The EY Real Estate Asset Investment trend indicator shows increasing interest for Belgian real estate as sound investment in 2014. More findings included.
Real Estate Asset Investment Trend Indicator EY Belgium
Real Estate Asset Investment Trend Indicator
Belgium 2013
The trend indicator is based on a survey of 20 companies that have been active in the Belgian property market in recent years. The survey focuses on two main areas:
► Assessment of the Belgian real estate market for the year to come
► Outlook on the strategies which Belgian investors will pursue in the coming year.
European banking barometer - Belgian results EY Belgium
The European Banking Barometer provides a benchmark and overview of the macro-economic outlook and its impact on the European banking industry, as well as the priorities banks will focus on over the next six months.
The gradual recovery of European banks is expected to continue. Most bankers remain positive about the economy and their bank’s performance, but the sector isn’t out of the woods yet. After a significant swing towards optimism in our previous edition, our latest survey reveals that a few more bankers expect the economy to improve but most only anticipate slight improvement.
Topias Leino's presentation at the FDI Statistics Workshop (20 March 2014) during the session on whether or not FDI statisics are still a useful metric when measuring investment globalisation.
Find out more at http://www.oecd.org/daf/inv/measuring-globalisation-fdi-statistics-workshop-2014.htm
The Innovation Union Scoreboard 2014 report analyzes innovation performance in EU member states and other countries based on 25 indicators across 8 dimensions of the innovation system. Sweden, Denmark, Germany and Finland are classified as "Innovation Leaders" with the strongest innovation systems. Other top performing countries are classified as "Innovation Followers". While all countries have improved innovation performance over time, convergence between countries is slow and differences remain largest in knowledge excellence and business innovation cooperation. The report also benchmarks EU innovation performance against other European and global competitors.
2014 was a record year for Nordic tech exits, with over $13 billion in total exit value including three exits over $1 billion. The Nordic region has averaged over $4 billion in annual exit value over the last five years and represents close to 10% of global exits over $1 billion, despite having only 2% of global GDP. Within the Nordics, Sweden is the dominant market, contributing 50% of the region's exit value. Digital consumer services produce the most valuable exits, while software generates the most exits over $100 million. Nordic venture capital is important for capturing the value in the region, as Nordic VCs are present in over 90% of exits over $500 million.
- Tracked real estate lending origination across Europe increased 55% in 2014 compared to 2013, with new investment and development lending increasing 123% while refinancing only increased 10%.
- The UK and Western Europe dominated tracked lending destinations in 2014, accounting for 85% of deals, though Southern Europe saw an 80% increase in tracked lending volumes.
- Multi-sector lending exceeded any individual property sector and accounted for 57% of tracked origination value in 2014. Office real estate was the second most common sector backed lending at 20%.
Analyst presentation third quarter 2014 results. ING posts 3Q14 underlying net profit Banking of EUR 1,123 mln.
3Q14 video with our CEO Ralph Hamers at http://youtu.be/Gsb6iwPNgxg
Real Estate Asset Investment Trend Indicator EY Belgium
Real Estate Asset Investment Trend Indicator
Belgium 2013
The trend indicator is based on a survey of 20 companies that have been active in the Belgian property market in recent years. The survey focuses on two main areas:
► Assessment of the Belgian real estate market for the year to come
► Outlook on the strategies which Belgian investors will pursue in the coming year.
European banking barometer - Belgian results EY Belgium
The European Banking Barometer provides a benchmark and overview of the macro-economic outlook and its impact on the European banking industry, as well as the priorities banks will focus on over the next six months.
The gradual recovery of European banks is expected to continue. Most bankers remain positive about the economy and their bank’s performance, but the sector isn’t out of the woods yet. After a significant swing towards optimism in our previous edition, our latest survey reveals that a few more bankers expect the economy to improve but most only anticipate slight improvement.
Topias Leino's presentation at the FDI Statistics Workshop (20 March 2014) during the session on whether or not FDI statisics are still a useful metric when measuring investment globalisation.
Find out more at http://www.oecd.org/daf/inv/measuring-globalisation-fdi-statistics-workshop-2014.htm
The Innovation Union Scoreboard 2014 report analyzes innovation performance in EU member states and other countries based on 25 indicators across 8 dimensions of the innovation system. Sweden, Denmark, Germany and Finland are classified as "Innovation Leaders" with the strongest innovation systems. Other top performing countries are classified as "Innovation Followers". While all countries have improved innovation performance over time, convergence between countries is slow and differences remain largest in knowledge excellence and business innovation cooperation. The report also benchmarks EU innovation performance against other European and global competitors.
2014 was a record year for Nordic tech exits, with over $13 billion in total exit value including three exits over $1 billion. The Nordic region has averaged over $4 billion in annual exit value over the last five years and represents close to 10% of global exits over $1 billion, despite having only 2% of global GDP. Within the Nordics, Sweden is the dominant market, contributing 50% of the region's exit value. Digital consumer services produce the most valuable exits, while software generates the most exits over $100 million. Nordic venture capital is important for capturing the value in the region, as Nordic VCs are present in over 90% of exits over $500 million.
- Tracked real estate lending origination across Europe increased 55% in 2014 compared to 2013, with new investment and development lending increasing 123% while refinancing only increased 10%.
- The UK and Western Europe dominated tracked lending destinations in 2014, accounting for 85% of deals, though Southern Europe saw an 80% increase in tracked lending volumes.
- Multi-sector lending exceeded any individual property sector and accounted for 57% of tracked origination value in 2014. Office real estate was the second most common sector backed lending at 20%.
Analyst presentation third quarter 2014 results. ING posts 3Q14 underlying net profit Banking of EUR 1,123 mln.
3Q14 video with our CEO Ralph Hamers at http://youtu.be/Gsb6iwPNgxg
The document discusses ways to attract more international investment to the EU to boost economic growth. It analyzes case studies of corporate, private, and institutional investors. A survey found that Swiss SMEs plan over 50% of foreign investments in the EU but are concerned about bureaucracy. Recommendations include reducing red tape, enhancing SME access to financing, and considering the international perspective in Capital Markets Union policies to remove obstacles preventing greater foreign investment.
Scotland's Ernst and Young Attractive Survey June 2018Kartina Osman
The document summarizes a report on foreign direct investment (FDI) in Scotland in 2017. Some key findings include:
- FDI projects in Scotland increased 7% in 2017, setting a new record and consolidating Scotland's position as the second most attractive place in the UK for FDI after London.
- FDI jobs created in Scotland rose 104% in 2017 due to larger scale projects, with 10 projects creating over 200 jobs each.
- Business services was the leading sector for FDI projects in Scotland, increasing 10% while digital FDI projects rose 56%.
Ernst & Young Attractiveness Survey - Scotland 2017Kartina Osman
The document summarizes EY's Attractiveness Survey for Scotland in May 2017. Some key points:
- Scotland secured a record 122 foreign direct investment projects in 2016, surpassing the previous high of 119 projects in 2015.
- Business services saw the largest increase in projects from 2015-2016, while software projects declined slightly.
- While the number of FDI projects increased, the number of jobs created fell 47% due to a shift toward smaller, services-focused projects.
- Scotland maintained its position as the second most attractive destination in the UK for FDI, behind only London, a title it has held for five consecutive years.
This non-contractual document discusses Europe's need to increase long term investments in research and development (R&D) in order to fuel sustainable economic growth. It argues that Europe is currently underinvesting in R&D compared to other major economies, risking a "vicious cycle" of low growth. To meet EU targets of investing 3% of GDP in R&D annually would require €135 billion more in funding per year. However, European states face short term budget constraints making it difficult to increase public funding for R&D. The document proposes that institutional investors could help address this funding gap by investing in "science and technology cash flows," such as royalty revenues from intellectual property, which could provide an alternative source
There have been several changes in the Estonian banking sector recently, including the founding of new banks and closure of others. This has led to changes in funding and competition. Risks to financial stability from the Nordic economies and real estate sector in Estonia remain. While money laundering accusations have affected parent bank share prices, the cost of funding has not increased significantly. Overall, the banking sector remains well capitalized and profitable, but macroprudential measures may need to be adjusted if lending growth accelerates.
Start-up Stage - Fintech & Payment - Presentation by Thomas Bloch, Founder and Co-CEO of Vaamo at the NOAH 2015 Conference in London, Old Billingsgate on the 13th of November 2015.
Foreign direct investment is defined as investment by a foreign investor in a company located in Finland to obtain ownership and control through a permanent economic relationship. The benefits to Finland's national economy include stimulating economic growth by creating jobs and export earnings. It also improves market functioning and increases competition by filling capital needs, providing funding for product development, boosting international business expertise, and strengthening business networks. The annual amount of foreign direct investment in Finland through mergers and acquisitions or greenfield projects increased between 2002 and 2011, reaching a peak of 203 million euros in 2007 before declining in later years.
Are Business Angels potential leverages to boost your business ?Kammco
Are Business Angels potential leverages to boost your business ?
