Denmark Market Report Q3 2016

Size: px
Start display at page:

Download "Denmark Market Report Q3 2016"

Transcription

1 Denmark Market Report Q ECONOMY Decent consumption and export growth Revised calculations from Statistics Denmark show that the gross domestic product grew by, % in the second quarter of when adjusted for seasonal and price development. The economic growth was supported by continued growth in government and household consumption and exports. This is the second consecutive quarter of positive growth. The growth in the first half of compared to the first half of has only been, %, due to the decline in in growth in the second half of. The improvement was helped along by higher real wages as a result of very low inflation. In recent months the labour market has been under intense scrutiny, as employment has declined over the summer months. The decline in employment reflects an increase in the private sector and a slightly larger decline in the public sector. Historically, the labour market data is uncertain during the summer, so there is a large probability that the decline is an isolated case and not a trend reversal. In general, the labour market continues to be strong, and the low unemployment levels increase the risks of bottlenecks for firms. Overall, the key figures for the Danish economy show that we are in a prolonged period of low growth of almost % in, which is expected to increase to almost % in the coming years. It should be mentioned that there are major regional differences underlying the overall figures, with as the major driving force for growth. As a small open economy, Denmark is influenced relatively strongly by the economic development of its major trading partners and the overall development of the world economy. The past months have been characterized by relatively calm financial markets. Uncertainty about the future continues to influence the economy negatively, despite low oil prices and interest rates. The negative effects of the UK s withdrawal from the EU has not yet made its mark, and it is uncertain how great an impact it will have. International turmoil has caused great uncertainty about global growth and has negatively affected the Danish economy. Annual real GDP growth You may quote from this report provided the source is acknowledged. Decisions in relation to real estate should always be assessed thoroughly, and all parties should thus examine the market in detail. Notwithstanding that we have examined and reviewed the information in the report with great care, Colliers International Danmark disclaims any responsibility for losses based on information in this report. % Joseph Alberti Research Analyst Cand Polit. joseph.alberti@colliers.com Phone Exchange rates (November ) DKK per units of foreign currency EUR > 7 USD > 7 GBP > 8 SEK > 7 NOK > statistikbanken.dk and Danmarks Nationalbank Note: 8 are based on estimates.

2 INVESTMENTS Transaction volume % higher than in The transaction volume in the first half of was DKK 8, billion, or approximately % higher than the same period last year. Preliminary figures indicate that the third quarter also has had relatively high activity. This bodes well for the year as a whole, as transaction volumes in the fourth quarter have historically been above average. The transaction volume is expected to reach almost DKK billion for the entire year, which represents an increase of approximately % compared to. The residential sector accounted for the vast majority of the investments in the second quarter, largely due to investments from real estate companies and funds. Prime retail properties have also had increased interest and international investors are expected to continue to focus on this particular segment. Established international investors continue to invest in Danish properties, and new international actors are always appearing. Despite historic low yield requirements of.% and.% for prime retail and prime office properties respectively, the commercial property market holds a strong position, mainly due to historically low interest rates and a relatively stable economy. Denmark is particularly attractive for investors seeking a safe haven for their assets. Transaction volume DKK bn 8 7 ' '7 '8 '9 ' Source: Colliers International Note: is based on estimates. Danish interest rates 8 7 ' ' ' ' ' ' Interest rates have fallen to very low levels and the money market rate has been negative since January. The yield on the Danish -year government bond is still very low and has fallen to exactly % during the month of August. The European Central Bank has signaled that its interest rate will not be reduced further and therefore stable official interest rates are expected over the next few years. The stable, low interest rates, along with access to capital, remains one of the main reasons for the large investments in the property market month money market interest rate Bond rate -year government bond Q transaction volume by property type Annual inflation % 7 % Residential 8 % 8 % % Office Retail Industrial Other Source: Colliers International Denmark EU Source: Eurostat Denmark Market Report Q INVESTMENT Colliers International

3 RESIDENTIAL Rising prices but apartment construction slowdown Prices of houses and condominiums have increased annually in all regions the last consecutive quarters. Compared to a year ago, house prices have risen on average by. % while condominiums have risen by 8. % on average. House price growth was strongest in the Capital Region with.9 % while prices of apartments have increased the most in North Denmark Region with 9. %. The rise in housing prices is not only a phenomenon seen in the largest cities but is something affecting the entire country. Yield requirements have remained stable in the last quarter, but there is still downward pressure on them. Square meters living space per person as of April Politically, property taxes have been focused on lately, since they are to be negotiated as part of an overall tax reform. In addition, the new property assessment system is being processed and is expected to be completed and presented in early 9. Property taxes act as an automatic stabilizer for the housing market and the economy in general. In their most recent quarterly report, Danmarks Nationalbank analyzed housing prices in order to examine whether there is a housing price bubble building up. They found that there is nothing to suggest that the Danish housing market is facing a housing price bubble on a national level, but there are several factors which suggest that the housing market is at risk in. increase demand for rental housing. Lærernes Pension has invested over million. kr. in 9 rental apartments in the old freight train area in, which will be named Østeråparken. This is the pension fund's first real estate investment outside of and. is a growing and developing city, which has made the investment attractive for Lærernes Pension. Construction will start in late and is expected to be completed June 8. Price index for sales of real property in ordinary free trade House price index (=) (=) Condominiums Denmark Single family homes EU Source: Eurostat Denmark Market Report Q RESIDENTIAL Colliers International

