ABOUT GYODER. Vision To pioneer the Real Estate Industry in accordance with our aims and objectives.
|
|
- Vernon May
- 8 years ago
- Views:
Transcription
1 1
2 ABOUT GYODER GYODER, The Association of Real Estate Investment Companies, was established in 1999 by the existing 12 REICs to promote the real estate industry in Turkey. The Association acts as a platform in introducing and maintaining standards and quality, providing training, networking, and acting as spokesman in relations with media and public authorities. The conferences, meetings, seminars, symposiums, panels and education programs GYODER has organized are seen as major meeting platforms for the players in the sector. 2
3 ABOUT GYODER Vision To pioneer the Real Estate Industry in accordance with our aims and objectives. Mission To form a platform that represents all the sub-sectors of the real estate industry Objectives Establish standards for quality control, evaluation, finance and marketing in the industry, Acts as a platform in introducing and maintaining the Real Estate Sector, To have an active part in directing Turkish economy in a dynamic way. 3
4 ABOUT GYODER Activities Opinions Preparing legal opinions related to the real estate sector to contribute the development of regulations and legal opinions. Opinions about the subject transmitted to the competent institutions and organizations. Reports GYODER values the current data, in order to evaluate the past accurately and to create right projections of the future. In this respect, the association has been publishing reports that are analyzing the real estate sector in detail since Education Programs GYODER organizes educational programs which encourages the development of the Real Estate sector, contributes on training of specialist staff, to improve the manners, knowledge and experience in the sector. 4
5 ABOUT GYODER Activities Real Estate Summit Being organized by GYODER firstly in 2000, the series of Turkish Real Estate Summit have become the sector s traditional meeting and idea sharing events with their international participants of developers, investors, financial institutions, planners, architects and academics. ISTANBUL REstate In 2009 GYODER joined forces with the leading worldwide company, Reed Exhibitions to organize Turkey s first regional real estate and investment fair: ISTANBUL REstate. As a first with its concept, the Turkish Real Estate Summit is beeing held together with ISTANBUL REstate Real Estate and Investment Fair since
6 ABOUT GYODER Activities Developing Cities Summit GYODER also organized Developing Cities Summit in order to present investment opportunities in developing cities to sector representatives and to help cities to reach out to national and international real estate investors. The first of the Developing Cities Summit was organized in January 2010 in Bursa in cooperation with Bursa Metropolitan Municipality. Second of the Developing Cities Summit was organised in November 2010 in Konya in the cooperation with Konya Metropolitian Municipality. Preparing Residential Price Index GYODER, with cooperation with REIDIN, submits an indicator index, which is developed from the properties of corporate real estate investment firms generally known as "Trademarked Projects. 6
7 ABOUT GYODER Members 21 REITs (With a market value of 7 billion USD) 56 Consultant Firms 47 Investor 40 Developer Firms 8 Financial Instutions 33 Other Specialty Companies TOTAL : 205 Firms With these members GYODER is very prestigious and leader association inturkey. GYODER successfully represents Turkey among worldwide associations of real estate industry such as MIPIM, Barcelona Meeting Point, Fannie Mae and NAREIT. 7
8 REAL ESTATE INVESTMENT COMPANIES In 2010, 6 new real estate investment companies went public, whereupon the number of the real estate investment companies listed to ISE increased up to 21, The portfolio value of 21 real estate investment companies increased up to TL 10.2 billion, while the market value thereof increased up to TL 10.4 billion, PERIODS 2008 Q Q Q Q Q Q Q Q Q Q4 NUMBER OF REAL ESTATE INVESTMENT COMPANIES PORTFOLIO VALUE MARKET VALUE TL MIO USD MIO TL BIO USD MIO
9 GENERAL ASSESSMENT OF 2010 AND PROJECTIONS FOR
10 INFLATION The inflation rate in 2009 actualized as 6.5 % in line with the weak consumer demand. In 2010, the inflation rate was 6,4 % in spite of the recovery and rapid economic growth. Inflation Rates YEARS CPI % T The inflation is projected to remain relatively low and actualize as per cent within
11 MONETARY POLICIES AND INTEREST RATES In 2010, the interest rates declined to the lowest level in history. The Central Bank will have completed its exit strategy to a substantial extent in The Central Bank is projected to be sensitive to the price stability as well as the overheating of the economy, the current deficit risk and the hot money inflows in In 2011, the Central Bank is projected to sustain reducing the interest rates in line and with respect to the global economic developments. In 2011, the interest rates will remain low, and Turkish Lira will remain strong. Central Bank s Benchmark Interest Rate YEARS BENCHMARK INTEREST RATE % (1) 2011 T (1) Benchmark Interest Rate was modified by the Central Bank 11
12 THE REAL ESTATE SECTOR 12
