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The Impact of Real Estate Investors on Housing Markets
Private real estate investment is a typical one-shot decision problem for personal investors due to the huge investment expense and the fear of substantial loss. There is only one outcome for a one-shot decision problem. The private real estate investment problem is analyzed within a one-shot decision framework. The procedure for a one-shot decision consists of two steps. In the first step, for each alternative, some states of nature, which are called focus points, are selected amongst all states of nature based on the attitudes of decision makers on uncertainty. In the second step, alternatives are evaluated based...
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Your pathway to qualifying in Property Finance and Investment Assessment of Professional Competence
The purpose of this study is to examine a current land development decision within a one-shot decision framework. The main contributions of this study are as follows. A private real estate investment decision model is proposed within a one-shot decision framework, which is an innovative study on analyzing real estate investment problems from an economic viewpoint by using tools from the possibility theory. The analysis in this paper demonstrates the relation between the amount of uncertainty and the investment scale for different types of personal investors. The proposed model provides insights into personal real estate investment decisions and important policy...
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Ernst & Young European real estate assets investment indicator 2012: As one door shuts, another opens
Possibilities can be explained from several semantic aspects. One way to explain possibility is ease of achievement. Another way is plausibility; that is, the propensity of an event to occur, which relates to the concept of “potential surprise”. A third way to explain possibility is logical consistency with available information. Finally, possibility can be explained as preference, referring to the willingness of an agent to make a decision. Possibility is dually related to necessity in the sense that “not A” being not possible means that A is necessary. A semantic analysis of necessity can be done through reference to...
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The Technical Qualifications for Treating Photovoltaic Assets as Real Property by Real Estate Investment Trusts (REITs)
The topic of real assets is currently being intensively discussed in the media and among investors. The turbulence in the financial markets since the start of the subprime crisis in 2007, together with latent worries about inflation resulting from unorthodox financial policies, mean that investors are looking for alternatives to investments in stocks or bonds. Preservation of capital has taken on a new significance. Gold has benefitted from this in the last few years. The gold price has almost trebled, from just over 630 USD per ounce at the start of 2007, to almost 1,800 USD in February 2012 (see...
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Real Estate Investment Funding Proposal
It is not easy to give a clear definition of real assets. The equivalent German term Sachwert refers only to the reproduction value (replacement cost) of a good. In an investment concept, a real asset is defined as a good that is independent from variations in the value of money. 1 This definition alone provides sufficient motive for the integration of real assets in portfolios. In times of high inflation, real assets should protect financial resources against loss of purchasing power. It is by no means clear what goods should be included in the real assets group. A current survey...
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At the crossroads: Ernst & Young 2012 real estate nonperforming loan investor survey
Real assets definitely play a significant part in the portfolios of both private and institutional investors. The magnitude of the capital and current investments in real assets can, however, be only roughly estimated as investors – as described – can choose different forms of investment, the market volume of which is often not transparent. The purpose of the investment is also not always clear. For instance, an owner-occupied property is certainly a real asset investment. However, the house owner does not necessarily purchase or build a home with the aim of making a profit. It rather represents a permanent asset...
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Global Real Estate Investing Offers Multiple Blueprints for Custom Exposures
The markets for open-end and closed-end funds provide an indication of the general development and trends of investment in real assets. The Verband für Geschlossene Fonds (VGF) estimates that the assets of closed-end funds in Germany are EUR 199 bn (as at 2011). EUR 99 bn of this is invested as equity capital. In 2011, EUR 9.9 bn passed into real assets through closed-end funds in Germany (down 8% yoy, see Fig. 5). The volume has considerably declined since the start of the financial and economic crisis and, since 2009, has been at a low level. Last year, private investors...
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SUSTAINABLE INVESTMENT IN REAL ESTATE
Investors favour real assets as a hedge against rising inflation rates. Whereas, in an environment of higher inflation, financial assets such as bonds lose value in real terms, the real prices of real assets remain stable or increase. During the last 15 years, inflation rates in the industrialised countries have fluctuated at moderate levels of up to 3% p.a. (see Fig. 11), although in some countries they have been considerably less. In such an environment, investment in real assets with a view to inflation protection typically offers hardly any advantages. For the next two years, in our basic scenario we...