4 OFFICE New trends in the office market Increasingly, offices are being converted to housing that can meet the growing demand in cities. More families are choosing to stay in cities after finishing their secondary education, which means that Denmark is one of the countries in the EU experiencing the greatest urbanization rate. To meet the growing demand for housing, property owners with older office properties are creating residential units by converting their commercial property. This can be a sound financial decision, as the vacancy rate for housing is significantly lower than for office at the moment. The trend of serviced offices is a trend which has penetrated the market. They cater for everything from small creative companies to the modern corporate office hotels. More serviced offices are continually entering the market, and they have lower and lower vacancy rates. Finally, several serviced offices have been able to charge higher rental prices. This is yet another sign that the corporate culture is changing to match the needs and requirements for mobility and flexibility that modern businesses have. Vacancy per region in Denmark (%) Total office vacancy rate (%) Office vacancy rate, July The number of employed workers fell slightly by fewer full-time employees from June to July. However, in the past year employee employment has increased by over thousand persons, and by over thousand persons since April. The slight decline from June to July can not be seen as an expression of a trend reversal as labour market statistics are notoriously uncertain over the summer months. The vacancy rate for office space increased nationwide by. percentage points and was thus 8. % per year as of July. The increase has been strongest in the North Denmark Region where the vacancy rate has increased from 7. % to 8. %, which corresponds to approximately 9 thousand m² of vacant office space Source: Oline-ED Statistikken Market rent for office space, September DKK per sqm a year operations not included Construction company Mogens de Linde bought the property Kuglegården on the old naval station Holmen after a public tender. The buildings have been owned by the Danish Defense since the 7s and increases the construction company s portfolio on Holmen. The property was sold for DKK million for, m² across buildings. Employment,8,,,,,,9,8 Office yield, September.%,8.7%,7.7%,7.%,.7%.7%, 8 9 Source: Colliers MarkedsPULS Note: Modern and old properties in prime locations Denmark Market Report Q OFFICE Colliers International

5 RETAIL Historically low vacancy New restaurants have visibly changed street life, and pushed down the vacancy rate for retail space. This is not only a phenomenon in and, provincial towns have also experienced a marked dining scene growth. While increased trade over the internet has had a negative effect on retail vacancy levels, new cafes, restaurants and take-away places are popping up everywhere. The reason behind the high growth in the hospitality industry is first and foremost a change in consumption patterns, we eat out more often. In addition, new Nordic cuisine has become fashionable and at the same time, there have been lots of new juice, burger, bakery and other concepts. In terms of rent, the restaurants are generally willing to pay an annual rent of up to DKK, per m², in some places even more. Vacancy per region in Denmark (%) Retail vacancy rate, July Nationwide, the vacancy rate for retail space fell. percentage points to.9 %. This is the lowest percentage of empty retail spaces in over years. Restaurants have helped reduce the retail vacancy rate to the lowest level since January. In a similar vacancy level (. %) has not been seen since 8. The developments have been particularly strong in the North Denmark Region, where the vacancy rate fell by. percentage points from 8. % to.9 %. The consumer confidence indicator declined slightly from.8 in August to.8 in September and is roughly unchanged, yet below the average for the past year. Retail sales adjusted for price changes, normal seasonal fluctuations and the impact of trading days fell by. % in August compared to July. This is the second consecutive month that retail sales decline. Total retail vacancy rate (%) Source: Oline-ED Statistikken 7 Unipension Ejendomme has sold the property Frederiksberggade for DKK 7 million for a yield of under %. The, m² large corner property situated on the main high street in (Strøget) was bought by Standard Life Investments and confirms a continued strong international demand for high street properties. Market rent for retail space, September DKK per sqm a year operations not included, 7,,,, - Consumer confidence, Retail yield, September.%.%.%.% - -.%.% Source: Colliers MarkedsPULS Note: Retail properties, for example, in pedestrian zones with premises suitable for durable consumer goods in prime locations Denmark Market Report Q RETAIL Colliers International

6 INDUSTRIAL Lack of industrial properties A growing number of companies are experiencing difficulty finding up-to-date warehouse and industrial properties that live up to their needs. During the financial crisis demand for industrial properties decreased drastically, and new constructions were essentially non-existent. Since the end of 9, each year has seen an increase in industrial employment and production, and industry is reaching the same level of activity as before the financial crisis. Thus, the situation in Denmark is that the supply of modern industrial properties is very limited, while demand is increasing every year. This creates a structural problem where the next generation of industrial and logistics properties for rent have not yet been built. E-commerce continues to grow and is expected to generate sales of over DKK 7 billion in, equivalent to an increase of % compared to last year. The development is particularly strong for mobile phone shopping, nearly half of all Danes now shop electronically from their mobile phone or tablet. The growing market for E-commerce is driving down prices, so that consumers can often find products at significantly lower prices online than in stores. This leads to higher demands of the warehouse and logistics capabilities for E-commerce firms. Total revenue in the industrial sector saw a slight decline from the first to the second quarter of from DKK 8 billion to DKK 8. billion. Revenue has increased by. % compared to a year ago. The total industrial production decreased by. % from July to August. In absolute terms production is. % higher than in August. Statistics Denmark s composite confidence indicator for industry fell from -7 in August to -8 in September. Therefore, the indicator remains negative, as it has been since May. DKK bn NLI Eiendomsinvest has sold a property portfolio of, m² across 8 properties in Denmark, Norway and Sweden for over DKK. billion, including a warehouse on Zealand. The acquisition marks Round Hill Capital's entry into the Nordic region. Manufacturers' sales Vacancy per region in Denmark (%) Source: Oline-ED Statistikken Market rent for industrial and logistics space, September DKK per sqm a year operations not included Industrial and logistics yield, September Industrial and logistics vacancy rate, July Total industrial and logistics vacancy rate (%) %.7% 7.% 7.% Source: Colliers MarkedsPULS Note: Modern properties in prime locations 7.% 7.% Denmark Market Report Q INDUSTRIAL Colliers International