13 THE GLOBAL REAL ESTATE MARKETS IN 2010 THE HOUSING INDUSTRIES OF THE DEVELOPED COUNTRIES FAILED TO ENTER INTO A COURSE OF RECOVERY. THE HOUSING FINANCE SYSTEMS IN THE DEVELOPED COUNTRIES REMAIN PROBLEMATIC. THE CONSTRUCTION OPERATIONS AND EXPENDITURES IN THE DEVELOPED COUNTRIES CONTINUED TO SHRINK. THE COMMERCIAL REAL ESTATE VALUES, INVESTMENTS AND FINANCING IN THE DEVELOPED COUNTRIES HAVE NOT RECOVERED THE ONGOING STAGNATION. THE CONSTRUCTION INDUSTRIES OF THE DEVELOPING COUNTRIES EXPERIENCED A RAPID GROWTH. THE INCREASE IN THE REAL ESTATE PRICES IN THE DEVELOPING COUNTRIES LEAD TO THE BUBBLE CONCERNS. TURKEY STANDS OUT AS THE ONE COUNTRY TO BE EXPOSED TO THE LOWEST REAL ESTATE BUBBLE RISK WITH RESPECT TO THE REAL ESTATE PRICES AND THE FINANCIAL SYSTEM STRUCTURE. 13
14 PROJECTIONS FOR THE GLOBAL REAL ESTATE MARKETS IN 2011 THE HOUSING MARKET IN THE DEVELOPED COUNTRIES WILL REMAIN TO BE UNDER PRESSURE. THE COMMERCIAL REAL ESTATE FINANCING SYSTEMS IN THE DEVELOPED COUNTRIES MAY EXPERIENCE TROUBLES. THE DEVELOPING COUNTRIES WILL BE SENSITIVE TO THE OVERHEATING OF THE REAL ESTATE MARKETS IN THE DEVELOPING COUNTRIES AND THE REAL ESTATE PRICE BUBBLES. THE BUBBLE RISK WILL REMAIN LIMITED IN TURKEY WITH RESPECT TO THE LEVEL OF REAL ESTATE PRICES AND THE LIABILITIES BORNE BY THE FINANCIAL INSTITUTIONS. 14
15 TURKISH REAL ESTATE MARKET IN 2010 Housing Sector; Gradually accelerating housing operations throughout the year on the account and the basis of economic recovery, increase in the consumer confidence, low interest rates, high loan utilization (lending) appetite of the banks, new housing projects and the expansion in the cross-border contracts, Commercial Real Estate Sector; Recovery in the office and shopping mall segments on the account and the basis of economic recovery, increase in the consumer confidence and the retail expenditures, interest of the foreigners and the improvement in the expectations of the business world. 15
16 HOUSING SECTOR Housing Needs Independent from economic developments for being dependent to populational increase, urbanization ratio, necessity of renovation of houses and urban transformation Need for thousand houses per year (GYODER s Housing Finance Report) Housing Demand Increase in the housing demand in line with the recovery of the economic expectations in 2010 Relatively affordable loan conditions on the account of the fact that the loan interest rates will remain low for a long period of time The ongoing tempting sales campaigns offer by producers to the consumers Resumption of the tendency of increase in the income per capita and the household income Stable increase projection for housing demand in
17 HOUSING SECTOR House Prices The house prices and rents remained stagnant throughout Turkey in 2010, The house prices are at reasonable levels for purchase, The increase in house prices is projected to remain limited with respect to the expected housing demand and new housing supply in 2011, Housing Supply Recovery in housing supply and new projects in 2010, Stable and moderate increase in any type of houses in 2011 (some 10 % increase is projected - GYODER) 17
18 OFFICE SECTOR Office Demand Increase in the demand for the leasing of new offices as well as the exchange of offices, retreat in vacancy rates and limited increase in the rents in line with the economic recovery in 2010; tangible increase in the demand by international companies; increase in the office demand particularly on the Anatolian side; the rents remain higher relative to the pre-crisis period. The increase in the demand for leasing will continue in line with the positive economic expectations for the year The limited retreat in the vacancy rates will continue. The office rents are projected to increase to a reasonable and limited extent. Supply of Offices In 2010, the supply of offices expanded in the developing off-cba areas on the Anatolian and the European sides. In 2011, the supply of offices will continue on the basis of the office investments to be sustained in the new development and transformation areas with a view to meet the expansion in demand. The share of the office spaces in multi-purpose projects will increase. 18
19 LOGISTICS SECTOR Demand for Logistic Space Even though the economic recovery has boosted up the interests of the international 3PL logistics companies, the new leasing operations remained weak throughout the year, the demand was raised by the national companies for office exchange-oriented leasing purposes on the basis of cost management concerns, the rents remained unchanged throughout the year. The demand for the leasing of logistic spaces is expected to exceed the demand actualized in 2010 on the account of the economic recovery, the industrial growth, the expansion in retail spaces and the demand from the international logistics companies. Supply of Logistic Space The supply of new logistic spaces remained limited in 2010; the inadequate demand and the costs arising from the high land prices as well as the low rents constrain the supply of new spaces. The supply of new logistic spaces is projected to exceed the supply in 2010 but to remain below the supply in the pre-crisis period. 19
20 SHOPPING MALL SECTOR Demand for Shopping Malls The demand was set back to rise in line with the increase in the consumer confidence and the recovery in the retail sector in 2010, The new shopping leasing operations continue to remain below the pre-crisis level, however the gradual increase in the rents is expected to continue in 2011 The increasing interest of the international retailers boost up the demand for shopping malls, The increase in the household income and the expansion potential of the organized retail business keep the demand for shopping malls buoyant in the medium term, Supply of Shopping Malls The shopping mall investments have been recovered, as a consequence of which the postponed or cancelled projects are set back to be launched, The shopping mall investments have been recovered, as a consequence of which the postponed or cancelled projects are set back to be launched, The expansion, which was recorded in 2010, is projected to continue in 2011 in line with the optimistic expectations for the economy, The supply of shopping malls is expected to saturate in the medium term, 20