Growing SME’s look for alternative financing sources
Early stage funding is the cornerstone to boost your business
Business Angel is filling the financing gap progressively in Europe
Crowdfunding is a growing alternative
Key criteria for Business Angel when selecting a project
Key criteria for entrepreneurwhen selecting Business Angels
Capital V #8 Building an Onshore Hub for Private EquityLPEA
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Market Figures
This document provides an overview of Business France, the French government agency supporting international business development. It discusses France's ongoing business reforms, including tax cuts and increased flexibility. Support for businesses in France is also outlined, such as interest-free loans, grants and tax exemptions available from the central government, local authorities, and agencies like BpiFrance. Specific support available in the Pays-de-la-Loire region is also mentioned.
Berlin Capital Partners is an independent real estate consultancy and capital management company covering the European market. It provides real estate investment services, conducting research and analysis to identify opportunities. The company aims to coordinate consultancy, research, and competitive analysis with investment decisions. It also works to standardize management costs and maintain properties while conducting continuous market analysis to ensure returns remain above market values.
What types of European bank loan portfolios will investment banks, hedge funds and private equity firms invest in and in which territories over the next year?
Etude PwC Loan Portfolio Market Survey 2015PwC France
A l’occasion de la 6ème conférence annuelle sur la restructuration des banques et les portefeuilles de crédits réunissant à Londres près de 600 banquiers et investisseurs, PwC révèle sa dernière étude « Market Survey 2015 ».
Cette étude dévoile deux enseignements clés :
• 5 années supplémentaires de transactions sur les portefeuilles de crédits seront nécessaires aux banques pour céder la totalité des créances non stratégiques et des crédits non performants.
• L’Europe Centrale et de l'Est ainsi que l’Italie sont les marchés émergents pour ce type de transactions
This document summarizes the financial performance of retail property investments in the Netherlands from a European perspective. Some key points:
- Dutch retail property has achieved relatively good long-term returns compared to other real estate classes and asset classes like stocks and bonds, with a return-risk ratio of 2.25 over 1995-2014.
- Total returns on Dutch retail property have remained positive during the financial crisis years, outperforming other European countries. Rental cash flows in the Netherlands show potential for steady income returns in the coming years.
- The Dutch retail market is polarizing, with prime high streets in large cities strengthening while secondary locations weaken. This will lead to differences in expected performance between retail location types
The document discusses the growing investment transaction market in central and eastern Europe, noting that while the region generates 20% of European GDP and contains 35% of modern European office space, it only attracts 7% of total real estate investment in Europe. Major trends in 2014 included rising investment volumes across many CEE countries and a large number of office building acquisitions. Going forward, the document suggests interest may grow in secondary cities across the region as investors seek to diversify risks beyond capital cities.
2014 was a turning point for real estate investment in Spain. Economic recovery and attractive pricing drove foreign investment to over €7 billion, triple the 2013 level. Most investment went to offices and retail, with prime street retail units in high demand. Office yields in prime Madrid locations stand at 4.75% but have hardened to 5.25% for prime shopping centers. Continued economic growth is expected to support further rental increases and yield compression, making real estate an attractive investment opportunity.
Etude PwC/ULI sur les investisseurs immobiliers en Europe en 2015 (jan.2015)PwC France
http://bit.ly/PwC-ULI2015
Emerging Trends in Real Estate® Europe est un rapport publié conjointement par l’Urban Land Institute (ULI) et PwC chaque année depuis 2003. Ce rapport présente les perspectives du marché immobilier en Europe et plus particulièrement les tendances de la promotion et de l’investissement immobiliers, des marchés du financement immobilier, ainsi que les tendances par secteur et par zone géographique. Ce rapport s’appuie sur les analyses de plus de 500 spécialistes de l’industrie, y compris des investisseurs, promoteurs, banquiers, brokers et consultants.
The market for cross-border mortgages in Europe321k
Homevest is a cross-border mortgage broker and platform with 18 bank partners around Europe.
Homevest was founded by Erik Edin and Petru Dimulescu in 2021 and provides cross-border mortgage brokering for home buyers and a loan origination solution for banks.
Our mission is to make mortgages borderless. This report is part of that effort.
Our mission is to make mortgages borderless. This report is part of that effort.
Personal Accident and Health Insurance in Belgium, Key Trends and Opportuniti...ReportsnReports
This report provides an in-depth analysis of the personal accident and health insurance market in Belgium from 2007 to 2016. It finds that the market grew during the review period due to increases in medical costs and tourism. Growth is expected to continue through 2016 despite the country's strong public healthcare system. The report examines market size, trends, distribution channels, competitive landscape, top companies, and regulations. It provides historical data and forecasts segmentation by category, written premiums, claims, losses, and other metrics. Major players like AXA, Ethias, and Allianz are dominant in the Belgian personal accident and health insurance segment.
After enduring a difficult period following the financial crisis, the European private equity market is showing strong signs of recovery. Exit activity has increased significantly, with European private equity firms securing over double the number of exits in 2013 compared to 2009. The recovery is being driven by stabilizing economies across Europe, rising stock markets, and eased concerns over sovereign debt. Key markets like the UK, Nordic countries, and parts of Central and Eastern Europe are seeing increased deal activity. Competition for deals is expected to increase as new investors enter the market and funds look to deploy capital.
Belgium real estate trend indicator 2012EY Belgium
The key findings from the survey of real estate investors in Belgium are:
1) 84% see Belgium as an attractive location for real estate investments in 2012.
2) The capital and transaction markets are viewed with moderate optimism.
3) Prices in prime locations will stay stable.
The document discusses ways to attract more international investment to the EU to boost economic growth. It analyzes case studies of corporate, private, and institutional investors. A survey found that Swiss SMEs plan over 50% of foreign investments in the EU but are concerned about bureaucracy. Recommendations include reducing red tape, enhancing SME access to financing, and considering the international perspective in Capital Markets Union policies to remove obstacles preventing greater foreign investment.
Scotland's Ernst and Young Attractive Survey June 2018Kartina Osman
The document summarizes a report on foreign direct investment (FDI) in Scotland in 2017. Some key findings include:
- FDI projects in Scotland increased 7% in 2017, setting a new record and consolidating Scotland's position as the second most attractive place in the UK for FDI after London.
- FDI jobs created in Scotland rose 104% in 2017 due to larger scale projects, with 10 projects creating over 200 jobs each.
- Business services was the leading sector for FDI projects in Scotland, increasing 10% while digital FDI projects rose 56%.
Ernst & Young Attractiveness Survey - Scotland 2017Kartina Osman
The document summarizes EY's Attractiveness Survey for Scotland in May 2017. Some key points:
- Scotland secured a record 122 foreign direct investment projects in 2016, surpassing the previous high of 119 projects in 2015.
- Business services saw the largest increase in projects from 2015-2016, while software projects declined slightly.
- While the number of FDI projects increased, the number of jobs created fell 47% due to a shift toward smaller, services-focused projects.
- Scotland maintained its position as the second most attractive destination in the UK for FDI, behind only London, a title it has held for five consecutive years.
This non-contractual document discusses Europe's need to increase long term investments in research and development (R&D) in order to fuel sustainable economic growth. It argues that Europe is currently underinvesting in R&D compared to other major economies, risking a "vicious cycle" of low growth. To meet EU targets of investing 3% of GDP in R&D annually would require €135 billion more in funding per year. However, European states face short term budget constraints making it difficult to increase public funding for R&D. The document proposes that institutional investors could help address this funding gap by investing in "science and technology cash flows," such as royalty revenues from intellectual property, which could provide an alternative source
There have been several changes in the Estonian banking sector recently, including the founding of new banks and closure of others. This has led to changes in funding and competition. Risks to financial stability from the Nordic economies and real estate sector in Estonia remain. While money laundering accusations have affected parent bank share prices, the cost of funding has not increased significantly. Overall, the banking sector remains well capitalized and profitable, but macroprudential measures may need to be adjusted if lending growth accelerates.
Start-up Stage - Fintech & Payment - Presentation by Thomas Bloch, Founder and Co-CEO of Vaamo at the NOAH 2015 Conference in London, Old Billingsgate on the 13th of November 2015.
Foreign direct investment is defined as investment by a foreign investor in a company located in Finland to obtain ownership and control through a permanent economic relationship. The benefits to Finland's national economy include stimulating economic growth by creating jobs and export earnings. It also improves market functioning and increases competition by filling capital needs, providing funding for product development, boosting international business expertise, and strengthening business networks. The annual amount of foreign direct investment in Finland through mergers and acquisitions or greenfield projects increased between 2002 and 2011, reaching a peak of 203 million euros in 2007 before declining in later years.
Are Business Angels potential leverages to boost your business ?Kammco
Are Business Angels potential leverages to boost your business ?