Colliers STATUS Colliers international denmark > spring 2011

Colliers STATUS Colliers international denmark > spring 2011 Colliers STATUS Colliers international denmark > Spring 11 COLLIERS STATUS DENMARK INVESTMENT spring 11 EXCHANGE RATES (JANUARY 11) DKK per 1 units foreign currency EUR > 7. USD >. GBP > 8.88 SEK > 8.7

More information

Economic Activity Report

Economic Activity Report Economic Activity Report FOR THE SCANDINAVIAN COUNTRIES October 2007 New developments since June highlights Some unrest in the financial markets, but it will pass International economy In the spring and

More information

Austria s economy set to grow by close to 3% in 2018

Austria s economy set to grow by close to 3% in 2018 Austria s economy set to grow by close to 3% in 218 Gerhard Fenz, Friedrich Fritzer, Fabio Rumler, Martin Schneider 1 Economic growth in Austria peaked at the end of 217. The first half of 218 saw a gradual

More information

New information since the October 2011 Monetary Policy Report (3/11) 1

New information since the October 2011 Monetary Policy Report (3/11) 1 Meeting 14 March 2012 New information since the October 2011 Monetary Policy Report (3/11) 1 International economy According to preliminary figures, GDP for Norway s main trading partners fell by 0.2 percent

More information

Credit market appears to be back on solid ground

Credit market appears to be back on solid ground catella real estate debt indicator CREDI September 7 Credit market appears to be back on solid ground In the September issue of CREDI, the Main index has increased from.8 to 9.8, which is the highest index

More information

STATEMENT. Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2009

STATEMENT. Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2009 STATEMENT Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2009 0 1 EVALUATION OF THE FAIR VALUE OF SPONDA PLC S INVESTMENT PROPERTIES Sponda Plc conducts its own quarterly

More information

Valuation Advice on Yields and Market Rents

Valuation Advice on Yields and Market Rents Valuation Advice on Yields and Market Rents CITYCON OYJ 31 MARCH 2018 CONTENTS Instructions... 2 Scope of Work and Assumptions... 2 Market Overview... 3 1 INSTRUCTIONS Our instruction from Citycon Oyj

More information

Polish Real Estate Market Recovery after Financial Crisis

Polish Real Estate Market Recovery after Financial Crisis , Warsaw University of Technology 1. FINANCIAL CRISIS IN POLAND - MACROECONOMY Effects of the global financial crisis has reached the Eastern-European countries, including Poland. However, financial crisis

More information

NORTH BRIDGE NORDIC PROPERTY AS

NORTH BRIDGE NORDIC PROPERTY AS NORTH BRIDGE NORDIC PROPERTY AS STATUS REPORT FOR 2ND QUARTER 2013 www.northbridge.no SUMMARY North Bridge Nordic Property AS (the Company/NBNP) largest investment, Lund Business Park, has been put up

More information

Potential Output in Denmark

Potential Output in Denmark 43 Potential Output in Denmark Asger Lau Andersen and Morten Hedegaard Rasmussen, Economics 1 INTRODUCTION AND SUMMARY The concepts of potential output and output gap are among the most widely used concepts

More information

LIA Monthly Economic Report

LIA Monthly Economic Report This publication is made possible through the support of: LIA Monthly Economic Report A Research Report for Directors and Members of the Long Island Association, Inc. June, 2017 Prepared by Dr. John A.

More information

Stabilized credit market, but uncertain times ahead

Stabilized credit market, but uncertain times ahead catella real estate debt indicator CREDI December 7 Stabilized credit market, but uncertain times ahead In the December issue of CREDI, the Main index increased from 9.8 to., marking the first time the

More information

URUGUAY. 1. General trends

URUGUAY. 1. General trends Economic Survey of Latin America and the Caribbean 2015 1 URUGUAY 1. General trends In the economic history of Uruguay, 2014 was a landmark year, marking as it did the twelfth consecutive year of expansion

More information

HIGHLIGHTS INTERIM REPORT Q XXL ASA. Q3 Growth

HIGHLIGHTS INTERIM REPORT Q XXL ASA. Q3 Growth INTERIM REPORT Q3 2017 XXL ASA HIGHLIGHTS Total revenues of NOK 2 417 million (NOK 2 080 million), up 16 per cent Like-for-like growth of 6 per cent EBITDA of NOK 252 million (NOK 214 million) Solid results

More information

European Real Estate Market H

European Real Estate Market H European Real Estate Market H1 2 18 The European Union MACROECONOMIC OVERVIEW 18. Contribution of some Member States to the EU-28 GDP (million euro) Globally, economic growth remains solid, but less synchronized

More information

Svein Gjedrem: On business cycles, monetary policy and property markets

Svein Gjedrem: On business cycles, monetary policy and property markets Svein Gjedrem: On business cycles, monetary policy and property markets Speech by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), at the Næringseiendom conference, Bergen, 12 May 2006.