21 PROJECTIONS FOR 2011 ECONOMIC GROWTH 5 % INFLATION % INTEREST RATE APPLIED BY THE CENTRAL BANK % HOUSING LOAN INTEREST RATE, MONTHLY AVERAGE 0.9 % HOUSING LOANS, GROWTH BY 20 % HOUSING LOANS TL 68 BILLION CONSTRUCTION SECTOR GROWTH % INCREASE IN HOUSING CONSTRUCTION LICENCES 10 % LIMITED INCREASE IN THE HOUSE PRICES AND RENTS GROWTH IN COMMERCIAL REAL ESTATE INVESTMENTS BY 8-10 % LIMITED REASONABLE INCREASE IN COMMERCIAL REAL ESTATE RENTS 21
22 CONCLUSION The world economy passed through an unstable and fragile growth period in It is expected that a sustainable course of growth can be ensured in 2011 thanks to the additional measures taken by the developed countries. The developing countries exhibited a strong growth performance in 2010, and are expected to maintain such performance in Turkish economy grew beyond expectations in Turkey is positively distinguished from its peers for its fiscal discipline, robust financial system and strong growth potential. The growth performance will remain strong in 2011 as well. The problems with the real estate sectors in the developed countries remained unsolved in 2010, and are projected to dominate the sectors in 2011, too. On the other hand, the real estate markets of the developing countries had a buoyant year in 2010, which was, though, also characterized by asset bubbles risk. Those markets are expected to be characterized by buoyant nature and the said risks in 2011, as well. Turkish construction sector and real estate market stepped back into a course of growth in While significant improvement was made in terms of new launches and loan utilization in the housing market, the shopping mall and the office segments had a year of recovery in the commercial real estate sector. The growth in both the construction sector and the real estate sector will continue in
23 23
Switzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013
Switzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013 With the exchange rate floor in place for over a year, the Swiss economy remains stable, though inflation remains
More informationForecasting Chinese Economy for the Years 2013-2014
Forecasting Chinese Economy for the Years 2013-2014 Xuesong Li Professor of Economics Deputy Director of Institute of Quantitative & Technical Economics Chinese Academy of Social Sciences Email: xsli@cass.org.cn
More informationDEVELOPMENTS IN 1990 s
MACROECONOMIC MANAGEMENT WITH OPEN CAPITAL ACCOUNTS: THE TURKISH CASE FAIK OZTRAK Director TUSIAD-Koc University, Economic Research Forum HIGH LEVEL SEMINAR ON CRISIS PREVENTION, SINGAPORE, JULY 1, 26
More informationX. INTERNATIONAL ECONOMIC DEVELOPMENT 1/
1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably
More informationOCTOBER 2014. Turkey Brokerage Industry 2014 SEMIANNUAL REVIEW
OCTOBER 2014 Turkey Brokerage Industry 2014 SEMIANNUAL REVIEW TURKISH BROKERAGE INDUSTRY 2014 SEMIANNUAL REVIEW Edited by Alparslan Budak Ekin Fıkırkoca-Asena Written by Gökben Altaş Serhat Tahsin İşler
More informationTurkish Leasing Market: Latest Developments and Prospects
Turkish Leasing Market: Latest Developments and Prospects Bülent Tasar Chairman Turkish Leasing Association (FIDER) Managing Director - Siemens Finansal Kiralama A.S. - Turkey Turkish Leasing Market: Latest
More informationWe continue our consumer finance activities with KoçFinans, Turkey s first consumer finance company.
BANKING AND INSURANCE As the leading banking and insurance group in Turkey, we are the key thanks to our customer-oriented approach, strong financial structure, and millions of active customers. As Yapı
More informationQ3 2014. Cairo Real Estate Market Overview
Cairo Real Estate Market Overview Cairo Market Summary The third quarter of 2014 saw further political stability as the regime proceeded with implementing its roadmap. Following the reduction of energy
More information4. FINANCIAL POSITION AND RISK EXPOSURE OF HOUSEHOLDS AND BUSINESSES
4. FINANCIAL POSITION AND RISK EXPOSURE OF HOUSEHOLDS AND BUSINESSES In 215 H1, households remained oriented towards savings, as shown by the expansion in deposits level. Lending to households expanded
More informationQ2 2015. Dubai Real Estate Market Overview
Q2 2015 Dubai Real Estate Market Overview Dubai Market Summary Dubai s real estate market saw little change in the second quarter, with the slowdown in performance across all asset classes continuing,
More informationEconomic Overview. East Asia managed to weather the global recession by relying on export-oriented
Economic Overview Economic growth remains strong in East Asia and retains healthy momentum thanks to strong commodity prices and increases in exports. leads the region in growth and its GDP is expected
More information2014 Survey of Credit Underwriting Practices
2014 Survey of Credit Underwriting Practices Office of the Comptroller of the Currency Washington, D.C. December 2014 Contents Introduction... 1 Part I: Overall Results... 3 Primary Findings... 3 Commentary
More informationWHO WE WORK DAY AND NIGHT TO PROVIDE THE BEST PRODUCTS AND SERVICES TO OUR CUSTOMERS AND EXPAND OUR SERVICE NETWORK IN THE FINANCE.