Growing SME’s look for alternative financing sources
Early stage funding is the cornerstone to boost your business
Business Angel is filling the financing gap progressively in Europe
Crowdfunding is a growing alternative
Key criteria for Business Angel when selecting a project
Key criteria for entrepreneurwhen selecting Business Angels
Capital V #8 Building an Onshore Hub for Private EquityLPEA
Featured articles:
LPEA on Brexit
Venture Capital in Luxembourg
Avishai Avrahami (Wix): How to create a $1bn Start-up
Reform of Luxembourg Corporate Law: What’s in it for you ?
Common Reporting Standards
Interview with Michael Phillips, Castik Capital
Alternative Investments in (Luxembourg) Insurance
Digital Customer due diligence is the way forward
2015 Update to IPEV Valuation Guidelines
Leading domicile for Microfinance Investments Funds
The German PE Market in 2015
The evolving role of Fashion in the Luembourg business world
Market Figures
This document provides an overview of Business France, the French government agency supporting international business development. It discusses France's ongoing business reforms, including tax cuts and increased flexibility. Support for businesses in France is also outlined, such as interest-free loans, grants and tax exemptions available from the central government, local authorities, and agencies like BpiFrance. Specific support available in the Pays-de-la-Loire region is also mentioned.
Berlin Capital Partners is an independent real estate consultancy and capital management company covering the European market. It provides real estate investment services, conducting research and analysis to identify opportunities. The company aims to coordinate consultancy, research, and competitive analysis with investment decisions. It also works to standardize management costs and maintain properties while conducting continuous market analysis to ensure returns remain above market values.
What types of European bank loan portfolios will investment banks, hedge funds and private equity firms invest in and in which territories over the next year?
Etude PwC Loan Portfolio Market Survey 2015PwC France
A l’occasion de la 6ème conférence annuelle sur la restructuration des banques et les portefeuilles de crédits réunissant à Londres près de 600 banquiers et investisseurs, PwC révèle sa dernière étude « Market Survey 2015 ».
Cette étude dévoile deux enseignements clés :
• 5 années supplémentaires de transactions sur les portefeuilles de crédits seront nécessaires aux banques pour céder la totalité des créances non stratégiques et des crédits non performants.
• L’Europe Centrale et de l'Est ainsi que l’Italie sont les marchés émergents pour ce type de transactions
This document summarizes the financial performance of retail property investments in the Netherlands from a European perspective. Some key points:
- Dutch retail property has achieved relatively good long-term returns compared to other real estate classes and asset classes like stocks and bonds, with a return-risk ratio of 2.25 over 1995-2014.
- Total returns on Dutch retail property have remained positive during the financial crisis years, outperforming other European countries. Rental cash flows in the Netherlands show potential for steady income returns in the coming years.
- The Dutch retail market is polarizing, with prime high streets in large cities strengthening while secondary locations weaken. This will lead to differences in expected performance between retail location types
The document discusses the growing investment transaction market in central and eastern Europe, noting that while the region generates 20% of European GDP and contains 35% of modern European office space, it only attracts 7% of total real estate investment in Europe. Major trends in 2014 included rising investment volumes across many CEE countries and a large number of office building acquisitions. Going forward, the document suggests interest may grow in secondary cities across the region as investors seek to diversify risks beyond capital cities.
2014 was a turning point for real estate investment in Spain. Economic recovery and attractive pricing drove foreign investment to over €7 billion, triple the 2013 level. Most investment went to offices and retail, with prime street retail units in high demand. Office yields in prime Madrid locations stand at 4.75% but have hardened to 5.25% for prime shopping centers. Continued economic growth is expected to support further rental increases and yield compression, making real estate an attractive investment opportunity.
Etude PwC/ULI sur les investisseurs immobiliers en Europe en 2015 (jan.2015)PwC France
http://bit.ly/PwC-ULI2015
Emerging Trends in Real Estate® Europe est un rapport publié conjointement par l’Urban Land Institute (ULI) et PwC chaque année depuis 2003. Ce rapport présente les perspectives du marché immobilier en Europe et plus particulièrement les tendances de la promotion et de l’investissement immobiliers, des marchés du financement immobilier, ainsi que les tendances par secteur et par zone géographique. Ce rapport s’appuie sur les analyses de plus de 500 spécialistes de l’industrie, y compris des investisseurs, promoteurs, banquiers, brokers et consultants.
The market for cross-border mortgages in Europe321k
Homevest is a cross-border mortgage broker and platform with 18 bank partners around Europe.
Homevest was founded by Erik Edin and Petru Dimulescu in 2021 and provides cross-border mortgage brokering for home buyers and a loan origination solution for banks.
Our mission is to make mortgages borderless. This report is part of that effort.
Our mission is to make mortgages borderless. This report is part of that effort.
Personal Accident and Health Insurance in Belgium, Key Trends and Opportuniti...ReportsnReports
This report provides an in-depth analysis of the personal accident and health insurance market in Belgium from 2007 to 2016. It finds that the market grew during the review period due to increases in medical costs and tourism. Growth is expected to continue through 2016 despite the country's strong public healthcare system. The report examines market size, trends, distribution channels, competitive landscape, top companies, and regulations. It provides historical data and forecasts segmentation by category, written premiums, claims, losses, and other metrics. Major players like AXA, Ethias, and Allianz are dominant in the Belgian personal accident and health insurance segment.
After enduring a difficult period following the financial crisis, the European private equity market is showing strong signs of recovery. Exit activity has increased significantly, with European private equity firms securing over double the number of exits in 2013 compared to 2009. The recovery is being driven by stabilizing economies across Europe, rising stock markets, and eased concerns over sovereign debt. Key markets like the UK, Nordic countries, and parts of Central and Eastern Europe are seeing increased deal activity. Competition for deals is expected to increase as new investors enter the market and funds look to deploy capital.
Belgium real estate trend indicator 2012EY Belgium
The key findings from the survey of real estate investors in Belgium are:
1) 84% see Belgium as an attractive location for real estate investments in 2012.
2) The capital and transaction markets are viewed with moderate optimism.
3) Prices in prime locations will stay stable.
Усиление конкуренции за первичные объекты на крупнейших европейских рынках недвижимости заставляет инвесторов переключить внимание на сектор вторичной недвижимости и восстанавливающиеся рынки. Такой вывод содержится в исследовании «Новые тенденции на европейском рынке недвижимости в 2015 году», подготовленном совместно некоммерческой организацией Urban Land Institute (ULI) и фирмой PwC. В отчете подчеркивается рост популярности возможных инвестиций в недвижимость городов, которые особенно серьезно пострадали в результате прошлого кризиса на рынке.
Etude PwC/ULI Emerging Trends in Real Estate® Europe 2014PwC France
Le secteur de l'immobilier de l'Europe attend plus et mieux en 2014. Il est plus confiant sur ses perspectives et sa capacité à améliorer les profits.
Découvrez le classement des 27 premières villes en Europe.
The French property investment market totaled €15.1 billion in 2013, a 1% increase from 2012. While investment volume was stable, the number of transactions declined. Large portfolio deals represented a smaller portion of the market compared to previous years. Office properties accounted for most investment in the Paris region, totaling €11.1 billion or 74% of the French market. Retail properties drove investment in other French regions, totaling €4 billion or 26% of the market. The top investors in France were from France, the United States, and the United Kingdom. The office sector saw more interest in higher risk assets while retail and industrial remained active. Overall, the French market remained stable but uncertainties remained around the economic recovery
The article discusses the opportunities and challenges for foreign asset managers in the pension markets of eight Central and Eastern European countries that joined the EU on May 1, 2004. While the potential for growth is large, early entrants have faced significant regulatory, distribution, and cultural barriers. The Polish pension market is the largest and most promising but still restricts foreign investment and third-party management. Overall distribution challenges and a need for local infrastructure make it difficult for foreign firms to penetrate these emerging markets.
The survey found that while investor demand for real estate remains strong in 2016, sentiment is less bullish than in previous years. Investors are looking more widely across regions for opportunities, with interest growing in Central and Eastern Europe. Alternative sectors like student housing and healthcare are attracting significant interest. The recovery in consumer spending is making the retail sector more attractive again, while residential has also seen rising interest. Steady income from rents was the top motivation for real estate investment cited in the survey.
The document discusses trends in the European loan sale market in 2016. It predicts significant loan sale activity throughout Europe, exceeding €130 billion. While activity may slow in some countries, overall high levels of activity are expected as the focus shifts to other countries and asset types, particularly performing residential and SME loans. The United Kingdom market is summarized as having the most active loan sales in 2015 and expected to remain highly active, potentially surpassing 2015 levels if large rumored transactions materialize. However, without these transactions, UK sales are expected to be significantly lower than 2015.
The majority of Asian real estate investors remain confident in the region and intend to expand their property portfolios in the next six months. While 39% believe investment conditions will improve in the next year, down from 62% last year, long-term fundamentals are still seen as strong. Most Asian investors (73%) believe real estate investment volumes in Asia will increase in 2015, with 17% expecting an increase of over 10%. Market liquidity remains a top concern after transaction volumes fell in some individual markets in the past year.