More information

Faroe Islands and Greenland

Faroe Islands and Greenland 1. Population of the Danish Kingdom If you want more information Since the first issue of the present Statistical Yearbook in 1896, Statistics has published figures for the. Today, the Faroe Islands and

More information

Valuation Advice on Yields and Market Rents

Valuation Advice on Yields and Market Rents Valuation Advice on Yields and Market Rents CITYCON OYJ 30 SEPTEMBER 2017 CONTENTS Instructions... 2 Scope of Work and Assumptions... 2 Market Overview... 3 1 INSTRUCTIONS Our instruction from Citycon

More information

AVIVA INVESTORS UK INDUSTRIAL PROPERTY A SAFE HAVEN? by Tom Goodwin

AVIVA INVESTORS UK INDUSTRIAL PROPERTY A SAFE HAVEN? by Tom Goodwin This document is for professional clients, financial advisers and institutional or qualified investors only. Not to be distributed, or relied on by retail clients. AVIVA INVESTORS UK INDUSTRIAL PROPERTY

More information

Economic Forecast May 2016: After nine years, the Danish economy will reach the level prior to the financial

Economic Forecast May 2016: After nine years, the Danish economy will reach the level prior to the financial May 2016 ØPA Economic Forecast May 2016: After nine years, the Danish economy will reach the level prior to the financial crisis DI predicts a growth in GDP of 0.9 per cent in 2016 and therefore GDP is

More information

Chart 1 Development of real GDP by quarters (year-on-year growth in %)

Chart 1 Development of real GDP by quarters (year-on-year growth in %) A T E C 1 14 12 1 8 4 2-2 -4 I -9-12 -15 8/29B volume 17, Development of the real economy in the first quarter of 29 Viera Kollárová, Helena Solčánska Národná banka Slovenska The indicators of Slovakia

More information

Reaching consensus CREDI June CREDI Main index. CREDI Indices Q1 Average interest rate * % 7. Swedish key interest rates, %

Reaching consensus CREDI June CREDI Main index. CREDI Indices Q1 Average interest rate * % 7. Swedish key interest rates, % catella real estate debt indicator CREDI June Reaching consensus In the June issue of the CREDI survey the Main index fell. points, from. to.. In contrast to the Main index relatively small change, however,

More information

Financial results briefing Q3/2012

Financial results briefing Q3/2012 Financial results briefing Q3/2012 Jyri Luomakoski President and CEO Uponor Corporation NCC Uponor s new head office, which will be taken into use 1 Jan 2013, will showcase sustainable and innovative Uponor

More information

W HIGHLIGHTS - EXECUTIVE SUMMARY

W HIGHLIGHTS - EXECUTIVE SUMMARY FURNITURE INSIGHTS Smith Leonard PLLC s Industry Newsletter June 2018 W HIGHLIGHTS - EXECUTIVE SUMMARY e had heard at the High Point Market that business seemed to have picked up a bit. We also heard that

More information

Quarterly Report and Forecast Q Prepared by City of Richmond Economic Development Office February 2017

Quarterly Report and Forecast Q Prepared by City of Richmond Economic Development Office February 2017 Macroeconomic Indicators & Forecast Overall, the GDP growth outlook for advanced economies has improved for 2017 and 2018, reflecting stronger activity in the latter half of 2016. 2) Interest Rates US

More information

Survey of Emerging Market Conditions

Survey of Emerging Market Conditions Survey of Emerging Market Conditions Quarter 4 2008 Published January 20, 2009 Lead Researcher and Analyst Dr. Wayne R. Archer, Executive Director University of Florida Bergstrom Center for Real Estate

More information

STATEMENT. Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2015

STATEMENT. Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2015 STATEMENT 0 Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2015 1 EVALUATION OF THE FAIR VALUE OF SPONDA PLC S INVESTMENT PROPERTIES Sponda Plc (hereinafter referred

More information

May 1965 CONSTRUCTION AND MORTGAGE MARKETS. Digitized for FRASER Federal Reserve Bank of St. Louis

May 1965 CONSTRUCTION AND MORTGAGE MARKETS. Digitized for FRASER  Federal Reserve Bank of St. Louis May 1965 CONSTRUCTION AND MORTGAGE MARKETS May 1965 outlays for new construction in April continued at the high established in the first quarter. Total outlays for the first 4 months of the year were moderately

More information

Monetary Policy Update December 2007

Monetary Policy Update December 2007 Monetary Policy Update December 7 At its meeting on 8 December, the Executive Board of the Riksbank decided to hold the repo rate unchanged at per cent. During the first half of 8 it is expected that the

More information

SEMA INDUSTRY INDICATORS

SEMA INDUSTRY INDICATORS SEMA INDUSTRY INDICATORS APR 2018 The final estimate of fourth quarter GDP, published in the last month, showed upwardly revised economic growth for the quarter of 2.9 percent. This in turn makes 2017

More information

Consumption, Income and Wealth

Consumption, Income and Wealth 59 Consumption, Income and Wealth Jens Bang-Andersen, Tina Saaby Hvolbøl, Paul Lassenius Kramp and Casper Ristorp Thomsen, Economics INTRODUCTION AND SUMMARY In Denmark, private consumption accounts for

More information

Market turmoil prevails, the economy continues to grow

Market turmoil prevails, the economy continues to grow ING Investment Office Publication date: 13 June 2018, 1.15 p.m. Monthly Investment Outlook June 2018 Market turmoil prevails, the economy continues to grow May June Asset allocation - + Market turmoil

More information

Interim Report January March

Interim Report January March 20 10 Interim Report January March Handelsbanken s Interim Report January - March Summary January March, compared with January March Profit after tax for total operations went up by 3 percent to SEK 2,853

More information

ENGLISH SUMMARY Chapter I: Economic Outlook

ENGLISH SUMMARY Chapter I: Economic Outlook ENGLISH SUMMARY This report contains two chapters: Chapter I presents an economic outlook for the Danish economy, and chapter II examines the Danish system of unemployment insurance. Chapter I: Economic

More information

II. ESTONIAN BALANCE OF PAYMENTS FOR 2001

II. ESTONIAN BALANCE OF PAYMENTS FOR 2001 18 II ESTONIAN BALANCE OF PAYMENTS FOR 2001 In 2001 a rapid slowdown of economic growth was registered with all Estonia s major export partners The negative import growth of the euro area Finland and Sweden