74 KOÇ HOLDİNG ANNUAL REPORT 2014 if not us, then WHO WE WORK DAY AND NIGHT TO PROVIDE THE BEST PRODUCTS AND SERVICES TO OUR CUSTOMERS AND EXPAND OUR SERVICE NETWORK IN THE FINANCE SECTOR KOÇ HOLDİNG ANNUAL
More informationBUSINESS BRIEFING SELF STORAGE
BUSINESS BRIEFING VALUATION & ADVISORY A Cushman & Wakefield Valuation & Advisory Publication JANUARY 2015 SOLID YEAR AHEAD IN As we enter 2015, investors always ask about market expectations for the New
More informationMonetary and Financial Trends First Quarter 2011. Table of Contents
Financial Stability Directorate Monetary and Financial Trends First Quarter 2011 Table of Contents Highlights... 1 1. Monetary Aggregates... 3 2. Credit Developments... 4 3. Interest Rates... 7 4. Domestic
More informationTransformation of the Role of the Canada Mortgage and Housing Corporation
Transformation of the Role of the Canada Mortgage and Corporation Pierre David Canada Mortgage and Corporation Canada Overview of CMHC The Canada Mortgage and Corporation (CMHC) is the national housing
More informationChart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries
LIST OF CHARTS Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries Chart I.2. Gross Debt Stock and Budget Deficits of Selected Countries as of 2010 1 Chart
More informationWITH-PROFIT ANNUITIES
WITH-PROFIT ANNUITIES BONUS DECLARATION 2014 Contents 1. INTRODUCTION 3 2. SUMMARY OF BONUS DECLARATION 3 3. ECONOMIC OVERVIEW 5 4. WITH-PROFIT ANNUITY OVERVIEW 7 5. INVESTMENTS 9 6. EXPECTED LONG-TERM
More informationHousing Finance beyond Subprime
Housing Finance beyond Subprime First Session: Guarantors of stability in times of crises / FXdenominated mortgage loans in Hungary 17 May, 21 András Gábor BOTOS, Secretary General, Association of Hungarian
More informationTO OUR SHAREHOLDERS A MESSAGE FROM THE CEO. shareholders equity ratio and ROE both rose to over 10%.
TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO During the fiscal year ended March 31, 2004, attained record-high total revenues, income before income taxes, and net income. We also made steady progress in
More informationThe EMU and the debt crisis
The EMU and the debt crisis MONETARY POLICY REPORT FEBRUARY 212 43 The debt crisis in Europe is not only of concern to the individual debt-ridden countries; it has also developed into a crisis for the
More informationQuarterly Credit Conditions Survey Report
Quarterly Credit Conditions Survey Report Contents March 2014 Quarter Prepared by the Monetary Analysis & Programming Department Research & Economic Programming Division List of Tables and Charts 2 Background
More informationQuarterly Credit Conditions Survey Report
Quarterly Credit Conditions Survey Report Contents List of Charts 2 List of Tables 3 Background 4 Overview 5 Credit Market Conditions 8 Personal Lending 10 Micro Business Lending 13 Small Business Lending
More informationTURKISH FINANCIAL MARKETS IN PRACTISE
TURKISH FINANCIAL MARKETS IN PRACTISE SECOND MEETING OF TURKISH-RUSSIAN WORKING GROUP ON BANKING AND FINANCIAL COOPERATION September 2011 EMEL GÜNEŞ HEAD OF TREASURY, DENIZBANK TURKISH FINANCIAL SECTOR:
More informationInvestment Market Overview. Germany I 2 nd quarter of 2014 Published in July 2014
Investment Market Overview Germany I 2 nd quarter of 2014 Published in July 2014 JLL Investment Market Overview July 2014 2 Strong momentum on the German investment market The German investment market
More information2012 Survey of Credit Underwriting Practices
2012 Survey of Credit Underwriting Practices Office of the Comptroller of the Currency Washington, D.C. June 2012 Contents Introduction... 1 Part I: Overall Results... 3 Primary Findings... 3 Commentary
More informationWe endeavor to maximize returns.