The 2015 Global Investor Sentiment Report shows international property investors anticipate an increase in investment volumes across markets over the next 12 months, despite a mixed bag of economic performance worldwide. The survey results suggest that a significant proportion of investors expect higher risk markets to maintain existing levels of investment rather than to experience further significant inflows or outflows.
Similar to EY Real Estate Asset Investment trend indicator 2014 (20)
Addressing the challenge of the new European Union Medical Device RegulationEY Belgium
The document discusses the new European Union Medical Device Regulation and how it presents both challenges and opportunities for medical device companies. It provides an overview of the key changes in the new regulation regarding transparency, products, and patients. These include requirements for more clinical evidence, restrictions on certain substances, unique device identification, and expanded labeling. The document then analyzes how these changes could impact businesses in areas like branding, competitive landscape, portfolio rationalization, and strategic planning. It argues companies should view the regulation as a strategic opportunity and presents a seven-step approach to help companies implement compliant solutions and changes.
IFRS 15 - the new revenue recognition standard EY Belgium
The IASB and the FASB have jointly issued a new revenue standard, IFRS 15 Revenue from Contracts with Customers, which will replace the existing IFRS and US GAAP revenue guidance.Find out more in our comprhensive brochure.
EY financial accounting advisory services - Your partner in financeEY Belgium
The EY FAAS team listens to your needs, analyse the business drivers impacting your business and help you shaping the finance tools or processes of the future.
The Belgian Parliament passed a law granting greater fiscal autonomy to Belgium's three Regions regarding individual income tax. This includes: 1) A new regional additional tax levied by each Region on resident taxpayers; 2) Shifting specific tax reductions from federal to regional authority; 3) Applying regional tax systems to some non-resident taxpayers earning most income in Belgium. The law enables components of Belgium's Sixth State Reform to take effect in 2014, regionalizing aspects of the personal income tax system and impacting taxpayers.
Baromètre de l'Attractivité belge - résultats de perception EY Belgium
Il ressort du Baromètre de l’Attractivité belge, un rapport annuel d’EY qui analyse la perception de la Belgique en tant que pays d’investissement, que l’attractivité de notre Royaume se situe à un tournant.
Barometer van de Belgische Attractiviteit 2014 - perceptieresultaten EY Belgium
Uit de Barometer van de Belgische Attractiviteit, een jaarlijks rapport van EY dat de perceptie van België als investeringslocatie in kaart brengt, blijkt dat de aantrekkelijkheid van België op een keerpunt zit. Lees hier hoe buitenlandse investeerders ons lang percipiëren en welke aanbevelingen EY maakt.
Analyse des performances et évolution du tissu PME wallonEY Belgium
Les PME dopent plus que jamais l’économie wallonne -
Le financement reste toutefois le talon d’Achille de la PME wallonne:
- Les PME wallonnes sont plus petites que les PME flamandes
- Les PME wallonnes ont crû davantage que les PME flamandes
- La Wallonie souffre toujours d’un déficit important de PME
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2. Agenda
Real Estate Assets Investment
Trend Indicator
Belgium 2014
About the trend indicator 2014
Market outlook for Belgium 2014
Investment strategy for Belgium 2014
European outlook for 2014
Page 2
3. Key findings 2014 for Belgium
Attractiveness
Capital
markets
Transaction
market
Price trends
Sellers, buyers
Impediments
A high proportion of respondents (80%) see Belgium as an
attractive or very attractive location to invest in real
estate.
Alternative debt providers as insurance companies, pension
funds or debt funds will become more important in 2014.
Basel III-effects on classic bank real estate loans will
probably gain momentum.
Prices in prime locations tend to increase for all types of
use. Decreasing prices in peripheral areas.
Seller groups: international funds, corporates and
opportunity/PE funds. Buyer groups: opportunity/PE funds
and private/family offices.
A price mismatch between buyers and sellers is viewed as
the major barrier for deal flows.
Use types
Preferred
regions
Page 3
Strongest investment focus on retail and residential
properties.
The preferred cities for investment are Brussels (office
and residential) and Namur (retail).
4. Our trend indicator covers a broad range of investor
groups in Belgium
Trend indicator: real estate investment market
►
►
The different types of investor
groups surveyed:
The trend indicator is based on a survey of 20 companies that have been
active in the Belgian property market in recent years.
►
►
The survey focuses on two main areas:
Banks
Closed-ended real estate funds
►
►
Real estate stock
corporations/REITs
►
Outlook on the strategies that Belgian investors will pursue in the
coming year.
►
Institutional investors
►
Opportunity/private equity
funds
►
Insurance companies
►
Housing companies
►
►
Assessment of the Belgian real estate investment market for the
year to come.
Other investment vehicles
In addition to Belgium, this survey was conducted simultaneously in 14
other European countries.
Background
►
►
Page 4
EY has conducted this survey in
Belgium since 2012.
20 investors reported on their
expectations for the coming year.
Objectives
►
►
Assessment of the Belgian real estate
investment market for the year to come.
Outlook on the strategies that Belgian
investors will pursue in the coming year.
Method
►
►
The trend indicator is based on a survey
conducted by Valid Research in November
and December 2013.
The feedback from the interviews forms
the results of the real estate trend
indicator.
5. The survey was also conducted in other European
countries
European trend indicator: real estate investment market
►
Participants from 15 European countries took part in the survey.
►
All surveys took place in November and December 2013.
►
Feedback was gathered from more than 500 companies operating in the
real estate market in the surveyed countries.
►
Those countries that have participated are listed below.
►
►
►
►
►
Page 5
Participating
countries
Austria
Belgium
France
Germany
Italy
►
►
►
►
►
Luxembourg
The Netherlands
Poland
Russia
Spain
►
►
►
►
►
Sweden
Switzerland
Turkey
Ukraine
United Kingdom
6. A majority sees Belgium as an attractive investment
location…
Key messages
►
►
The majority of the
respondents (80%) view Belgium
as an attractive or very
attractive location to invest in
real estate for 2014.
Last year the confidence in the
Belgian market was even
stronger. 95% stated that
Belgium was attractive or very
attractive.
Belgium’s attractiveness as a location for real estate
investments
55%
25%
20%
Very attractive
Attractive
Original question – “How do you rate Belgium’s overall attractiveness as a location for real estate investments in 2014?“
Page 6
Less attractive
7. … particularly compared with other European
countries
Key messages
►
Compared with other European
countries, again the majority of
respondents rate Belgium as an
attractive or very attractive
investment location (79%, 2013:
85%).
Belgium’s attractiveness as a location for real estate
investments
compared with other European countries
58%
21%
Very attractive
21%
Attractive
Less attractive
Original question – “How do you rate Belgium’s attractiveness as a location for real estate investments in 2014 compared with other European countries?”
Page 7
8. Influence of the capital markets in 2014…
Key messages
►
►
Alternative sources such as
insurance companies, pension
funds or debt funds acting as
debt providers will become
more important in Belgium in
2014 (90% agree, 2013: 50%).
Interest rates for real estate
loans will probably rise (89%
agree).
►
The capital markets seems to be
ready for real estate IPOs and
equity increases (85%
agree, 2013: 60%).
►
Fear of high inflation also
drives demand for real estate
(74% agree, 2013: 80%).
"Alternative debt providers (insurance
"Alternative debt providers (insurance
companies, pension and debt funds, mezzanine
companies, pension and debt funds, mezzanine
providers) will increasingly provide financing for real
providers) will increasingly provide…
estate investments"
60%
"Interest rates for real estate loans will rise
in 2014"
30%
32%
"Interest rates for real estate loans will rise in 2014"
57%
11%
"The capital market in 2014 will be attractive
"The capital market in 2014 will be attractive for real
for real estate IPOs and equity capital
estate IPOs and equity capital increases"
30%
55%
15%
increases"
"Due toto lower loan-to-value ratios, demand for
"Due lower loan-to-value ratios, demand
mezzanine financing will increase 2014"
for mezzanine financing will increase in in 2014"
"Fear of high inflation in the medium term will
"Fear of high inflation in the medium term will drive
drive investors towards the real estate
investors towards the real estate market"
market"
33%
45%
11%
Strongly agree
63%
Agree
22%
21%
Disagree
Original question – “Which of the following statements about Belgium’s real estate financial/ capital market in 2014 do you agree with?”
Page 8
10%
5%
Strongly disagree
9. … on real estate investment activity
Key messages
►
Basel III will have consequences
for the mortgage business but
nevertheless the classic bank
real estate loans are gaining
momentum (72%, 2013: 55%).
►
The CMBS market could revive
in 2014 (60% agree, 2013: 55%).
►
Belgian real estate investors
anticipate an increasing supply
of real estate (55%, 2013: 50%).
►
The Eurozone debt crisis will
have considerably less impact
on the Belgian real estate
market compared to last year
(2014: 50%, 2013: 80%).