More information

Filling in the Strip Mall: Small Stores Make a Comeback

Filling in the Strip Mall: Small Stores Make a Comeback WWW.IBISWORLD.COM March 2013 1 Follow on head on Master page A March 2013 Filling in the Strip Mall: Small Stores Make a Comeback By Agata Kaczanowska A favorable lending environment will enable six industries

More information

Florida: An Economic Overview

Florida: An Economic Overview Florida: An Economic Overview December 26, 2018 Presented by: The Florida Legislature Office of Economic and Demographic Research 850.487.1402 http://edr.state.fl.us Shifting in Key Economic Variables

More information

Valuation Advisory. Citycon Oyj. Market Valuation of the Investment Properties 30 June 2016

Valuation Advisory. Citycon Oyj. Market Valuation of the Investment Properties 30 June 2016 Valuation Advisory Citycon Oyj Market Valuation of the Investment Properties 30 June 2016 Executive summary At the end of June 2016, Citycon owned 56 investment properties, 5 properties owned through joint

More information

Annual General Meeting 2018 Fund Manager s Comment on the Year. East Capital Baltic Property Investors AB (publ.)

Annual General Meeting 2018 Fund Manager s Comment on the Year. East Capital Baltic Property Investors AB (publ.) Annual General Meeting 2018 Fund Manager s Comment on the Year East Capital Baltic Property Investors AB (publ.) Summary Positive and supportive macro-economic backdrop Baltic Property fund continues to

More information

MARKET OVERVIEW Czech Republic Q1 2017

MARKET OVERVIEW Czech Republic Q1 2017 MARKET OVERVIEW Czech Republic Q1 217 1 Market Overview Q1 217 CZECH REPUBLIC As a reaction to growing inflation, the Czech National Bank released the Czech Koruna / Euro peg that had been in place since

More information

COSTA RICA. 1. General trends

COSTA RICA. 1. General trends Economic Survey of Latin America and the Caribbean 2016 1 COSTA RICA 1. General trends According to new official statistics, the Costa Rican economy grew by 3.7% in real terms in 2015, up from 3% in 2014,

More information

Nordic Real Estate Review Q

Nordic Real Estate Review Q Nordic Real Estate Review Q1 2012 www.colliers.com Nordic overview Economic growth Per cent 5 3 1-1 -3-5 -7-9 35 30 25 20 15 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1,000 EURO Denmark

More information

European Investment Bulletin

European Investment Bulletin European Investment Bulletin Spring 2009 Prime yield decompression per sector (yoy) Rents in decline in line with business sentiment 200 CBD offices Warehouses Shopping Centres European average prime office

More information

PROJECT LINK FALL MEETING NEW YORK, OCTOBER 2015 COUNTRY REPORT : SWITZERLAND

PROJECT LINK FALL MEETING NEW YORK, OCTOBER 2015 COUNTRY REPORT : SWITZERLAND PROJECT LINK FALL MEETING NEW YORK, OCTOBER 2015 COUNTRY REPORT : SWITZERLAND Délia NILLES 1 1. Recent Trends and Selected Key Forecasts 1.1 Recent trends Switzerland's real GDP grew by 1.9% in 2014, but

More information

Investment Property Forum UK Consensus Forecasts

Investment Property Forum UK Consensus Forecasts Investment Property Forum UK Consensus Forecasts AUGUST 2015 SUMMARY REPORT This research was commissioned by the IPF Research Programme 2015 2018 UK Consensus Forecasts This research was funded and commissioned

More information

Interim Report January June Cash flow from operating activities was SEK 323 million (107)

Interim Report January June Cash flow from operating activities was SEK 323 million (107) Interim Report January June 2014 NET SALES WERE SEK 5,840 MILLION (5,535) OPERATING PROFIT WAS SEK 296 MILLION (253) Cash flow from operating activities was SEK 323 million (107) Highlights of the period

More information

Monthly policy monetary report October monetary policy monthly report

Monthly policy monetary report October monetary policy monthly report Monthly policy monetary report October 2006 monetary policy monthly report OCTOBER 2006 October 2006 Monthly policy monetary report Main highlights Inflation developments Annual inflation in October experienced

More information

Market Perspective. Prudential Real Estate Investors. European Quarterly October 2007

Market Perspective. Prudential Real Estate Investors. European Quarterly October 2007 Prudential Real Estate Investors European Quarterly October 2007 Market Perspective Executive Summary While the business cycle is maturing, forward-looking indicators have been declining but are still

More information

Norwegian Finans Holding ASA. Investor Presentation for Contemplated Private Placement April 2016

Norwegian Finans Holding ASA. Investor Presentation for Contemplated Private Placement April 2016 Norwegian Finans Holding ASA Investor Presentation for Contemplated Private Placement April 2016 Disclaimer THIS PRESENTATION (HEREINAFTER REFERRED TO AS THE PRESENTATION ) HAS BEEN PREPARED BY NORWEGIAN

More information

NORTH BRIDGE NORDIC PROPERTY AS STATUS REPORT 1ST QUARTER 2011

NORTH BRIDGE NORDIC PROPERTY AS STATUS REPORT 1ST QUARTER 2011 NORTH BRIDGE NORDIC PROPERTY AS STATUS REPORT 1ST QUARTER 2011 PROPERTY UPDATE NORWAY Trollåsveien (100%) A lease for 700 m2 of office premises was signed with one of Norway s leading grocery chains, with

More information

Credit market has improved for second consecutive quarter

Credit market has improved for second consecutive quarter catella real estate debt indicator CREDI April 8 Credit market has improved for second consecutive quarter In the April issue of CREDI, the Main index increased from. to., marking the second time the credit