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Islamic Real Estate Investment Trusts
In the last few years, the financial markets have been characterised by crises that have led to increased volatility (see Fig. 12). In view of this market turbulence, for numerous investors preservation of capital has become an important objective. To many investors, physical gold is the epitome of insurance against geopolitical and economic risks, as well as those emanating from the financial system. The historically high gold price impressively reflects this. However, many people are also reassured by real estate – in particular a private home of their own – which is regarded as “concrete gold”. However, by no means...
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Understanding and Mitigating Direct Investment Risk in the Indian Real Estate Market
This connection can be shown empirically, e.g. for commodities. Gorton and Rouwenhorst show that the yields on commodities futures have a negative correlation with the yields on long-dated bonds and – for long holding periods – with equities. Commodities futures could therefore be employed effectively in order to diversify equity and bond portfolios. 4 On the other hand, according to Yee’s analysis, high correlation coefficients are evident in a comparison of the yields on financial assets with those of metal or energy producers or with REITs. 5 The connection with the stock market therefore predominates in this case. Investments in real...
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Real assets: A sought-after investment class in times of crisis
Diversification of the portfolio can only reduce the so-called non-systematic risk, however. The systematic risk, i.e. the interdependence of returns on changes in the overall market and/or shocks cannot be eliminated. For instance, the returns on equities and investments in specific real assets are necessarily positively correlated by the underlying economic determinants. The return on an invest- ment in equities depends e.g. on company profits and therefore also on growth. The return on investments in ships is dependent on inter alia, global economic growth and the increase in world trade. Depending on the target market of the investment, a positive correlation...
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Avison Young Commercial Real Estate Investment Review Fall 2012
Investigations of historic yields are therefore mostly concerned with homo- genous goods such as commodities, for which indices are available. These show that certain real assets can achieve higher yields than investments in equities or bonds. A comparison of the average historic yields on raw materials over the last 10 years (2002 to 2012) shows that investments in commodity futures have achieved double-digit annual returns (see Fig. 15). This consider- ation of averages over a long period however hides the fact that the profitability of individual investment vehicles naturally depends on the time the investment is made. For example, investors in aluminium...
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Private Real Estate Investment Analysis within a One-Shot Decision Framework
There is also a good dataset for open-end real estate funds. Over the last 10 years, investors in this asset class have been able to achieve a higher average annual return than on investments in equity funds (see Fig. 16). However, compared with most bond funds, open-end real estate funds come off worse. This relationship has also generally been maintained over longer periods of up to 20 years: however it is probably also be affected by the poor performance of the stock market in the last few years. On a 30-year average, equity funds with an investment focus in Germany...
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FREQUENTLY ASKED QUESTIONS ABOUT REAL ESTATE INVESTMENT TRUSTS
In view of risks described and the generally rather complex trends of the relevant markets, a well-informed investor is a prerequisite for an investment in real assets. For example, the selection and management of a real asset portfolio necessitates extensive knowledge of the markets concerned and, in some circumstances, operative capabilities. From the investor’s point of view, lack of expertise is often a barrier to the choice of appropriate investments. In this respect, investors’ experience with specific investment vehicles and knowledge of the relevant products also play a part. The expertise of the asset manager is of major importance in...
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INTENSIVE PROFESSIONAL CERTIFICATE PROGRAMS
Real asset investors also need a longer investment horizon, as investments in real assets normally require longer commitment of capital. Ship funds typically have a life of 15 to 20 years; aircraft funds more than 15 years. From the investor's point of view, it is therefore important to be able to assess the potential of the investment vehicle reliably. In addition, private investors mainly invest larger amounts. In 2011, the average subscription for investments in closed-end funds across all asset classes in Germany was EUR 30,575 (up from just over EUR 26,000 in 2010). Wealthy private clients with high investment...
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Real Estate Investment in France and Japan
There are varied possibilities for investment in real assets. One of the most liquid segments, which is accessible through the financial markets, is the commodity market. As well as precious metals, investors also focus on industrial and agricultural raw materials. It is relatively easy for investors to inform them- selves about these homogenous markets. However, in this study we want to concentrate on real assets that are mainly not traded on financial markets but for which fund solutions or direct investment vehicles are dominant. In order to make investment decisions in these inhomogeneous and, on first impression often opaque markets, investors...