"Basel III regulation will make real estate
"Basel III regulation will make real estate loans less
loans for attractive for banks and lead to
attractiveless banks and lead to greater restraint in
greater restraint in the the mortgage business"
mortgage business"
11%
61%
"The commercial mortgage backed securities
"The commercial mortgage-backed securities market
7%
will revive in 2014"
market will revive in 2014"
"Supply in the realin the real estate market will
"Supply estate market will increase in 2014
(maturity of
increase in 2014 structured debt, disposal of
(maturity of structured
nonperforming loans, liquidation of open-ended
debt, disposal of non-performing…
funds)"
"The euro-zone sovereign debt crisis will
"The Eurozone sovereign debt crisis will increase
increase investments by European investors in
investments by European investors in the Belgian real
estate
the XX real estate markets" markets"
"There will be an increase inin consolidationreal
an increase consolidation of of
"There will
estate companies
real estate companies in 2014" in 2014"
22%
53%
15%
5%
33%
40%
Strongly agree
50%
22%
Agree
45%
Disagree
Only a minority (44%, 2013: 65%)
believes that Belgium will face
increasing consolidations (M&A
activity) – “Which of
Original questionthis year.the following statements about Belgium’s real estate financial/capital market in 2014 do you agree with?”
►
Page 9
7%
45%
45%
22%
6%
11%
Strongly disagree
10. The Belgian real estate transaction market (1/2)
Key messages
►
►
►
Green building standards will
(90%, 2013: 75%) even play an
increasing role for existing
properties.
More portfolio deals are
foreseen in the commercial
real estate sector
(85% agree, 2013: 55%).
Transaction volume is expected
to increase (83%, 2013: 65%).
►
Increased investment activity by
international real estate
investors seems to be likely
(63%, 2013: 55%).
60%
30%
10%
investment properties"
"There be more commercial real estate portfolio
"There will will be more commercial real estate
deals in 2014 to 2013"
portfolio deals in 2014 compared than in 2013"
10%
“Overall, transaction volume in 2014 will
“Overall, the transaction volume in 2014 will exceed
exceed the level the level seen in 2013"
seen in 2013"
"The "The average size of realdeals will increase in
average size of real estate estate deals will
2014”
increase in 2014”
"Investment activity by foreign real estate
"Investment activity by foreign real estate investors in
Belgium will increase compared to 2013"
investors in XX will increase compared with 2013"
75%
22%
15%
61%
10%
55%
16%
11%
6%
35%
47%
32%
5%
The average deal size is likely
to increase in 2014 (65%, 2013:
55%).
►
"Green-building standards will play a more
"Greenimportant role with respectmore important
building standards will play a to existing
role with regard to existing investment properties"
Strongly agree
Agree
Disagree
Original question – “Which of the following statements about Belgium’s real estate transaction market in 2014 do you agree with?”
Page 10
Strongly disagree
11. The Belgian real estate transaction market (2/2)
Key messages
►
►
►
►
The majority of respondents
expects a revival of more risky
investments (56% agree, 2013:
45%).
Transparency of information on
the Belgian market could
obviously be improved since
only about half of the
respondents (52%) are satisfied
with the current situation.
It is uncertain whether AIFM
will lead to an increasing
consolidation in the real estate
funds industry (50% agree, 2013:
55%)
Speculative project
developments are not widely
anticipated (only 25%
agree, 2013: 40%).
"The share of value-add and opportunistic
"The share of value-add and opportunistic investments
6%
investments will increase in 2014" 2014"
will increase in
"The quantity and quality of information Belgian
"The quantity and quality of information on theon the
XX real estate transaction marketis sufficient for
real estate transaction market is sufficient
for investmentinvestment appraisal purposes"
appraisal purposes"
"The introduction of the Directive will lead to
"The introduction of the AIFM AIFM Directive will
lead to increasing consolidation in the real
increasing consolidation in the real estate funds
industry"
estate funds industry"
"Speculative project developments will
return in 2014"
50%
21%
8%
"Speculative project developments will return in 2014" 5%
33%
31%
16%
42%
Strongly agree
60%
Agree
Disagree
Original question – “Which of the following statements about Belgium’s real estate transaction market in 2014 do you agree with?”
Page 11
32%
33%
20%
11%
17%
15%
Strongly disagree
12. Price trend expectations vary greatly depending on
location and type of use (1/3)
Key messages
►
►
►
Office
Retail
Opinions concerning prices of
office buildings in prime
locations vary: one third of the
respondents expects either
increasing (33%), stable (34%) or
decreasing prices (33%).
Offices in secondary locations
(72%) and peripheral areas (80%)
are expected to decrease in
price.
The majority expects retail
properties to decrease in price
in prime locations (60%) as well
as in secondary locations (69%)
and peripheral areas (86%).
86%
80%
72%
69%
60%
40%
33%
34%
33%
31%
21% 20%
14%
7%
0%
Increase
Prime locations
0% 0%
No change
Secondary locations
Decrease
Increase
Peripheral areas
At the same time, there is a
significant share of respondents
anticipating increasing prices
for retail properties in prime
locations “How do
Original question –(40%). you expect purchase prices in Belgium to develop in 2014 based on the type of use and location?”
►
Page 12
0%
No change
Decrease
13. Price trend expectations vary greatly depending on
location and type of use (2/3)
Key messages
►
►
►
Residential
Hotel
100%
Residential properties are
expected to decrease to a
significant extent in prime
locations (50%), secondary
locations (73%) and peripheral
areas (100%).
At the same time, half of the
respondents anticipate at least
stable (25%) or increasing prices
(25%) for residential properties
in prime locations.
Regarding hotel
buildings, decreasing prices in
all locations seem almost sure
(100%).
100% 100% 100%
73%
50%
25% 27%
25%
0% 0%
Increase
Prime locations
0%
No change
Secondary locations
0% 0% 0%
Decrease
0% 0% 0%
Increase
No change
Peripheral areas
Original question – “How do you expect purchase prices in Belgium to develop in 2014 based on the type of use and location?”
Page 13
Decrease
15. Price trend expectations vary greatly depending on
location and type of use (3/3)
Key messages
►
►
Industrial
100%
The vast majority of
respondents anticipate a
decreasing price level for
industrial buildings in all
locations.
83%
66%
Secondary locations are
expected to suffer least with
one third of the respondents
anticipating stable (27%) or
increasing prices (7%) here.
27%
17%
7%
0%
0%
Increase
Prime locations
0%
No change
Secondary locations
Decrease
Peripheral areas
Original question – “How do you expect purchase prices in Belgium to develop in 2014 based on the type of use and location?”
Page 15
16. Which seller groups will be the most active in 2014?
Seller groups
Key messages
►
►
International funds (85%, 2013:
75%), corporates (85%, 2013: 75%)
and opportunity/PE funds
(85%, 2013: 80%) are expected to
be the most active seller
groups in 2014.
In contrast to last year, banks
form the only group that will
be cautious according to the
respondents (only 40% expect
banks to play an active
role, 2013: 75%).
Seller groups
Other international funds
Corporates (non-property)
25%
15%
Opportunity/PE funds
Open-ended funds (real estate)
Banks
33%
21%
45%
15%
22%
60%
45%
25%
25%
30%
67%
11%
33%
52%
40%
Very active
Original question – “How active do you think the following seller groups will be in the Belgian real estate market in 2014?”
Page 16
16%
68%
REOC/REITs
Closed-ended funds (real estate)
15%
52%
11%
Insurance companies
15%
70%
32%
Residential real estate companies
Public sector
60%
37%
60%
Moderately active
Cautios
17. Which buyer groups will be the most active in 2014?
Key messages
►
►
Opportunity/PE funds (84%, 2013:
65%) and family offices (83%,
2013: 65%) are expected to be
among the most active buyer
groups in 2014.
Again, in clear contrast to last
year, banks are seen as cautious
players in 2014 (only 25% see an
active role, 2013: 80%).
Buyer groups
Opportunity/PE funds
11%
73%
Private/ family office
33%
Insurance companies
50%
40%
Residential real estate companies
15%
Banks
25%
55%
30%
49%
20%
38%
75%
Very active
Original question – ”How active do you think the following buyer groups will be in the Belgian real estate market in 2014?”
Page 17
22%
60%
13%
5%
20%
56%
15%
Closed-ended funds (real estate)
20%
65%
22%
Open-ended funds (real estate)
20%
60%
15%
Sovereign wealth funds
17%
40%
20%
Other international funds
REOC/REITs
16%
Moderately active
Cautios
18. Which will be the greatest impediments to deal flows
in 2014?
Key messages
►
►
►
A price mismatch between
buyers and sellers is viewed as
the major barrier for deal
flows in 2014 (75%, 2013: 75%), no
change to last year.
The level of equity required by
debt providers is another big
hurdle (65%, 2013: 70%).