More information

MBA Forecast Commentary Joel Kan

MBA Forecast Commentary Joel Kan MBA Forecast Commentary Joel Kan Economy & Labor Markets Strong Enough, First Rate Hike Expected in December MBA Economic and Mortgage Finance Commentary: November 2015 This month s outlook largely mirrors

More information

The Mortgage Market in Sweden

The Mortgage Market in Sweden September 2018 The Mortgage Market in Sweden Contents Introduction 3 1. The economic situation in Sweden 4 2. The housing and construction market 4 3. Competition on the mortgage market 8 4. Residential

More information

INLAND EMPIRE REGIONAL INTELLIGENCE REPORT. School of Business. Fourth Quarter 2018 CENTER FOR ECONOMIC FORECASTING & DE VELOPMENT

INLAND EMPIRE REGIONAL INTELLIGENCE REPORT. School of Business. Fourth Quarter 2018 CENTER FOR ECONOMIC FORECASTING & DE VELOPMENT INLAND EMPIRE REGIONAL INTELLIGENCE REPORT Fourth Quarter 2018 School of Business CENTER FOR ECONOMIC FORECASTING & DE VELOPMENT INTRODUCTION 2018 was another strong year for the Inland Empire. The region

More information

STATISTICAL REFLECTIONS

STATISTICAL REFLECTIONS STATISTICAL REFLECTIONS 29 January 2016 Contents Introduction...1 Changes in property transactions...1 Annual price indices...1 Quarterly pure price index...2 Factors of overall price in the market of

More information

Risk Report 2010Q4. Published 21 February 2011

Risk Report 2010Q4. Published 21 February 2011 Risk Report 21Q4 Published 21 February 211 Contents The Risk Report has been prepared by Realkredit Danmark`s analysts for information purposes only. Realkredit Danmark will publish an updated Risk Report

More information

Services sector: slow start to 2019 as sales drop

Services sector: slow start to 2019 as sales drop January 2019 Media Contact: Tony Melville, Australian Industry Group. 0419 190 347 Services sector: slow start to 2019 as sales drop The Australian Industry Group Australian Performance of Services Index

More information

Summary. Labour market prospects for 2005 and 2006

Summary. Labour market prospects for 2005 and 2006 Labour market prospects for 2005 and 2006 Summary Global growth decreased There has been a high level of economic activity in the surrounding world in recent years. The world economy grew by a substantial

More information

Nordea Mortgage Bank Covered Bonds. Q Debt investor presentation

Nordea Mortgage Bank Covered Bonds. Q Debt investor presentation Nordea Mortgage Bank Covered Bonds Q3 2018 Debt investor presentation Table of contents 1. In brief 2. Cover pool key characteristics 3. Asset quality 4. Covered bond framework 5. Macro 6. Further information

More information

URUGUAY. 1. General trends

URUGUAY. 1. General trends Economic Survey of Latin America and the Caribbean 2017 1 URUGUAY 1. General trends Uruguay recorded a moderate level of economic growth in 2016, which nonetheless exceeded mid-year estimates. Gross domestic

More information

The Mortgage Market in Sweden

The Mortgage Market in Sweden The Mortgage Market in Sweden 217-9-25 September 217 Blasieholmsgatan 4B, Box 763 SE-13 94 Stockholm t: +46 ()8 453 44 info@swedishbankers.se www.swedishbankers.se Contact: Tel: E-mail: Christian Nilsson

More information

Year-end report January 1 December 31, 2014

Year-end report January 1 December 31, 2014 Year-end report January 1 December 31, 2014 October 1 December 31, 2014 Orders received SEK 18,469 M (14,363) Net sales SEK 18,760 M (21,073) Profit after financial items SEK 1,017 M (1,472) Profit after

More information

Highlights of Handelsbanken s annual report

Highlights of Handelsbanken s annual report Highlights of Handelsbanken s annual report January - December 2008 * Summary of Q4 2008, compared with Q3 2008 Operating profits rose by 39% to SEK 5,216m (3,758). Excluding capital gains, operating profits

More information

Valuation Advisory. Citycon Oyj. Market Valuation of the Investment Properties 30 September 2016

Valuation Advisory. Citycon Oyj. Market Valuation of the Investment Properties 30 September 2016 Valuation Advisory Citycon Oyj Market Valuation of the Investment Properties 30 September 2016 Executive summary At the end of September 2016, Citycon owned 55 investment properties, 5 properties owned

More information

Hong Kong Economic Update

Hong Kong Economic Update Irina Fan Senior Economist irinafan@hangseng.com Joanne Yim Chief Economist joanneyim@hangseng.com May 28 Hong Kong Economic Update Hong Kong s March export growth stayed low at 7.6 yoy, as exports to

More information

2015: FINALLY, A STRONG YEAR

2015: FINALLY, A STRONG YEAR 2015: FINALLY, A STRONG YEAR A Cushman & Wakefield Research Publication U.S. GDP GROWTH IS ACCELERATING 4% 3.5% Percent Change Annual Rate 2% 0% -2% -4% -5.4% -0.5% 1.3% 3.9% 1.7% 3.9% 2.7% 2.5% -1.5%

More information

Table 1.1. A comparison between the present forecast and the previous forecast in selected areas.

