Market insights. Dublin

Transcription

1 Dublin Ireland s improving economic performance was reflected in the level of activity in the commercial property market in 2013, with transactions in all sectors increasing year on year. The investment property market saw almost 2bn worth of deals completed by the end of the year. This is compared to a figure of just 25m in Overview Strategy Performance Governance Financial statements Understanding our business and the markets in which we operate is vital to providing the services that our clients require. We do this by using a combination of comprehensive market and economic research complemented by the knowledge and experience of our people. We believe this gives us a unique perspective of the prime real estate markets around the world and helps us connect clients with opportunities. We estimate that the value of all global real estate totals around US$180tn, of which c.83% are residential assets and the remainder commercial. Investable commercial property totals around US$20tn globally divided almost equally between private and corporate/institutional investors. In 2013, large real estate transactions were distributed in similar proportions between sectors across the globe, with the notable exception of China where there were very high levels of development land deals. In commercial, cross border investable real estate, offices continued to dominate the large deals, followed by retail except in the US where let residential apartments in purpose-built blocks were favoured ahead of retail property. Industrial units and hotels by volume represent small asset allocations in all jurisdictions. In the world of private wealth, directly-owned residential property forms an important component of real estate portfolios. We have identified total global residential holdings of US$5.2tn among ultra high net worth individuals averaging US$15m per individual. Highlights from a few of the cities in which we operate, chosen to give context to our business model and corporate strategy are on pages 7 to

2 continued Sydney One of very few AAA rated economies left on the planet, Sydney attracts investors due to its large, stable, transparent and liquid property market. Annual investment volume in all Sydney office markets reached AU$4.7bn, industrial AU$1.4bn and retail AU$2.4bn. 08

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5 Madrid Improved economic forecasts and prime market indicators have drawn international investors attention and confidence back to Spain. Annual investment volume in 2013 reached c. 500m with a significant increase in overseas investors: 55% in 2013 (2012: 24%). Overview Strategy Performance Governance Financial statements 11

6 continued Tokyo Amid signs of a cyclical recovery in property fundamentals, Japan s improved economic outlook has fostered strong competition for investment opportunities in the capital city. Tokyo s total property transaction volume jumped 71% compared to 2012, with strong demand from both onshore and offshore investors. 12

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9 London Central London is the number one global destination for cross-border investment into commercial real estate with some 15bn of investment flowing to the capital in The prime London residential market continued to perform strongly. Price growth at 11.4% was driven by a combination of overseas and domestic demand, with the strongest growth seen in the south west London markets. New buyers registering with Savills remain at a high level. Overview Strategy Performance Governance Financial statements 15