Transaction impediments
Price mismatch between buyers and sellers
Level of equity required
Limited availability of senior debt funding
Limited availability of junior debt funding
20%
55%
25%
40%
30%
30%
21%
20%
30%
5%
5%
5%
37%
37%
35%
5%
The limited availability of debt
funding remains an impediment,
though not as much as last year:
►
senior debt funding (60%,
2013: 80%)
►
junior debt funding (58%,
2013: 70%)
Strongly agree
Agree
Original question – “Do you agree or disagree that the following will be impediments to Belgium's deal flow in 2014?”
Page 18
Disagree
Strongly disagree
19. Bank actions to deal with distressed loans
Key messages
►
Selling distressed loans seems
to be the most common way to
deal with them (88%).
►
An increase in debt-for-equityswaps is expected (72%, 2013:
55%).
►
►
Enforcements will continue to
play a certain role with regard
to distressed loans, too (57%,
2013: 65%).
The extension of the repayment
period has become less popular
compared to last year (42%,
2013: 65%).
Approaches to dealing with distressed loans
Sale of loans
71%
Increase in debt-for-equity swaps
6% 6%
72%
Increased enforcement
14%
Increase in consensual restructuring deals
15%
28%
43%
40%
Increase in replacement of real estate asset
managers
Extend repayment period
5%
36%
21%
7%
35%
42%
Strongly agree
Original question – “Which actions do you expect banks to take regarding distressed loans in Belgium?“
Page 19
17%
10%
42%
21%
Agree
37%
Disagree
11%
21%
Strongly disagree
20. The following types of use will be popular with
investors in 2014
Key messages
►
Retail properties will have the
highest focus for investors (22%
strong, 2013: 25%) or at least a
moderate one (22%, 2013: 30%).
►
Strong or moderate investment focus
Office real estate has lost even
more significance compared to
last year (34% strong and
moderate, 2013: 50%).
►
Interest in residential
properties has not changed
significantly (45% strong and
moderate, 2013: 40%).
28%
22%
22%
17%
17%
17%
6%
6%
Strong
Moderate
Office
Retail
Residential
Other
Original question – “Compared to 2013, what kind of focus do you intend to give to the following real estate use types in your investment strategy for 2014?“
Page 20
21. The following types of use will not be as popular
with investors in 2014
Key messages
►
Low or no investment focus
88%
It seems that many Belgian
investors do not have a clear
focus on a special type of use.
44%
38%
39%
28%
17%
11%
0%
Low
No focus
Office
Retail
Residential
Other
Original question – “Compared to 2013, what kind of focus do you intend to give to the following real estate use types in your investment strategy for 2014?“
Page 21
22. Brussels preferred place for offices, small retail
focus on Namur
Key messages
►
Brussels apparently is the most
attractive city for office
investments (30%, 2013:35%).
Other Belgian cities attract a
lower demand for offices.
Among those, Ghent is in the
lead with 10% (2013: 10%).
►
Altogether, the differences in
retail location demand is not
spread apart very much. Namur
has the highest retail focus with
15%, 2013: 25%).
Office and retail focus
30%
0%
0%
0%
5%
10%
15%
5%
0%
0%
5%
5%
Office
Brussels
Namur
5%
5%
10%
0%
Retail
Liège
Leuven
Antwerp
Ghent
Mons
Other
Original question – “Which primary locations in Belgium will you be focusing your investments on in 2014?“
Page 22
23. Brussels, Liege, Ghent, Antwerp most sought after
for residential real estate
Key messages
►
Residential and no focus
100%
For residential investments,
several cities are attractive:
Brussels (35%, 2013:5%), Liege
(20%, 2013: 25%), Ghent (20%, 2013:
30%) and Antwerp (15%, 2013: 20%).
90%
80%
75%
80%
75%
65%
35%
35%
20%
5%
15%
5%
20%
5%
0%
Residential
Brussels
Namur
No focus
Liège
Leuven
Antwerp
Ghent
Mons
Other
Original question – “Which primary locations in Belgium will you be focusing your investments on in 2014?“
Page 23
25. Most attractive exit options for real estate
investments in 2014
Key messages
►
The direct sale of single assets
is anticipated to be the most
favourable exit option in 2014
(39%).
►
Planned exit options
In the year before, trade sales
had already gained significant
importance as an exit channel.
39%
39%
11%
11%
11%
6%
0%
Direct sale - Single asset
Direct sale - Portfolio
Closed-ended funds
No exit Public real estate funds
REOC/REIT (IPO)
Original question – “What will be the most attractive exit options for your real estate investments in 2014? (Multiple answers possible)”
Page 25
Other
26. Impact of the digital world on real estate
Key messages
►
►
Impact of the digital world on demand for space
According to the respondents,
different impacts for the
individual types of use will
occur due to the ongoing
digitalization of the world.
The office sector will face a
decreasing impact concerning
space demand (61%), residential
real estate will face no
changes (63%) and retail real
estate shows a mixed trend.
63%
61%
47%
33%
29%
34%
33%
28%
24%
21%
16%
11%
Increase
No change
Decrease
Office
Original question – “What impact will the digital world have on space demand for the following property types?”
Page 26
Retail
Residential
Industrial
27. Impact of the digital world on real estate
Key messages
►
►
The most obvious impact is
expected with regard to online
suppliers replacing local
stores in weak locations (83%).
On the other hand, e-commercesuppliers could emerge as
additional tenants for retail
space (67%).
Impact of the digital world on demand for space
"Online will replace over-the-counter retail
"Online supplierssuppliers will replace over-thecounter retail stores in weak locations"
stores in weak locations"
28%
"E-Commerce suppliers will emerge as tenants for
"E-Commerce suppliers will appear as tenants
retail space"
for retail space"
67%
17%
33%
"Brokers will lose market share for renting/
"Brokers will lose market share for renting/selling
selling residential real estate due to Internet
residential real estate due to Internet listing services"
22%
44%
28%
6%
listing services"
"Home office working is out-dated and staff
"Home office working is out-dated and staff will move
back to the workplace"
will move back to the workplace"
18%
Strongly agree
Original question – “What impact will the digital world have on space demand?”
Page 27
55%
47%
Agree
35%
Disagree
Strongly disagree
28. Outlook for Belgium (1/2)
Attractiveness
►
The majority of the respondents (80%) view
Belgium as an attractive or very attractive
location to invest in real estate for 2014.
Compared with other European countries, again the
majority of respondents rate Belgium as an
attractive or very attractive investment location
(79%, 2013: 85%).
Real estate financial/capital market
Purchase price expectations
►
Opinions concerning prices of office buildings in
prime locations vary: one third of the respondents
expects either increasing (33%), stable (34%) or
decreasing prices (33%).
►
The majority expects retail properties to
decrease in price in prime locations (60%) as well as
in secondary locations (69%) and peripheral areas
(86%).
►
Residential properties are expected to decrease to
a significant extent in prime locations
(50%), secondary locations (73%) and peripheral
areas (100%).
►
►
Alternative sources such as insurance
companies, pension funds or debt funds acting as
debt providers will become more important in
Belgium in 2014 (90% agree, 2013: 50%).
Interest rates for real estate loans will probably Seller/buyer groups
rise (89% agree).
► International funds (85%, 2013: 75%), corporates
(85%, 2013: 75%) and opportunity/PE funds (85%, 2013:
Real estate transaction market
80%) are expected to be the most active seller
► More portfolio deals are foreseen in the
groups in 2014.
commercial real estate sector
► Opportunity/PE funds (84%, 2013: 65%) and family
(85% agree, 2013: 55%).
offices (83%, 2013: 65%) are expected to be among the
► Transaction volume is expected to increase
most active buyer groups in 2014.
(83%, 2013: 65%).
►
Page 28
29. Outlook for Belgium (2/2)
Greatest deal impediments
► A price mismatch between buyers and sellers is
viewed as the major barrier for deal flows in
2014 (75%, 2013: 75%), no change to last year.
Preferred regions
►
Brussels apparently is the most attractive city
for office investments (30%, 2013:35%). Other
Belgian cities attract a lower demand for
offices. Among those, Ghent is in the lead with 10%
(2013: 10%).
►
Altogether, the differences in retail location
demand is not spread apart very much. Namur
has the highest retail focus with 15%, 2013: 25%).
Bank actions to handle distressed loans
►
Selling distressed loans seems to be the most
common way to deal with them (88%).
Real estate use types
►
Retail properties will have the highest focus for
investors (22% strong, 2013: 25%) or at least a
moderate one (22%, 2013: 30%).
►
Office real estate has lost even more significance
compared to last year (34% strong and
moderate, 2013: 50%).
►
Interest in residential properties has not
changed significantly (45% strong and moderate,
2013: 40%).
For residential investments, several cities are
attractive: Brussels (35%, 2013:5%), Liege (20%, 2013:
25%), Ghent (20%, 2013: 30%) and Antwerp (15%, 2013:
20%).
Planned exit options
► The direct sale of single assets is anticipated to
be the most favourable exit option in 2014 (39%).