We endeavor to maximize returns. Ayşegül Özel Yapı Kredi Bankası Private Banking Portfolio Manager Erdoğan Yücel Yapı Kredi Emeklilik Sales Manager FInance 4 th largest private bank (asset size) Leader
More informationSpecifics of national debt management and its consequences for the Ukrainian economy
Anatoliy Yepifanov (Ukraine), Vyacheslav Plastun (Ukraine) Specifics of national debt management and its consequences for the Ukrainian economy Abstract This article is about the specifics of the national
More informationMACROECONOMIC OVERVIEW
MACROECONOMIC OVERVIEW MAY 20 Koç Holding CONTENTS Global Economy... 3 Global Financial Markets... 3 Global Economic Growth Forecasts... 3 Turkey Macroeconomic Indicators... Economic Growth... Industrial
More information2013 Survey of Credit Underwriting Practices
2013 Survey of Credit Underwriting Practices Office of the Comptroller of the Currency Washington, D.C. January 2014 Contents Introduction... 1 Part I: Overall Results... 3 Primary Findings... 3 Commentary
More informationQuarterly Credit Conditions Survey Report
Quarterly Credit Conditions Report Contents List of Figures & Tables... 2 Background... 3 Overview... 4 Personal Lending... 7 Micro Business Lending... 10 Small Business Lending... 12 Medium-Sized Business
More informationQ&A at IR Teleconference for Analyst/Institutional Investors (Summary) at Announcement of Financial Results for the Fiscal Year Ended March 31, 2015
(Translation only) Q&A at IR Teleconference for Analyst/Institutional Investors (Summary) at Announcement of Financial Results for the Fiscal Year Ended March 31, 2015 Date and time: From 17:00 to 18:00,
More information2015 Survey of Credit Underwriting Practices
2015 Survey of Credit Underwriting Practices Office of the Comptroller of the Currency Washington, D.C. December 2015 Contents Introduction... 1 Part I: Overall Results... 3 Primary Findings... 3 Commentary
More informationQuarterly Credit Conditions Survey Report Contents
Quarterly Credit Conditions Report Contents List of Figures & Tables... 2 Background... 3 Overview... 4 Personal Lending... 7 Micro Business Lending... 9 Small Business Lending... 12 Medium-Sized Business
More informationMALAYSIA COMMERCIAL REAL ESTATE INVESTMENT SENTIMENT SURVEY 2016
MALAYSIA COMMERCIAL REAL ESTATE INVESTMENT SENTIMENT SURVEY 2016 Some Words for the Fire Monkey. 2015 has been a year of revelations! From generous contributions to the ringgit slide, cheap oil in barrels
More informationFACTORS AFFECTING THE LOAN SUPPLY OF BANKS
FACTORS AFFECTING THE LOAN SUPPLY OF BANKS Funding resources The liabilities of banks operating in Estonia mainly consist of non-financial sector deposits, which totalled almost 11 billion euros as at
More informationReal Estate Asset Management Company
Real Estate Asset Management Company 1 Index RE-PIE Asset Management Company Summary Top Management Real Estate Investment Fund Alternatives For Real Estates in Capital Markets Global REIF Market REIF
More informationCzech Economic Outlook and Prospects for the Exchange Rate Floor
Czech Economic Outlook and Prospects for the Exchange Rate Floor Vladimir Tomsik Vice-Governor Czech National Bank Small Talks Symposium 9 October 2015 Investor Seminar 10 October 2015 IMF/WB Annual Meeting
More informationDEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK
Research Report DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK Second Quarter 2013 Economic Outlook Business and consumer spending to drive recovery Quantitative easing beginning its expected unwinding
More informationTrends in real estate investment flows
Capital Flows May 211 Trends in real estate investment flows In 21, AUD 12.7 billion of transactions (> AUD 5 million) were recorded in Australia s commercial property market, the 4 th highest on record.
More informationSofia City Report H2 2014
Sofia City Report H2 2014 BG H2 Sofia City Report H2 2014 Economy/Investment Economy During the third quarter of 2014, GDP contracted by 0.4%, causing a modest growth of 1.5% for the entire year, expressing
More informationThe Coming of Age for Seniors Housing Presented to: NCREIF
The Coming of Age for Seniors Housing Presented to: NCREIF Presented by: Beth Burnham Mace AEW Capital Management November 14, 2013 This material is intended for information purposes only. It does not
More informationWealth Management Industry in Turkey An Overview
1 Miles- White Paper White Paper Wealth Management Industry in Turkey An Overview 2 Miles- White Paper The Turkish asset management sector is still young and relatively untapped, but is growing thanks
More informationDevelopment of consumer credit in China
Development of consumer credit in China Shen Bingxi and Yan Lijuan 1 Summary Consumer credit particularly personal consumer loans such as home mortgages and loans financing purchases of automobiles and
More informationSalt Lake Housing Forecast
2015 Salt Lake Housing Forecast A Sustainable Housing Market By James Wood Director of the Bureau of Economic and Business Research Commissioned by the Salt Lake Board of REALTORS By year-end 2013 home
More informationGrowth and Employment in Organised Industry
Growth and Employment in Organised Industry C.P. Chandrasekhar and Jayati Ghosh There is a general perception of industrial dynamism in the Indian economy at present, fed by reasonably high, even if not
More informationGovernor's Statement No. 34 October 9, 2015. Statement by the Hon. BARRY WHITESIDE, Governor of the Bank and the Fund for the REPUBLIC OF FIJI