Table 1.1. A comparison between the present forecast and the previous forecast in selected areas. English summary 1. Short term forecast Since the beginning of 1 the international economy has experienced relatively low growth rates. This downturn in economic growth has been followed by a substantial

More information

ARLA Survey of Residential Investment Landlords

ARLA Survey of Residential Investment Landlords Prepared for The Association of Residential Letting Agents ARLA Survey of Residential Investment Landlords June 2012 Prepared by O M Carey Jones 5 Henshaw Lane, Yeadon, Leeds, LS19 7RW June 2012 CONTENTS

More information

COMPTROLLER LEMBO REPORTS EARLY INDICATIONS THAT STATE COULD END FISCAL YEAR 2019 IN SURPLUS

COMPTROLLER LEMBO REPORTS EARLY INDICATIONS THAT STATE COULD END FISCAL YEAR 2019 IN SURPLUS COMPTROLLER LEMBO REPORTS EARLY INDICATIONS THAT STATE COULD END FISCAL YEAR 2019 IN SURPLUS Comptroller Kevin Lembo today said that there are reasons for cautious optimism that the state could end Fiscal

More information

Economic Survey December 2006 English Summary

Economic Survey December 2006 English Summary Economic Survey December English Summary. Short term outlook Reaching an annualized growth rate of.5 per cent in the first half of, GDP growth in Denmark has turned out considerably stronger than expected

More information

Investment Property Forum UK Consensus Forecasts

Investment Property Forum UK Consensus Forecasts Research Programme Investment Property Forum UK Consensus Forecasts SUMMER 2018 COMMISSIONED BY THE IPF RESEARCH PROGRAMME UK Consensus Forecasts This research was funded and commissioned through the IPF

More information

Norges Bank Review. Unchanged but September cut still in store. 23 June Follow us on

Norges Bank Review. Unchanged but September cut still in store. 23 June Follow us on Norges Bank Review Unchanged but September cut still in store Frank Jullum Chief Economist +47 85 40 65 40 fju@danskebank.dk Kristoffer Kjær Lomholt Analyst +45 45 12 85 29 klom@danskebank.dk 23 June 2016

More information

The Index Leading Indicators

The Index Leading Indicators Our Sponsors: Housing Sales Up, Wide Growth Professor Erick Eschker, Director Jonathan Ashbach, Assistant Editor Catherine Carter, Assistant Analyst While no especially dramatic records were broken in

More information

Release date : 28 December Economic update - December Key data highlights:

Release date : 28 December Economic update - December Key data highlights: Economic update - December Key data highlights:. ember saw inflation fall slightly to 2.3 per cent, reducing the likelihood of a Bank Rate rise from 0.75 per cent. Consumers remain wary of their day-to-day

More information

GUIDELINES FOR CENTRAL GOVERNMENT DEBT MANAGEMENT 2018

GUIDELINES FOR CENTRAL GOVERNMENT DEBT MANAGEMENT 2018 GUIDELINES FOR CENTRAL GOVERNMENT DEBT MANAGEMENT 2018 Decision taken at the Cabinet meeting November 9 2017 2018 LONG-TERM PERSPECTIVES COST MINIMISATION FLEXIBILITY Contents Summary... 2 1 Decision on

More information

NORTH BRIDGE NORDIC PROPERTY AS STATUS REPORT 4TH QUARTER 2010

NORTH BRIDGE NORDIC PROPERTY AS STATUS REPORT 4TH QUARTER 2010 NORTH BRIDGE NORDIC PROPERTY AS STATUS REPORT 4TH QUARTER 2010 PRELIMINARY NET ASSET VALUE AS AT 31.12.2010 Preliminary net asset value of the North Bridge Nordic Property AS share (Company/NBNP) is put

More information

MISSISSIPPI S BUSINESS Monitoring the state s economy

MISSISSIPPI S BUSINESS Monitoring the state s economy MISSISSIPPI S BUSINESS Monitoring the state s economy A Publication of the University Research Center, Mississippi Institutions of Higher Learning JULY 2015 VOLUME 73, NUMBER 7 ECONOMY AT A GLANCE igure

More information

Austria s economy will grow by 2¾% in 2017

Austria s economy will grow by 2¾% in 2017 Gerhard Fenz, Friedrich Fritzer, Martin Schneider 1 In the first half of 217, Austria s economy gathered further momentum. With growth rates by.8% in both the first and the second quarters, Austria recorded

More information

Annual Report on the Japanese Economy and Public Finance 2007

Annual Report on the Japanese Economy and Public Finance 2007 Annual Report on the Japanese Economy and Public Finance 27 - Toward Higher Productivity Growth - Summary August 27 Cabinet Office Government of Japan Contents Chapter 1 Continued Economic Recovery and

More information

Austria: Sluggish economic growth

Austria: Sluggish economic growth Martin Schneider 1 1 Austrian economy grows by.3% in second quarter of 215 According to the first full release of national accounts published on August 28, 215, the Austrian economy grew by.3% in the second

More information

SUMMARY (Danish Economy Autumn 1997)

SUMMARY (Danish Economy Autumn 1997) SUMMARY (Danish Economy Autumn 1997) Chapter I: The International Outlook Economic growth is expected to be around 2½ per cent per year in the OECD in 1997-99. Initially, there are large differences between

More information

Quarterly Labour Market Report. May 2015

Quarterly Labour Market Report. May 2015 Quarterly Labour Market Report May 2015 MB13090_1228 May 2015 Ministry of Business, Innovation and Employment (MBIE) Hikina Whakatutuki - Lifting to make successful MBIE develops and delivers policy, services,

More information

Macroeconomic and financial market developments. March 2014

Macroeconomic and financial market developments. March 2014 Macroeconomic and financial market developments March 2014 Background material to the abridged minutes of the Monetary Council meeting 25 March 2014 Article 3 (1) of the MNB Act (Act CXXXIX of 2013 on

More information

Southeast Minnesota Economic and Business Conditions Report: First Quarter 2014

Southeast Minnesota Economic and Business Conditions Report: First Quarter 2014 St. Cloud State University therepository at St. Cloud State Southeast Minnesota Economic and Business Conditions Report Minnesota Regional Economic and Business Conditions Report 5-22- Southeast Minnesota

More information

Foreign Ownership in Danish Shares

Foreign Ownership in Danish Shares Foreign Ownership in Danish Shares Consequences for the Listed Companies? 24-11- 2014 A MILESTONE IN 2014 Foreign ownership in Danish listed companies Since January 2014 the foreign ownership in Danish

More information

Key indicators for Bulgaria*

Key indicators for Bulgaria* Key indicators for Bulgaria* This update: 1 October 13 Next update: 3 December 13 1. Output 1 11 1 March-13 April-13 May-13 June-13 July-13 August-13 Industrial confidence indicator 1.1 % -7. -. -. -.