Impact of the digital world
►
►
►
Page 29
The most obvious impact is expected with regard
to online suppliers replacing local stores in
weak locations (83%).
On the other hand, e-commerce-suppliers could
emerge as additional tenants for retail space
(67%).
31. Key findings for Europe
Attractiveness
Transaction
volume
Transaction
market
Capital
markets
Capital
markets
Prices and focus
A clear majority in each of the countries surveyed think
that their market will be attractive to real estate
investors in 2014.
Cross-border investments are set to drive an increase in
transaction volume.
More investors are set to target riskier assets as the
market improves but the supply of core assets remains
low.
Eurozone crisis not main driver for real estate
investments anymore.
As banks limit their exposure to real estate, investors are
set to turn to alternative sources of finance.
Retail prices set to strengthen, especially in markets hit
hardest by the downturn.
Sellers, buyers
E-commerce
trends
Page 31
PE funds set to be among the most active investors across
Europe in 2014.
Brokers and stores alike are braced for renewed
pressure from e-commerce.
32. Market attractiveness continues to improve
across Europe
Key messages
►
►
►
►
A clear majority in each of the
countries surveyed think that
their market will be attractive
to real estate investors in 2014.
The positive change in sentiment
compared with last year is
particularly striking in the
countries hit hardest by the
Eurozone crisis – Spain and Italy.
In comparison with other
European countries, Germany
and the UK are seen as most
attractive by respondents.
In 14 out of the 15 countries
surveyed, more than two-thirds
rate their real estate markets
as attractive compared with
other European markets.
Attractiveness of your market
33%
67%
4%
60%
5%
Poland
32%
67%
1%
Germany
12%
58%
16%
35%
18%
35%
20%
20%
33%
34%
39%
40%
Very attractive
Belgium
54%
57%
44%
45%
Attractive
13%
Netherlands
9%
Ukraine
17%
15%
France
35%
30%
21%
33%
40%
44%
41%
69%
Less attractive
Original question: “How do you rate the countries’ overall attractiveness as a location for real estate investments in 2014? /
How do you rate the country’s overall attractiveness as a location for real estate investments in 2014, compared with other locations in Europe?"
Page 32
10%
58%
57%
27%
13%
18%
35%
21%
16%
13%
35%
35%
10%
10%
40%
55%
Italy
3%
74%
47%
25%
10%
56%
16%
Turkey
35%
55%
41%
Switzerland
2%
61%
47%
45%
45%
29%
Luxembourg
35%
2%
63%
Spain
49%
47%
20%
Russia
30%
15%
39%
35%
Austria
34%
50%
59%
Sweden
30%
60%
35%
UK
36%
65%
6%
In comparison with other countries
32%
18%
33. Transaction volume expected to exceed 2013 level
Key messages
►
►
►
►
Transaction volume is set to
increase in 2014 for the second
straight year, driven largely by
cross-border investments.
In almost half of the
countries, more than threequarters of interviewees
believe that volume will rise in
their country.
Spain and Italy are predicted to
show the biggest improvements
compared with last year.
Majorities in all countries
agree that cross-border
activity will increase in 2014,
Transaction volume
13%
74%
13%
16%
24%
UK
64%
13%
23%
Netherlands
58%
11%
71%
10%
70%
28%
50%
55%
33%
41%
47%
50%
Turkey
31%
3%
Austria
Rather disagree
21%
6%
10%
25%
47%
59%
10%
9%
5%
48%
22%
38%
60%
15%
Switzerland
32%
75%
France
5%
10%
63%
Russia
15%
45%
Rather agree
47%
52%
Poland
41%
55%
48%
16%
10%
26%
35%
Agree
15%
4% 11%
42%
Sweden
7%
33%
81%
16%
Italy
70%
30%
4%
Germany
22%
27%
3%
3%
13%
57%
Ukraine
77%
27%
60%
10%
Belgium
22%
23%
20%
Spain
26%
61%
19%
3%
Luxembourg
63%
2% 11%
6%
Cross-border activity
43%
25%
42%
57%
50%
50%
5%
28%
41%
3%
30%
10%
Disagree
Original question – “Do you agree with the following statement: Overall, transaction volume in 2014 will exceed the level seen in 2013. / Investment activity by
international real estate investors will increase compared with 2013.”
Page 33
In some cases no answers were provided by the respondents. This is not shown in the graph.
Thus, the total might deviate from 100%.
34. Riskier investment targets on the rise
Key messages
►
►
As markets improve and the
supply of core assets remains
low, investors are expected to
take more risks.
Investors also anticipate a rise
in speculative project
developments in selected
markets, especially where core
products are often unable to
deliver sufficient returns.
Opportunistic investments
10%
64%
10%
11%
66%
15%
56%
UK
22%
Germany
25%
21%
70%
29%
15%
8%
46%
56%
Agree
Rather agree
57%
5%
10%
48%
5%
8%
6%
Belgium
5%
Luxembourg
6%
Rather disagree
Austria
48%
5%
55%
40%
25%
48%
45%
41%
20%
4%
20%
48%
60%
56%
22%
4%
37%
45%
Italy
3%
38%
42%
10%
41%
39%
63%
Switzerland
15%
3%
56%
8%
31%
20%
40%
10%
50%
5%
67%
8%
57%
33%
Turkey
7%
52%
13%
Poland
21%
60%
30%
38%
Ukraine
50%
15%
11%
5%
71%
29%
5%
56%
Russia
79%
25%
Netherlands
37%
France
18%
63%
1% 18%
Sweden
20%
78%
3% 13%
5%
Spain
26%
70%
11%
Speculative project developments
15%
25%
75%
Disagree
Original question – “Do you agree with the following statement: The share of value-add and opportunistic investments will increase in 2014. / Speculative
project developments will return in 2014.”
Page 34
In some cases no answers were provided by the respondents. This is not shown in the graph.
Thus, the total might deviate from 100%.
3%
13%
3%
35. Inflation overtakes the Eurozone crisis as the main
investment driver
Key messages
►
►
►
Most European countries no
longer view the Eurozone
sovereign debt crisis as the
main driver for real estate
investments.
In just four countries –
Germany, Austria, Sweden and
the UK – more than two-thirds
of respondents expect the debt
crisis to push real estate
investments in 2014.
Concerns about the impact of
inflation have decreased
compared with last year’s
survey.
Perceptions of the Eurozone crisis
7%
33%
60%
3% 16%
2%
6%
29%
6%
59%
4%
15%
15%
5%
UK
48%
40%
65%
73%
6%
Turkey
15%
60%
20%
5%
15%
Spain
5%
47%
Italy
40%
11%
8%
30%
35%
23%
Belgium
11%
12%
15%
32%
29%
20%
19%
10%
36%
10%
62%
France
41%
40%
13%
8%
45%
48%
45%
13%
Luxembourg
45%
39%
11%
65%
7%
49%
38%
68%
6%
6%
45%
50%
3%
14%
52%
22%
Sweden
57%
40%
5%
Austria
19%
71%
27%
37%
Germany
62%
29%
Fear of inflation
Poland
4%
Switzerland
Netherlands
Russia
Ukraine
3%
37%
63%
43%
43%
39%
20%
63%
57%
Fear of high inflation in the medium term will drive investors towards the real estate market."
Page 35
3%
40%
27%
7%
43%
3%
68%
29%
47%
50%
However, majorities in most
European countries believe that
fear about future inflation will
Strongly Agree
Disagree
Strongly Disagree
Agree
drive investors toward real
Original question: “Do you agree with the following statement: The Eurozone sovereign debt crisis will drive investments by European investors in the real
estate investments.
estate markets. /
►
5%
57%
40%
3%
21%
3%
36. Fund liquidation, disposal of NPLs and refinancing
requirements set to drive real estate supply
Importance of green-building
Key messages
standards
►
►
Most European countries expect
supply to increase in 2014, due
to the maturity of structured
debt, the disposal of nonperforming loans (NPLs) and the
liquidation of open-ended
funds.
Switzerland and Austria are the
only countries in which fewer
than half of investors expect an
increase in real estate supply.
Real estate supply outlook
Russia
90%
UK
20%
63%
Luxembourg
Turkey
14%
30%
49%
11%
31%
53%
15%
34%
46%
Ukraine
Spain
24%
60%
14%
Poland
24%
69%
10%
Germany
24%
62%
7%
Italy
France
17%
76%
Sweden
Netherlands
10%
35%
58%
5%
52%
10%
Belgium
39%
38%
46%
15%
37%
40%
Switzerland
5%
6%
28%
Strongly Agree
55%
63%
Agree
2%
4%
3%
5%
7%
45%
30%
Austria
6%
Disagree
10%
3%
Strongly Disagree
Original question – “Do you agree with the following statement: Supply in the real estate market will increase in 2014 (maturity of structured debt, disposal
of non-performing loans, liquidation of open-ended funds)."
Page 36
In some cases no answers were provided by the respondents. This is not shown in the graph.