Governor's Statement No. 34 October 9, 2015 Statement by the Hon. BARRY WHITESIDE, Governor of the Bank and the Fund for the REPUBLIC OF FIJI Statement by the Hon. Mr. Barry Whiteside, Governor of the
More informationPrice projection 2013
Price projection 2013 CONTENTS 1. PRICE PROJECTION 2013 3 2. ECONOMIC SITUATION 3 2.1. Finland 4 2.2. Sweden 5 2.3. Norway 5 2.4. Denmark 5 2.5. United Kingdom 5 2.6. The Netherlands 5 3. CURRENCY EXCHANGE
More informationQ3 2015. Cairo Real Estate Market Overview
Cairo Real Estate Market Overview Cairo Market Summary All sectors of the Cairo real estate market exhibited positive performance and improved sentiment during, with the office market signaling the most
More informationMitsubishi Electric Announces Consolidated and Non-consolidated Financial Results for Fiscal 2016
MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 3023 Investor Relations Inquiries Investor Relations Group,
More informationRecovery in UK property to gain momentum. Recovery in UK property market to gain momentum. Research & Strategy. June 2013. Economic growth recovering
Research & Strategy Recovery in UK property to gain momentum June 13 Recovery in UK property market to gain momentum This hasn t been a typical recession and it won t be a typical recovery. Nevertheless
More informationConsultation Paper CP11/16 Underwriting standards for buy-tolet mortgage contracts
Consultation Paper CP11/16 Underwriting standards for buy-tolet mortgage contracts March 2016 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office:
More informationPreparing Agricultural Financial Statements
Preparing Agricultural Financial Statements Thoroughly understanding your business financial performance is critical for success in today s increasingly competitive agricultural environment. Accurate records
More informationYour business finance is in. good hands... www.gocommercialfinance.com 01446 506 508. Commercial & buy-to-let mortgages
Your business finance is in Commercial & buy-to-let mortgages good hands... Asset, development & residential development finance Business loans, stocking finance, cash flow finance & bridging finance All
More informationHousing finance in Italy
Housing finance in Italy Defining characteristics One of the salient features of the Italian housing market is the high rate of ownership. According to data from the 2001 census, 71% of Italian households
More informationMETRO GROUP increases sales 2012 in a challenging consumer environment
METRO GROUP increases sales in a challenging consumer environment Sales rose by 1.2% to 66.7 billion (adjusted for portfolio measures: +2.3%); EBIT before special items reached around 2.0 billion Operating
More informationExecutive Summary. Model Structure. General Economic Environment and Assumptions
Executive Summary The (LTFP) report is an update from the preliminary report presented in January 2009 and reflects the Mayor s Proposed Budget for Fiscal Year 2010 and Fiscal Year 2011. Details of the
More informationThe Macroeconomic Situation and Monetary Policy in Russia. Ladies and Gentlemen,
The Money and Banking Conference Monetary Policy under Uncertainty Dr. Sergey Ignatiev Chairman of the Bank of Russia (The 4 th of June 2007, Central Bank of Argentina, Buenos Aires) The Macroeconomic
More informationRecent Developments in Small Business Finance
April 1 Recent Developments in Small Business Finance Introduction In 1, a Small Business Panel was formed by the Reserve Bank to advise it on the availability of finance to small business. At about the
More informationFinancing Residential Real Estate: SAFE Comprehensive 20 Hours
Financing Residential Real Estate: SAFE Comprehensive 20 Hours COURSE ORGANIZATION and DESIGN Roy L. Ponthier, Ph.D., Ed.D., CDEI, DREI Executive Director Module 1: Finance and Investment Mortgage loans
More informationPRESS RELEASE Paris, 20 February 2014
DIRECTION DE LA COMMUNICATION SERVICE DE PRESSE PRESS RELEASE Paris, 20 February 2014 LE GROUPE LA POSTE 2013 2 ANNUAL RESULTS Consolidated revenue: 22,084 million up 2 % (+1 % at constant structure and
More informationECONOMIC REVIEW(A Monthly Issue) March, April, 2015 2014
ECONOMIC REVIEW(A Monthly Issue) March, April, 2015 2014 Economics & Strategic Planning Department http://www.bochk.com Effects The of Reasons CNH Exchange Why the Rate Singapore on Offshore Economy RMB
More informationTHE GREAT DEPRESSION OF FINLAND 1990-1993: causes and consequences. Jaakko Kiander Labour Institute for Economic Research
THE GREAT DEPRESSION OF FINLAND 1990-1993: causes and consequences Jaakko Kiander Labour Institute for Economic Research CONTENTS Causes background The crisis Consequences Role of economic policy Banking
More informationoccasional paper on economic statistics SINGAPORE HOUSEHOLD BALANCE SHEET: 2005 UPDATE AND RECENT TRENDS
occasional paper on economic statistics SINGAPORE HOUSEHOLD BALANCE SHEET: 2005 UPDATE AND RECENT TRENDS Singapore Department of Statistics June 2006 Papers in this Occasional Paper Series provide an informal
More informationFrequently Asked Questions Q3 2006
Frequently Asked Questions Q3 2006 1. Were there any unusual or one-time items in your Q3 results? CIBC s reported diluted earnings per share (EPS) for the third quarter were $1.86. Our EPS was increased
More informationEarnings attributed to equity shareholders after tax were K9.1 billion (2005: K6.1 billion), a rise of 49% and Return on Shareholders funds of 39%.