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Tax Benefits of Creating a Real Estate Investment Trust: Holding Real Estate in a C-Corp?
From a tax perspective, conventional wisdom discourages owning real estate in a C-Corporation. After all, why pay corporate tax rates when you can shield yourself from personal liability and corporate tax using an LLC? However, owning real estate in an LLC gives rise to a host of other questions such as: how could one utilize an LLC to bring in thousands of marginal investors? Are potential real estate investors going to be deterred due to non-resident state filing requirements? Will tax exempt investors be deterred due to Unrelated Business Taxable Income (UBTI) generated from owning leveraged real estate through an...
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INVESTMENT AGREEMENT
This paper introduces Shariah-compliant investment by reviewing its key terms and concepts, assessing its market size and potential, and outlining its opportunities and challenges for investors and financiers. Shariah-compliant investment represents a series of ethical financial transactions that are organised in accordance with Islamic law. The range of investment opportunities complying with Muslim religious beliefs has historically been fairly limited. Islamic banking is distinguished by a ban of interest-based transactions, an emphasis on equitable contracts, the linking of finance to productivity, the desirability of profit sharing, and the prohibition of speculation and uncertainty in business contracts....
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Corporate Real Estate: Investment and EU Cities
At the same time, the capital available for deployment into Shariah-compliant investments is vast and growing. At the heart of the Middle East, the countries of the Gulf Cooperation Council – Saudi Arabia, Kuwait, the UAE, Bahrain, Qatar, and Oman – form a market of 38 million residents (about the same population as California) with a combined annual GDP that grew 6.4% in 2007 to reach US$840 billion. Add to this another 430 million Muslims living outside the Middle East – many of whom reside in prosperous or growing economies such as India, Malaysia, or...
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Real Estate Investment Management 2020 and Beyond Workshop Report
The emergence of Islamic banking in recent years is one of the most important trends in the financial world. There has always been a demand among Muslims for financial products and services that conform to the Shariah (Islamic law). With the development of viable Islamic alternatives to conventional finance, Muslims are increasingly able to participate in the financial world without bearing an economic penalty. The Islamic banking industry today is valued at several hundred billion dollars (estimates vary) 1 , and consists of more than 300 financial institutions in and outside the Muslim world. This emerging industry is the...
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Real Estate Investment Analysis Formulas
It is a young and fast-growing industry that continues to evolve and expand both financially and geographically. This industry’s vast market includes devout Muslims in indigenous Muslim societies as well as in Muslim minorities of non-Muslim countries. Furthermore, it offers a broad appeal beyond its traditional Muslim base: non-Muslim individuals and communities that seek ethical financial solutions have also been attracted to Islamic banking. The first modern Islamic financial institutions emerged in the 1960s and 1970s. Since then, Islamic banking has spread to a large number of Muslim countries, including the Gulf Cooperation Council (GCC) 2 , the...
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Commercial Real Estate Investment Memorandum
This is an industry that is still evolving, developing, and growing. It has gone from commercial banking to syndicated transactions and equities, and more recently, into debt issuance and structured products. Its sophistication and product offerings have developed along with this change. At an earlier stage, industry growth was in part a reflection of economic growth in the Islamic world, fuelled primarily by oil wealth. This created a growing middle-wealth segment and hence made banking a necessary service to the larger segment of the population. In the past several years, increased awareness about Islamic banking...
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NRI/PIO/OCI Real Estate Investment Guidelines
More specifically, Shariah-compliant products (which include banking assets and asset management) were valued at around US$450 billion (ex-Iran) in 20064 . With growth of 23.5% p.a. over the past five years, Shariah compliant products are expected to grow at 17% p.a. to exceed US$1 trillion in value by 2010 (ex-Iran). The growth of international property investment has accelerated during this decade, due to (1) the maturity of real estate as an asset class, (2) increasing allocation to real estate by institutional investors, and (3) better returns in both absolute and relative terms, compared to other asset classes5 ....