More information

Nordea Kredit Covered Bonds. Q Debt investor presentation

Nordea Kredit Covered Bonds. Q Debt investor presentation Nordea Kredit Covered Bonds Q4 2018 Debt investor presentation Table of contents 1. Nordea Kredit in brief 2. Cover pool key characteristics 3. Asset quality 4. Underwriting criteria 5. Macro 6. Covered

More information

Pension projections Denmark (AWG)

Pension projections Denmark (AWG) Pension projections Denmark (AWG) November 12 th, 2014 Part I: Overview of the Pension System The Danish pension system can be divided into three pillars: 1. The first pillar consists primarily of the

More information

Testimony of Dean Baker. Before the Subcommittee on Housing and Community Opportunity of the House Financial Services Committee

Testimony of Dean Baker. Before the Subcommittee on Housing and Community Opportunity of the House Financial Services Committee Testimony of Dean Baker Before the Subcommittee on Housing and Community Opportunity of the House Financial Services Committee Hearing on the Recently Announced Revisions to the Home Affordable Modification

More information

Market Report for Republic of Korea

Market Report for Republic of Korea Market Report for Republic of Korea November 2014 Korea Financial Investment Association 1 I. Economic and Financial Background 1. General Economic Development Although economic recovery has continued

More information

Bratislava City Report

Bratislava City Report Bratislava City Report Q3 2016 City Reports Millions Economy & Investment Key facts Annual GDP growth (%) Real GDP growth grew above expectations in the first half of 2016. Averaging at 0.9% quarterly

More information

STATEMENT. Evaluation of the fair value of Sponda Oyj s investment properties on 31 March 2009

STATEMENT. Evaluation of the fair value of Sponda Oyj s investment properties on 31 March 2009 STATEMENT Evaluation of the fair value of Sponda Oyj s investment properties on 31 March 2009 0 1 EVALUATION OF THE FAIR VALUE OF SPONDA OYJ S INVESTMENT PROPERTIES Sponda Oyj conducts its own quarterly

More information

General Economic Outlook Recession! Will it be Short and Shallow?

General Economic Outlook Recession! Will it be Short and Shallow? General Economic Outlook Recession! Will it be Short and Shallow? Larry DeBoer January 2002 We re in a recession. The National Bureau of Economic Research (NBER), the quasiofficial arbiter of business

More information

The estimated general government finances are reduced by DKK 4¾bn in 2007 and DKK 4bn in 2008 compared to the May projections.

The estimated general government finances are reduced by DKK 4¾bn in 2007 and DKK 4bn in 2008 compared to the May projections. 5. English Summary Capacity utilization in the Danish economy is still high, and economic growth has dampened slightly, cf. Economic Survey, August 2007. The level of employment has reached a new record,

More information

Antonio Fazio: Overview of global economic and financial developments in first half 2004

Antonio Fazio: Overview of global economic and financial developments in first half 2004 Antonio Fazio: Overview of global economic and financial developments in first half 2004 Address by Mr Antonio Fazio, Governor of the Bank of Italy, to the ACRI (Association of Italian Savings Banks),

More information

Consumer credit market in Europe 2013 overview

Consumer credit market in Europe 2013 overview Consumer credit market in Europe 2013 overview Crédit Agricole Consumer Finance published its annual survey of the consumer credit market in 28 European Union countries for seven years running. 9 July

More information

COLOMBIA. 1. General trends

COLOMBIA. 1. General trends Economic Survey of Latin America and the Caribbean 2016 1 COLOMBIA 1. General trends Real GDP climbed 3.1% in 2015, driven by strong momentum in the finance, commerce and construction sectors, which offset

More information

FINANCIAL STABILITY (Extract and summary for the OECD WPFS 2011) D A N M A R K S N A T I O N A L B A N K

FINANCIAL STABILITY (Extract and summary for the OECD WPFS 2011) D A N M A R K S N A T I O N A L B A N K FINANCIAL STABILITY 2011 (Extract and summary for the OECD WPFS 2011) D A N M A R K S N A T I O N A L B A N K 2 0 1 1 The Households The households' debt accounted for approximately 3 times the annual

More information

Nordics D e n m a r k, N o r w a y, S w e d e n, F i n l a n d. 1Q17 Economic and Financial Report.

Nordics D e n m a r k, N o r w a y, S w e d e n, F i n l a n d. 1Q17 Economic and Financial Report. Management Solutions 2017. All rights reserved Nordics D e n m a r k, N o r w a y, S w e d e n, F i n l a n d 1Q17 Economic and Financial Report R & D www.managementsolutions.com www.msmex.com Design and

More information

RÉMUNÉRATION DES SALARIÉS. ÉTAT ET ÉVOLUTION COMPARÉS 2010 MAIN FINDINGS

RÉMUNÉRATION DES SALARIÉS. ÉTAT ET ÉVOLUTION COMPARÉS 2010 MAIN FINDINGS RÉMUNÉRATION DES SALARIÉS. ÉTAT ET ÉVOLUTION COMPARÉS 2010 MAIN FINDINGS PART I SALARIES AND TOTAL COMPENSATION All other Quebec employees In 2010, the average salaries of Quebec government employees 1

More information