MANAGING DIRECTOR S REVIEW OVERVIEW Zambia enjoyed a robust economic growth of 5.8% in 2006 (2005: 5.2%) mainly driven by positive growth in mining, construction and transport sectors. Other positive developments
More information2. The European insurance sector 1
2. The European insurance sector 1 As discussed in Chapter 1, the economic conditions in European countries are still fragile, despite some improvements in the first half of 2013. 2.1. Market growth The
More informationSTATS WINDOW. Retail industry
Volume 8, Issue 4, October 2015 STATS WINDOW The Pacific Business Review International has taken an initiative to start a section which will provide a snapshot of major Global & Indian economic indicators
More informationHome Improvement Franchises Predicted to Rise
WWW.IBISWORLD.COM October 2013 1 October 2013 Fastest Growing Franchises in Home Improvement By Lauren Setar As the economy improves and residential market recovers, franchises in the home improvement
More informationEmlak Konut REIT. Equity / Large Cap. / Real Estate Investment Trust. Bloomberg: EKGYO TI OUTPERFORM. Reuters: EKGYO IS.
Equity / Large Cap. / Real Estate Investment Trust Emlak Konut REIT Bloomberg: EKGYO TI Reuters: EKGYO IS 01/06/2012 Company Report OUTPERFORM Upside Potential* 42% Good entry point for the long term investors
More information> Erste Bank Croatia Building a retail bank with 15% market share and a meaningful contributor to group profits
> Erste Bank Croatia Building a retail bank with 15% market share and a meaningful contributor to group profits > 2 nd Capital Markets Day > Budapest > Sava Dalbokov, Member of the EBCR Managing Board
More informationCOFACE ECONOMIC PUBLICATIONS By Coface Group Istanbul economist
2 3 4 Rise in exchange rates and slowdown in domestic demand affected payment performance Impaired profitability made payments difficult Sector Risks Metal sector (except iron and steel) Automotive sector
More informationEvolution of informal employment in the Dominican Republic
NOTES O N FORMALIZATION Evolution of informal employment in the Dominican Republic According to official estimates, between 2005 and 2010, informal employment fell from 58,6% to 47,9% as a proportion of
More informationGroup Financial Outlook and Strategy. Mark Langer, CFO Paris, November 19, 2014
Investor Day 2014 Group Financial Outlook and Strategy Mark Langer, CFO Paris, November 19, 2014 HUGO BOSS 19-Nov-14 2 Agenda Review of past financial performance Current trading update Financial implications
More informationReal Estate Clients. For more information on HSH Nordbank Hypo s business, please refer to pages 58 and 59.
31 Real Estate Clients HSH Nordbank is one of the most sought-after providers of finance on the German real estate market. Backed by our extensive specialist skills in financial services for all aspects
More informationReal Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate?
Real Estate as a Strategic Asset Class The Benefits of Illiquid Investments Real estate, a key asset class in a portfolio, can offer stable income returns, partial protection against inflation, and good
More informationREAL ESTATE STATEMENT OF INVESTMENT POLICY
REAL ESTATE STATEMENT OF INVESTMENT POLICY Amended February 26, 2016 2211 York Road, Suite 500 Oak Brook, IL 60523-2337 (630) 368-1010 www.imrf.org Table of Contents I. Purpose and Objectives... 3 II.
More informationRICS Global Commercial Property Monitor Q3 2014
Simon Rubinsohn Chief Economist srubinsohn@rics.org +44 (0)207334 3774 RICS ECONOMICS RICS Global Commercial Property Monitor Q3 2014 * RICS Occupier Sentiment Index (OSI) is constructed by taking an unweighted
More informationKey themes from Treasury s Business Liaison Program
Key themes from Treasury s Business Liaison Program 73 Introduction As part of Treasury s Business Liaison Program, staff met with around 25 businesses and a number of industry and government organisations
More informationUK Economic Forecast Q3 2014
UK Economic Forecast Q3 2014 David Kern, Chief Economist at the BCC The main purpose of the BCC Economic Forecast is to articulate a BCC view on economic topics that are relevant to our members, and to
More informationRisk management. Loan impairment charges and loan impairments allowance. 2015 2014 Loan impairment charges (in basis points) Loan impairment Allowance
Risk management Rabobank pursues a risk policy aimed at maintaining a moderate risk profile. The risk strategy focuses on continuity and realises protection of our profits and profit growth, the retention
More informationGood morning. I will read you a brief message from our CEO, José Isaac Peres, to you.
