A Word on Real Estate from The Wharton School
By: Myles, January 18th, 2009
Despite an ongoing financial crisis that has spared few industries and countries, participants in the recent Knowledge@Wharton Real Estate in Emerging Markets Forum, and posted on a recent ezine (January 16. 2009), focused on the opportunities that still exist in underserved markets for those who know where to look. Below are five (5) interesting excerpts taken directly from Knowledge@Wharton .. well worth the read and a free subscription:
Equity International’s Gary Garrabrant: ‘Bearish’ on the U.S., ‘Bullish’ on Emerging Markets
Those countries that had easy access to debt — such as the U.S. and Japan — are taking the biggest hit from the current financial crisis, while those countries without access to debt capital — such as Brazil — have been somewhat spared, according to Gary Garrabrant, CEO of Equity International. During the Knowledge@Wharton Real Estate in Emerging Markets Forum, Garrabrant spoke about his company’s strategy for weathering the down market, how investment decisions are made, and what he sees happening in the next 18 to 24 months.
http://knowledge.wharton.upenn.edu/article/2138.cfm
MLP’s Bruce Gardner: Five Rules to Live by in Russia’s Real Estate Market
While Russia initially may have been insulated from the impact of the global financial crisis — due to the once-high price of oil — the country is now feeling the impact of the slowdown. What does this mean for the Russian real estate market? How are real estate companies responding to the crisis? And what should international companies look for when doing business there? Bruce Gardner, managing director of MLP Russia and a participant in the recent Knowledge@Wharton Real Estate in Emerging Markets Forum, offers some answers.
http://knowledge.wharton.upenn.edu/article/2139.cfm
Wuxi Iparks’ Gilles Assouline: ‘The Difference between China and the Rest of the World Is the Demand’
China’s unsurpassed demand, cash reserves and willingness to invest heavily in new infrastructure make it an attractive option for foreign real estate investors, according to Gilles Assouline, president of Wuxi Iparks Creative Design & Development. In an interview with Knowledge@Wharton, Assouline spoke about why conditions in China are ripe for real estate development, and how partnering with the world’s fastest-growing economy may be a requisite for survival in the current economic downturn.
http://knowledge.wharton.upenn.edu/article/2137.cfm
Istanbul Mortgage’s Bahadir Teker: Turkey ‘Is Ready to Deal with This Kind of Credit Crunch’
Having bounced back from its own profound financial crises in 1994 and 2000, Turkey is well prepared to ride out the current global economic storm, according to Bahadir Teker, CEO of Istanbul Mortgage. In an interview with Knowledge@Wharton, Teker noted that the stability of Turkey’s banking system and its dramatic rise in housing demand will help to temper any slowdowns in the country’s real estate industry over the next couple of years.
http://knowledge.wharton.upenn.edu/article/2140.cfm
Jones Lang LaSalle’s Colin Dyer: Quality Assets at Prices ‘Perhaps Available Only Once in a Generation’
From Colin Dyer’s perspective, the worldwide real estate market is in pretty bad shape. As president and CEO of global real estate services firm Jones Lang LaSalle, Dyer has seen firsthand the problems that an absence of liquidity is causing for buyers who need financing for real estate transactions. Yet he is also optimistic that comparatively little competition and some good bargains provide excellent market opportunities for those who know where to look. Dyer expanded on these points during an interview with Knowledge@Wharton.
http://knowledge.wharton.upenn.edu/article/2136.cfm
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