ABD'li Yabancı Gayrimenkul Yatırımcıları Birliği 2012'de ticari
gayrimenkulde en gözde olacak gelişmekte olan ülkeleri seçti. Listede ilk
sırada Brezilya yer alırken, Çin ikinci, Türkiye üçüncü sıraya yerleşti. 20
yıldır yapılan araştırmanın 2012 yılı sayısında bir önceki yıl onsekinci sırada
yer alan Brezilya en hızlı gelişmeyi gösterdi. Çin geçen yıl olduğu gibi 2012
yılında da ticari gayrimenkul yatırımı için en gözde ikinci gelişmekte olan
ülke oldu. Türkiye bu alanda yedincilikten üçüncülüğe çıktı. Reuters'in
yayımladığı haberin orjinali haberin devamında
While the United States
offers the most stable and secure option in commercial real estate, investors
said improvement in rent and occupancy growth and the repeal of a 1980 foreign investment tax would have the strongest impact on their
investment decisions, according to the 20th annual survey of Association of
Foreign Investors in Real Estate (AFIRE) members.
For about the past year or so, investors in U.S. commercial real
estate have focused on gateway cities such as New York, Washington, Boston, San
Francisco and Los Angeles, driving prices up and yields down.
Meanwhile commercial property in Brazil,
with its bubbling economy and safer investmentenvironment,
has become a hot spot for global investors. Sao Paulo, Brazil's largest city,
jumped to the fourth best city for real estate investment dollars in 2012, up from 26th place
last year.
The United States is still
very desirable and was second behind the UK in attracting cross border
investment in 2011, according to Real Capital Analytics preliminary figures.
"The negative is it
doesn't promise a whole lot of capital appreciation because the prime markets
are already fully priced," AFIRE Chief Executive Officer James Fetgatter
said. "By no means will Brazil replace the U.S., at least not in the
forseeable future. Brazil is considered now a much safer place to invest and a
place where you can get capital appreciation and good yield."
AFIRE'S survey respondents hold more than $874 billion of real
estate globally, including $338 billion in the United States.
Sixty 60 percent of
respondents said they plan to increase their investment in U.S. real estate in
2012, down from a record 72 percent last year, according to the 20th annual
survey.
Some 42.2 percent said they
believed the United States in 2012 would offer the best opportunity for the
price of their commercial real estate investments to increase, down from 64.7
percent last year's survey.
The United States lost ground to Brazil, with 18.6 percent saying
Brazil's property market offered the best growth opportunity for their
investment dollars. That's up 14.2 percentage points, moving Brazil up to
second place from fourth, and pushing China down to No. 3, according to the
AFIRE survey.
Seventy percent of
respondents picked one of the three countries as their favorite, while the
remaining 30 percent had top choices from 13 other countries on five
continents.
Respondents said they would
invest more in U.S. commercial
property if the
fundamentals of rent and occupancy growth were stronger.
Another U.S. barrier
respondents cited was the Foreign Investment in Real Property Tax Act (FIRPTA).
The 1980 act, originally designed to protect farm property from foreign
ownership, subjects foreign buyers to both their domestic and U.S. taxes when
they sell their investment, unless their home country has a taxation treaty
with the United States.
FIRPTA opponents have argued
that the act unfairly penalizes foreign investors of real estate. Such double
taxation does not apply if they buy U.S. stocks or bonds.
As for the top cities for
foreign investment in 2012, New York remained No. 1. London moved up to No. 2
from No. 3, swapping ranks with Washington. Sao Paulo was fourth, and San
Francisco moved up to No. 5 from No. 10 last year.
Europe's sovereign debt
problems and looming recession pushed most of the countries there - except for
a few such as Switzerland and Poland - off the map for real estate investors.
Germany lost about half its support among respondents in terms of stability and
price appreciation, according to the survey.
Emerging markets also seem to
be getting more popular among potential investors. Respondents identified 25
countries they would consider for investment, up from 18 last year. Brazil
topped the list, with China in second place, as each did last year. Turkey
moved up to No. 3 from No. 7 last year. India and Vietnam each dropped down one
spot, to No. 3 and No. 4 respectively. Appearing for the first time were
Colombia, at No. 10, Hungary at No. 12, and Qatar at No. 17.
As for U.S. commercial real
estate, respondents said that this year they would most likely invest in
apartment buildings, the fourth consecutive year multifamily topped the list.
Of all the types of U.S. commercial real estate, the multifamily sector has not
only recovered from the post-2007 real estate slump but rents and occupancy are
even stronger than before.
Warehouse and distribution
centers ranked second, up from No. 5 last year. Office properties were third,
up a notch from No. 4. Retail properties - shopping centers and malls - slipped
to No. 4 from No. 2. Hotels ranked No. 5, down from No. 3 last year.
The survey was conducted in
the fourth quarter by the James A. Graaskamp Center for Real Estate, Wisconsin
School of Business.
(Reporting By Ilaina Jonas;
Editing by Richard Chang)
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