Good afternoon. Welcome, everyone, to s 4Q07 earnings conference call. Today with us we have Mr. José Isaac Peres, CEO; Mr. Armando d Almeida Neto, CFO and IRO; Mr. Marcello Barnes, Development Officer;
More informationQ3 2014. Dubai Real Estate Market Overview
Q3 2014 Dubai Real Estate Market Overview Dubai Market Summary The Dubai real estate market saw a welcome levelling-off during the summer months. The broad based recovery witnessed in the residential sector
More informationStructural Reform and Medium-Term Economic and Fiscal Perspectives - FY2004 Revision
Structural Reform and Medium-Term Economic and Fiscal Perspectives - FY2004 Revision January 21, 2005 Cabinet Decision 1. About FY2004 Revision 1 Despite recent slack movement observed in certain areas,
More informationCBRE LENDERS SURVEY LOOKING AT 2015 LENDING TRENDS IN CANADA FINANCING DEBT COMMERCIAL REAL ESTATE BOND TERM DEBT YIELDS MORTGAGE ACQUISITION
CBRE LENDERS SURVEY LOOKING AT 2015 LENDING TRENDS IN CANADA COMMERCIAL REAL ESTATE DEBT FINANCING TERM DEBT YIELDS MORTGAGE ACQUISITION REFINANCING BOND INTEREST RATE ABOUT CBRE CBRE Group, Inc. (NYSE:CBG),
More informationDO NOT WRITE ANY ANSWERS IN THIS SOURCE BOOKLET. YOU MUST ANSWER THE QUESTIONS IN THE PROVIDED ANSWER BOOKLET.
SPECIMEN MATERIAL AS ECONOMICS 713/2 Paper 2 The national economy in a global context Source booklet DO NOT WRITE ANY ANSWERS IN THIS SOURCE BOOKLET. YOU MUST ANSWER THE QUESTIONS IN THE PROVIDED ANSWER
More informationCorporate Real Estate Service Delivery Model at Prudential Financial
Corporate Real Estate Service Delivery Model at Prudential Financial CoreNet Global Chicago Discovery Forum May 1, 2011 Kathy Winkler - Vice President, CRE Agenda Overview Prudential Financial Company
More informationCredit Sentiment Survey
Credit Sentiment Survey Survey Results 2015 Q4 The Credit Sentiment Survey ( The Survey ) is a quarterly publication which collects information from Senior Credit Officers from all banks and financial
More informationBUILDING TOWARDS BALANCE
Fiscally Responsible Proposals for Economic and Job Growth to the House of Commons Standing Committee on Finance The Canadian Real Estate Association (CREA) is one of Canada s largest single-industry trade
More informationReal estate market outlook Asia Pacific
July 1 Real estate market outlook Asia Pacific Part of the M&G Group Executive summary Economic recovery continues to strengthen across the region, with export-led economies set to benefit the most Office
More informationContents. Key points from the 2014 Q4 Survey 4. General economic environment 5. Market conditions and the economy 6. Cash flow and risk 9 M&A 11
The Deloitte CFO Survey 2014 Q4 Results 2 Contents Key points from the 2014 Q4 Survey 4 General economic environment 5 Market conditions and the economy 6 Cash flow and risk 9 M&A 11 A note on methodology
More informationAgents summary of business conditions
Agents summary of business conditions February Consumer demand had continued to grow at a moderate pace. Housing market activity had remained subdued relative to levels in H. Investment intentions for
More informationEconomic Outlook 2009/2010
Economic Outlook 29/21 s Twenty-Eighth Annual Forecast Luncheon Paul R. Portney Dean, Professor of Economics, and Halle Chair in Leadership Marshall J. Vest Director Economic and Business Research Center
More informationLatvia during the global economic and financial crisis
Latvia during the global economic and financial crisis Second Japan Baltic Seminar 1 December 2009, Tokyo 1 Different experience behind, challenges ahead 15 10 5 Transition -56% in 1991-1993 GDP 1991-2012
More informationReal Estate Trends. in the Sacramento Region. Key Points
Real Estate Trends The opening of Golden 1 Center in the fall of 2016 will certainly be one of the most significant events in recent Sacramento history. Golden 1 Center Downtown Sacramento photo credit:
More informationLIST OF MAJOR LEADING & LAGGING ECONOMIC INDICATORS
APRIL 2014 LIST OF MAJOR LEADING & LAGGING ECONOMIC INDICATORS Most economists talk about where the economy is headed it s what they do. Paying attention to economic indicators can give you an idea of
More informationA LEADER IN MULTIFAMILY AND HEALTHCARE LENDING
A LEADER IN MULTIFAMILY AND HEALTHCARE LENDING Greystone will work hard to help you accomplish your financial needs. We will use our creativity, drive and passion to deliver unparalleled business solutions
More informationBAD DEBT SETTLEMENT - CRITICAL ISSUES IN BANK RESTRUCTURING IN VIETNAM I. Analytical framework overview 1. Theoretical consideration 1.1.
BAD DEBT SETTLEMENT - CRITICAL ISSUES IN BANK RESTRUCTURING IN VIETNAM I. Analytical framework overview 1. Theoretical consideration 1.1. Concept A bad debt or non-performing loan (NPL) can be understood
More informationHow To Grow Revenue At Huron Consulting Group
HURON CONSULTING GROUP, INC. (NSQ: HURN) Current Market Price: $37.96 Fair Price (Conservative): $42 Expected Return: 12% Address Website Exchange Industry Market Cap $ 870.9 52 Week Range $ 37.67-38.17
More informationUnless otherwise stated, references to 2007 are made in relation to the first half of the year.
Standard Chartered PLC Pre-close Trading Update 26 June 2008 Standard Chartered PLC will be holding discussions with analysts and investors ahead of its close period for the half year ending 30 June 2008.
More information