Thus, the total might deviate from 100%.
37. Commercial mortgage-backed securities market
well-positioned for revival
Importance of green-building
Key messages
standards
►
►
►
The commercial mortgagebacked securities (CMBS)
market is expected to
rebound, particularly in the
most liquid property markets
of the core Eurozone.
More than half of the countries
surveyed expect levels of CMBS
issuance to increase in 2014.
Some southern and eastern
European countries, such as
Italy, Russia and Ukraine, are
more pessimistic about the
CMBS market.
Commercial mortgage-backed securities market (CMBS)
France
5%
Luxembourg
UK
13%
13%
33%
53%
33%
60%
Netherlands
8%
49%
42%
Switzerland
3%
48%
47%
41%
5%
12%
Russia
44%
56%
Austria
43%
57%
Italy
Ukraine
27%
68%
23%
Strongly Agree
77%
Agree
Disagree
Strongly Disagree
Original question – “Do you agree with the following statement: The commercial mortgage-backed securities market will revive in 2014."
Page 37
5%
46%
35%
5%
7%
43%
46%
13%
2%
35%
57%
Spain
Turkey
34%
52%
7%
3%
31%
61%
Sweden
Poland
28%
56%
5%
Germany
Belgium
64%
In some cases no answers were provided by the respondents. This is not shown in the graph.
Thus, the total might deviate from 100%.
5%
38. Rising demand for alternative lenders
Importance of green-building
Key messages
standards
►
►
►
As many banks reduce their
exposure to real estate, the
majority of respondents
predict that offer for
mezzanine financing and other
alternative lenders will rise.
Alternative debt providers
Belgium
60%
UK
Netherlands
Sweden
30%
20%
10%
69%
7%
9% 2%
79%
14%
14%
72%
14%
Germany
39%
45%
Ukraine and Poland are the
only countries in which fewer
than half of investors do not
expect the share of alternative
financing to increase.
Luxembourg
41%
41%
New debt sources are likely to
help reduce the funding gap in
the most liquid European
markets.
Switzerland
France
Turkey
28%
15%
65%
28%
20%
23%
48%
40%
24%
35%
9%
25%
57%
Italy
34%
58%
Ukraine
42%
48%
15%
Strongly Agree
6%
18%
77%
Spain
Poland
12%
54%
Russia
Austria
16%
52%
31%
Agree
54%
Disagree
Strongly Disagree
Original question – “Do you agree with the following statement: Alternative debt providers (insurance companies, pension and debt funds, mezzanine
providers) will increasingly provide financing for real estate investments."
Page 38
In some cases no answers were provided by the respondents. This is not shown in the graph.
Thus, the total might deviate from 100%.
39. Office and retail prices stable or rising; residential
property leveling off
Key messages
Price trends (prime locations)
Most countries surveyed expect
prices for office space in prime
locations to remain stable or
increase. However, some countries
SWE
anticipate prices falling from
peak levels.
NL
► In countries such as the
Netherlands and Spain, which have
UK
BEL
been hit particularly hard by the
PL
market downturn, prices are
LUX
GER
expected to strengthen over the
next year.
AT
F
CH
► Respondents in most countries
anticipate stable or increasing
prices for prime retail
investments.
I
► Sentiment about residential prices
SP
for the year ahead is more
bearish, with
Rising Constant Falling respondents in
nearly half of theRetail Residential
countries
Office
surveyed predicting price falls in
Original question – “How do you expect purchase prices to develop in 2014, based on the type of use and location?”
prime locations.
►
Page 39
RUS
UA
TR
40. Real estate investment trusts, international funds
and private equity set to become more active
Seller groups
Key messages
►
►
Real estate operating
companies (REOCs), real estate
investment trusts
(REITs), international funds and
private equity (PE) funds are
expected to be among the most
active investors in real estate
throughout Europe in 2014, on
both the buy and sell side.
In addition, private or family
office , residential real estate
companies and institutional
investors are set to be among
the most likely buyers of
property in 2014.
REOC/REITs
Other international funds
Opportunity/PE-funds
Open-ended funds
Closed-ended funds
Corporates (non-property)
Residential real estate companies
Banks
Insurance companies
Public Sector
Cautious
Moderately active
20%
60%
26%
20%
52%
37%
22%
41%
30%
22%
47%
27%
23%
49%
15%
24%
57%
31%
28%
40%
24%
29%
44%
19%
32%
44%
18%
37%
42%
40%
Buyer groups
REOC/REITs
Opportunity/PE-funds
Other international funds
Private/family Office
Residential real estate companies
Insurance companies
Sovereign wealth funds
Open-ended funds
Closed-ended funds
Banks
Original question: “How active do you think the following seller and buyer groups will be in 2014?
"
Page 40
Very active
26%
55%
38%
43%
33%
19%
47%
39%
20%
41%
33%
20%
44%
23%
43%
33%
27%
24%
49%
26%
24%
48%
23%
13%
19%
26%
43%
26%
34%
61%
41. Investment to focus on residential property
Investment focus: residential properties
Key messages
►
►
►
European respondents will focus
their investment strategies most
strongly on residential property.
Investors in the
UK, Spain, France, Germany, Sweden
and Italy show the strongest
interest in office properties.
Despite being the least favored
use type, there will still be a
significant number of investors
focusing on retail in each of the
countries surveyed.
NL
SWE
BEL
UK
RUS
PL
GER
LUX
UA
F
SP
CH
AT
I
TR
Legend
Strong & Moderately Active (values in %)
Office
Retail
Residential
Original question – “Compared with 2013, what level of focus do you intend to give to the following real estate use types in your investment strategy for
2014?”
Page 41
43. E-commerce a major threat to retail outlets in nonprime areas
Brokers lose market share
Key messages
►
►
►
78%
74%
71%
70%
Strongly agree
67%
67%
63%
Respondents in most countries
believe brokers will lose
market share for renting or
selling residential real estate
to internet listing services.
The majority of investors in
each of the countries surveyed
sees e-commerce as a major
threat to retail stores in less
popular locations.
Most of the respondents also
expect e-commerce suppliers to
rent retail locations in order
to increase brand awareness.
62%
61%
57%
53%
53%
52%
Agree
44%
32%
Replacement of over-the-counter retail stores
84%
84%
82%
80%
80%
76%
74%
68%
67%
67%
64%
63%
58%
54%
50%
Original question – “Do you agree with the following statement: Brokers will lose market share for renting or selling residential real estate due to
Internet listing services. / Online suppliers will replace over-the-counter retail stores in weak locations. / E-Commerce suppliers will appear as tenants
for retail space. / Home office working is out-dated and staff will move back to the workplace.”
Page 43
44. Outlook Europe (1/2)
Attractiveness
Real estate capital market
A clear majority in each of the countries surveyed
think that their market will be attractive to real
estate investors in 2014.
►
Most European countries no longer view the
Eurozone sovereign debt crisis as the main driver
for real estate investments.
The positive change in sentiment compared with last
year is particularly striking in the countries hit
hardest by the Eurozone crisis – Spain and Italy.
Real estate financial/transaction market
►
Concerns about the impact of inflation have
decreased compared with last year’s survey.
►
Most European countries expect supply to increase
in 2014, due to the maturity of structured debt, the
disposal of non-performing loans (NPLs) and the
liquidation of open-ended funds.
►
The commercial mortgage-backed securities (CMBS)
market is expected to rebound, particularly in the
most liquid property markets of the core
Eurozone.
►
New debt sources are likely to help reduce the
funding gap in the most liquid European markets.
►
►
►
Transaction volume is set to increase in 2014 for the
second straight year, driven largely by crossborder investments.
►
Spain and Italy are predicted to show the biggest
improvements compared with last year.
►
As markets improve and the supply of core assets
remains low, investors are expected to take more
risks.
►
Page 44
Investors also anticipate a rise in speculative
project developments in selected
markets, especially where core products are often
unable to deliver sufficient returns.
45. Outlook Europe (2/2)
Price trends
Investment focus
Most countries surveyed expect prices for office ► European respondents will focus their investment
space in prime locations to remain stable or
strategies most strongly on residential property.
increase. However, some countries anticipate prices
► Investors in the UK, Spain, France, Germany, Sweden
falling from peak levels.
and Italy show the strongest interest in office
► Respondents in most countries anticipate stable or
properties.
increasing prices for prime retail investments.
E-commerce trends
► Sentiment about residential prices for the year
► Respondents in most countries believe brokers will
ahead is more bearish, with respondents in nearly
lose market share for renting or selling
half of the countries surveyed predicting price
residential real estate to internet listing services.
falls in prime locations.
► The majority of investors in each of the countries
Seller/buyer groups
surveyed sees e-commerce as a major threat to
► Real estate operating companies (REOCs), real
retail stores in less popular locations.
estate investment trusts (REITs), international
funds and private equity (PE) funds are expected to
be among the most active investors in real estate
throughout Europe in 2014, on both the buy and sell
side.
►
Page 45