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Economists predict that Latin America will not be immune to a global recession through the second half of 2023, but overall, the region’s economic growth and hotel industry performance point to a recovery, albeit a laggard.
“At the start of the pandemic, we thought Latin America was particularly vulnerable to external shocks, and we didn’t recover GDP until 2024, but by last year most countries had returned to growth,” said Adriana Arreaza, director of macroeconomic research. At Banco de Desarrollo de America Latina, during the Hotel and Tourism Investment Forum in Cartagena, Colombia. Flatter inflation is expected to boost the business outlook even if a global recession hits.
Former world heavyweight champion Anthony Joshua is set to buy 73 New Bond Street, a prominent mixed-use block that includes London’s Bonds Mayfair pub, from investment firm Aviva for around £25m.
Joshua is likely to win another competition for a block that includes offices and retail fronting New Bond Street in the heart of London’s West End, as well as adjoining buildings that include Bonds Mayfair and a dentist’s practice on Dering Street. According to reports, the boxer wants to buy prime real estate purely for investment purposes, despite having a range of business interests in related areas such as retail.
Transaction volumes in German commercial real estate reached between 4.7 billion and 5.7 billion euros in the first quarter, about half below the 10-year average, especially as investors moved out of offices.
Brokerage data showed offices accounted for just 1.3 billion euros, the lowest level since 2011. On the one hand, there is a lack of deals involving portfolios and trophy properties, and most importantly, the work-from-home trend is hitting the market. BNP Paribas Real Estate reports that in the second wave, investors are “very consciously incorporating this development into their purchases are counting”.
Investment and development firm Kley Group is changing its name to Boost Society as it launches a new brand called Hife, which aims to offer residential units with shared communal spaces.
The Paris-based student housing-focused operator is looking to strengthen its European assets with a brand named after a combination of “high living” and “hive”. Its first two co-living residences are expected to open in September in Labège and Gentilly, targeting young professionals.
The federal government is closely watching corporate investors in the rental housing market, which some analysts believe could have knock-on effects for publicly traded real estate investment trusts.
“The federal government remains focused on the financialization of housing across Canada,” according to the 2023 budget released by Ottawa lawmakers, which did not detail how the federal government might target REITs or other real estate owners. Lawmakers are looking for ways to curb rent increases, evictions and other trends in corporate-owned properties that have made housing unaffordable for many Canadians.
Real estate prices are plunging at their fastest pace since the Great Recession as higher interest rates slow demand across the United States.
Chad Littell, national head of capital markets analysis at CoStar, said the impact was partly due to commercial real estate investors closely watching economic developments, particularly the Federal Reserve’s decision to raise interest rates eight times in the 12 months to February. . “This increase in the cost of capital is the fastest it has been in the past 40 years, causing ripples in the market and dampening asset price growth in the second half of 2022,” he said.
This report has been compiled from CoStar’s international news publications in the US, UK, Canada, France and Germany.
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