one year.
The Swedish real property legal system strikes a good balance between demands for security, reliability, transparency, and cost-efficiency. It is easy to operate in, with structural mechanisms to ensure low transaction costs. In many cases, standardized lease contracts and documentation are used. Procedures for mortgaging and title registration are simple and straightforward.
Commercial leases are normally entered for a term of three to five years with the rent linked to changes in the Consumer Price Index. Even regarding commercial leases there are mandatory regulations stipulated in the Real Property Code. This is why most parties in Sweden use standard form contracts for commercial leases , usually the version drafted by the Swedish Property Federation. The normal contract would constitute a four-page document with single-page appendices regarding the index-linked rent and a property tax clause. With most parties being familiar with the contracts used on the market, the result has been shorter times for negotiating lease contracts and low legal fees.
A wide selection of both domestic and multinational real estate service providers assist international investors in all aspects of Swedish property investment.
A wide selection of both domestic and multinational real estate service providers assist international investors in all aspects of Swedish property investment.
Sweden’s corporate income tax rate was lowered to 26.3 percent from January 1, 2009. The effective tax rate is lower due to the possibility of deferring taxation of profit. Interest expenses on borrowed funds, as well as property-related expenses, are tax-deductible for resident and non-resident companies and partnerships owning Swedish property. Certain expenses, such as cost relating to the acquisition of property, refurbishment cost and interest incurred during construction, must be added to the acquisition cost of the property and depreciated accordingly.
As mentioned, the corporate income tax is 26.3 percent but the effective tax rate is lower due to the possibility of deferring taxation of profit. Direct acquisition of the legal title to Swedish property is subject to 3 percent transfer tax (for legal entities). However, transfers of stock in a real estate company are not subject to transfer tax. Value added tax is not levied on property transactions and the renting out or leasing of property. However, it is possible to register for value added tax purposes concerning the renting of property. Property owners pay annual property tax based on an assessment value, calculated as 75 percent of the estimated market value of the property. The tax rate varies between 0.5 and 1 percent, depending on the type of property. For residential property the tax is SEK 1,200/apartment but not higher than 0.4% of the tax assessment value of the apartment.
Swedish industry boasts large number of global brand names across a wide range of industry sectors . Ericsson, Ikea, SKF and Volvo are examples from the telecom, home furnishing, engineering and automotive sectors. Other important sectors include financial services, life sciences, pulp and paper, and retail. A strong presence of multinational companies, many with regional headquarters for northern Europe located here, contributes to Sweden’s international business environment.
These are examples of companies of Swedish origin. The fact that all these businesses have sprung from a base in Sweden to become global corporations, many of them technology leaders in their respective fields, is a testimony to industrial tradition, know-how and a production-oriented infrastructure. As a result of international restructuring, some of these companies have today merged with foreign counterparts.
OK Sweden’s five largest companies are: the Volvo Group, the automotive group that includes Volvo Trucks; Ericsson, the mobile systems supplier 3) Vattenfall, energy 4) Skanska, construction 5) Sony Ericsson, mobile communications
The Swedish public finances are strong. The level of public debt in relation to GDP is far below many western peers. Having for many years emphasized the need for strong public finances, Sweden has had the means to introduce measures to counter the effects of the global economic slowdown. For example, strong injections are being made into the local government sector in 2010. Swedish banks are well capitalized and in good shape to support a recovering economy. The GDP outlook foresees a return to solid growth in 2010 and beyond.
High levels of trade, foreign investment and internationalization of business and society have contributed to an environment conducive to growth. Naturally, Sweden’s export-oriented economy was heavily affected by the fall in global demand instigated by the financial crisis. However, a vigorous business community, strong institutions and public finance fundamentals provide the basis for a solid recovery. Sweden’s core industries drive demand for sophisticated services and advanced technologies. Historically, the manufacturing industry has posted some of the fastest productivity growth rates in the world.
Sweden’s fiscal and monetary policies have contributed to maintaining a macroeconomic environment conducive to growth. Government spending limits are set and agreed with Parliament. The independent Riksbank has maintained price stability with an inflation target set at 2 percent over the economic cycle . A number of structural reforms, deregulations and privatizations have been undertaken. The national pension system was reformed already in the mid 1990s. The government debt is among the lowest in Europe.
Productivity improvements, low wage and price inflation and Sweden’s niche in high technology fields have benefited Swedish competitiveness for a long time. A stable and transparent business environment, a highly skilled workforce and a well-recognized capacity for innovation are other features of the economy. International surveys regularly highlight Sweden as one of the world’s most competitive countries.
Similarly, Sweden has on multiple occasions been named among the world’s most innovative countries. The annual 4 percent of GDP expenditures on R&D contribute to Sweden’s position as the number one in innovation performance among European countries. A survey by the European Commission, measuring innovation performance in 203 European regions, placed four Swedish region among the top ten. The country is home to a number of successful innovative environments and industry clusters.
Surveys conducted with international investors that have entered Sweden since the year 2000 yield these main arguments for Sweden as a real estate investment destination. They include industry-specific factors such as liquidity, transparency and efficiency as well as general strengths in a diversified and performing economy.
As a result of the record-low interest rates, the yield gap between five-year borrowing rates and office property yields currently amounts to 2.5–3 percent. This is expected to contract somewhat during 2010, as interest rates start to move upwards. Even so, the yield gap is expected to remain at historically high levels. This is a strong argument especially for institutional real estate investors and a helpful step to recovery
Total return developments stabilized in 2009, following the negative returns experienced in 2008. Total real estate returns were 1.4 percent for all asset classes, however the positive result was wholly explained by residential property where total return was 13.9 percent. Total returns for office property was -0.4 percent and for industrial property -0.7 percent. Returns for retail property was 2.0 percent.
During the financial crisis, the Swedish krona depreciated significantly against both the euro and USD. During 2009, the krona strenghten markedly against both these currencies. Against the euro, the krona remains weaker than the historical average. Sweden chose, in a 2003 referendum, not to introduce the euro. In substance, Sweden meets the economic and financial requirements for EMU (European Monetary Union) membership.
Sweden has attracted foreign real estate investments since the late 1990s. The three largest cities Stockholm, Göteborg and Malmö have recorded the majority of investments. Some 3.4 million people live in the metropolitan areas of these three cities. However, during the past five years, regional anchor cities have recorded increasing investments. There are som 20-30 anchor cities, including from north to south, Luleå, Umeå, Sundsvall, Uppsala, Karlstad, Västerås, Örebro, Norrköping, Linköping, Jönköping, Växjö, Karlskrona, Kristianstad and Helsingborg. Anchor cities are either the region’s administrative capital, the largest city, a university city or, normally, a combination of the three.
Stockholm, Göteborg and Malmö belong to the group of Europe’s largest office markets by area; Stockholm placed 10th, Göteborg 31st and Malmö 44th.
OK A number of highly qualified advisors can assist in matters related to property investments. Contact details are found in the ISA Real Estate publication and on partner web sites.
Invest in Sweden Agency, ISA, is a government agency established to attract and facilitate foreign direct investment. ISA provides details about Swedish business conditions and investment opportunities, as well as introductions to government agencies, local authorities, and business organizations. All services provided are free of charge. For further information about real estate investments in Sweden, contact Geetali Chhatwal-Jonsson, Head of Direct Markets.