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The Nascent Real Estate Investment Market in Ghana
Sunnah of the Prophet Muhammad, and it governs all aspects of personal and collective life. Overall, Shariah investment must be carried out in accordance with the fundamental principles of Islamic law. A Shariah board of Islamic scholars advises the financial institution in the development of Shariah-compliant products. The most distinctive element of Islamic banking is the prohibition of interest, whether nominal or excessive, simple or compound, fixed or floating. Other elements include the emphasis on equitable contracts, the linking of finance to productivity, the desirability of profit sharing, and the prohibition of gambling...
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MBAX 6610 Real Estate Finance & Investment Analysis Course Syllabus for Fall 2011 (Revised 25 October 2011)
The most fundamental aspect of Shariah compliance is the prohibition of any form of usury, or riba6 . Any amount in a contract of loan or debt – regardless of size – that exceeds the principal is riba. Such contracts are prohibited by the Quran, regardless of whether the loan is taken for the purpose of consumption or for some production activity. This indicates that any forms of receiving or paying interest are not allowed, because Islam defines all forms of interest as usury. The rationale behind the prohibition of interest in Islam suggests an economic system...
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Investment Prospectus April 15th 2009
In order to be deemed Shariah-compliant, an Islamic product must be overseen by a Shariah advisory board or Shariah supervisory committee of renowned Islamic scholars. Once this board satisfies itself that a proposed product and structure is compliant with Shariah principles, it issues a fatwa (decree) on the proposal. The product can be marketed only when the fatwa of Shariah compliance is issued. Upon the launch of the product, the Shariah advisory board continues to monitor the product on a regular basis to ensure compliance, and in effect, to act as “Shariah auditors” for the product. ...
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Foreign exchange investments discover the World of Currencies
In the simplest Ijara agreements, the financier acquires an asset and leases it to the purchaser. The purchaser makes lease payments representing the agreed profit, which may be determined using a benchmark, such as EURIBOR, plus the financier’s margin. One element that differentiates an Ijara from a conventional lease is the ongoing risk the financier must take in relation to the asset. In a typical Ijara structure, the financier remains responsible for insurance and non-day-to-day maintenance of the asset. Murabahah is a transaction under which the asset is purchased by the financier and...
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Challenges and opportunities for European real estate: Insights from our sixth annual EMEIA Real Estate Workshop
Real estate professionals attending Ernst & Young’s conference were almost equally split in their views of the Eurozone’s future. Asked whether the Eurozone would survive in its current form for the next 12 months, 48% thought it would not. Michael Portillo, keynote speaker at this year’s conference, said politicians and policy advisors will be highly focused on the Eurozone’s problems during 2012. “There’s an enormous amount of political capital invested in the Euro, so huge amounts will be expended in trying to save it.” Ernst & Young’s economic forecasting group, ITEM Club, assumes an orderly resolution of the Eurozone crisis will be...
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A Bird’s Eye View of Global Real Estate Markets: 2012 Update
A reverse Murabahah transaction can be used to provide a purchaser with a cash lump sum. Under a reverse Murabahah the purchaser acquires the asset from the financier and then sells it either back to the original owner or another party. The original purchaser therefore receives a cash lump sum but remains obliged under the original transaction to make repayment on the asset purchase plus the agreed margin (and as in a Murabahah transaction the payments are due in instalments). For all types of Murabahah transactions it is a key element that the financier acquires legal title to the...
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REITS AMIDST THE CURRENT REAL ESTATE CRISIS: AN ANALYSIS OF THE REITS INVESTMENT DIVERSIFICATION AND EMPOWERMENT ACT
Demand for Islamic products has spread across the world, and well beyond the Middle East. There are more than 430 million Muslims outside the traditional Middle East (a region that stretches from the Mediterranean to Pakistan), including 190 million in Indonesia, 73 million in Turkey, 150 million in India, 20 million in Europe, 7 million in the US, and 17 million in North Africa, It is reasonable to assume that many of these 430 non- Middle Eastern Muslims could be interested in Shariah-compliant products. In India, for instance, the government has recommended the establishment of a framework for...
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