Rented apartments: market and quoted rent indexes Switzerland (1) Office space: market and quoted rent indexes Switzerland (2)
|
|
- Bruce Walsh
- 5 years ago
- Views:
Transcription
1 Meta analysis real estate - Transaction price indexes FPRE: In the 4th quarter 215, prices for private property tend sidewards. Single family houses in the average segment are in all the Swiss regions less expensive compared to te previous quarter. Compared to the previous year, a slight increase is detected (+2,). - Market rents FPRE: Market rents for appartments decreased in the whole country by 1,7% in the 4th quarter 215. The decrease was strongest for new constructions in large centres. Market rents for office spaces keep tending sidewards. - According to SWX IAZI real estate price index, prices for private property slightly increased in the 4th quarter 215. The price increase was +, compared to the previous quarter. On a yearly basis, the growth rate is at,9%. Remarkable on the quarterly basis is the uneven development for single family houses and condominiums. While prices for single family houses decrease countrywide, prices for condominiums slightly raise. - Credit Suisse/Swiss Builders' Association: The Swiss construction index overcomes in the 4th quarter 215 its interim low and increases by 3 points. The positive impulses are mainly coming from building construction (+1,9%) and civil engineering (+2,). Anyhow, the year 215 will be much less successful for the key construction industry than the year before. Rented apartments: market and quoted rent indexes Switzerland (1) Office space: market and quoted rent indexes Switzerland (2) Rented apart., quoted rents (W&P) Rented apart., market rents (FPRE) Office, quoted rents (W&P) Office, market rents (FPRE) Source: Fahrländer Partner, Wüest & Partner. Source: Fahrländer Partner, Wüest & Partner. Transaction price indexes for condominiums Switzerland (3) Transaction price indexes for single family houses Switzerland (4) CON TP (W&P) CON TP (IAZI) CON TP (FPRE) SFH TP (W&P) SFH TP (IAZI) SFH TP (FPRE) Source: Fahrländer Partner, IAZI, Wüest & Partner. Source: Fahrländer Partner, IAZI, Wüest & Partner. Forec.rented ap. / ap.buildings (tot. / av. new constr.) (5) Forecast commercial spaces (total) (6) CS(2) Rents Forecast FPRE(1) UBS(2) W&P(2) CS(2) FPRE(1) Rents Prices Rents Rents Rents Rents Prices Forecast Office Retail UBS(2) Mieten W&P(2) Rents Forecast private property (total / average new construction) (7) CS(2) Forecast Priv. prop. SFH FPRE(1) UBS(2) CON SFH CON SFH CON. -1. Note: market rents / transaction prices (1) resp. quoted rents / prices (2). Source: Credit Suisse, Fahrländer Partner, UBS, Wüest & Partner. For all sources please check the glossary and impressum on the last page. SFH. W&P(2) 216 CON -. Real Estate? We know tomorrow's trends. Intershop Holding AG Puls 5 Giessereistrasse 18 Postfach 1 31 Zürich +41 () info@intershop.ch
2 Business conditions: economy Forecast Swiss economy GDP, real Unemployment rate Rate of price increase (8) CS KOF BAK Créa UBS SECO Ø Créa UBS SECO KOF BAK CS Ø Créa CS SECO KOF BAK UBS Ø CS Créa KOF BAK SECO UBS Ø KOF Créa UBS BAK SECO CS Ø Créa SECO KOF UBS BAK CS Ø Real GDP and unemployment rate (9) GDP real unemployment rate growth potential - The potential growth lies between 1, and 1,8%, according to calculations by Fahrländer Partner. Note: The values for 215, 216 and 217 are forecasts. Note: In June 212, the population census 212 replaced the one of as database. The unemployment rate has been revised retroactively until 21 by SECO. Source: figure 1, page 1, Fahrländer Partner (growth potential). Change in job vacancies (1) % % Index of job vacancies TOTAL Banking and insurance sector Real estate sector IT sector Other services 2nd quarter unemployment rate unemployment rate 2-24 unemployment rate 6+ Source: FSO. Rate of price increase (11) Inflation forecast SNB Forecast December 215 Libor -.7 Forecast September 215 Libor SNB: Overall, the new conditional inflation forecast in December 215 differs little from that of September. For 215, inflation is forecast at -1,. For 216 an inflation rate of -, is expected and for 217 the forecast is now at, inflation Target range price stability (SNB) 3 month libor Note: The values for 215, 216 and 217 are forecasts. Source: cf. meta analysis economy, SNB. Link meta analysis economy: Lost in the charts and numbers of the meta analysis? Check our interpretation: Marie Seiler PwC Real Estate Advisory Birchstrasse 5 Zürich
3 Business conditions: demand indicators Net immigration permanent resident population (in 1') (12) 4th quarter 215 Net immigration permanent resident population (in 1') st quarter 2nd quarter 3rd quarter 4th quarter Source: FSO (1-9), SEM (21-215). Net immigration monthly (in 1') (13) Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec December 215 Net immigration permanent resident population (in 1') Arithmetic mean 213 Arithmetic mean 214 Arithmetic mean 215 Source: SEM. Permanent resident population Switzerland (in m) (14) Total (in m) Swiss (in m) Foreigners (in m) Foreigners (in %) Permanent resident population Switzerland (Swiss) (foreigners) Permanent resident population in m (left column) Source: FSO. Population growth by MS regions ( ) (15) Search subscription (apartments and houses) by MS region (16) Note: circle radius in relation to population 214. Maps: FSO Geostat/Swisstopo. Source: FSO, cf. Immobilien-Almanach Schweiz 216. Note: July 215; evolution compared to the previous year; circle radius in relation to number of requests. Maps: FSO Geostat/Swisstopo. Source: Realmatch 36, representation: FPRE.
4 Business conditions: supply indicators Forecast construction activity (17) in m CHF 215 Total 63'139 Building construction 49'644 Residential building 3'612 Civil engineering 13' '921 64'753 5'244 5'861 3'887 31'212 13'677 13'892 Total Building construction Residential building Civil engineering %.9% Source: BAK. Construction index Credit Suisse / SBV (nominal) (18) th quarter 215 Construction index total - Building construction - Residential building Index (1996=) % The construction index is an early indicator of the construction economy in Switzerland which foresees current quarter turnover Residential building Building construction Construction index Source: Credit Suisse, SBV. Production price index (change p.a.) (19) 1 8% % th quarter 215 Index (3=) Stone and concrete construction - Apartment building SFH.4 Build. and commer. constr Change compared to previous quarter % % -. - The production price index PKI shows the change in production costs. Apartment building (stone and concrete construction) SFH (stone and concrete construction) Build. and commer. constr. Source: SBV. Swiss construction price index (change p.a.) (2) nd half year 215 Index (21=) Change compared to previous half year Total building sector Office buildings Apartment buildings The Swiss building price index is an economic indicator which captures the evolution of construction costs as reported by local construction companies. New construction of office buildings Total building sector New construction of apartment buildings Source: FSO.
5 Business conditions: financing and interest rates Expected interest rate (21) Seco KOF Créa Interest rate 3-month-Libor Yields on Confederat. bonds (1 years) % -.9% % -.8% Source: Seco, KOF, Créa. Interest rates (22) 6 3 month Libor Confederation bonds (1 years) January % -. 4 November 215 Saving growth month Libor Confederation bonds (1 years) Saving growth Monet. aggreg. M2 (in bn. CHF, r.s.) Source: SNB. Yields on Confederation bonds (23) normal band Duration 1 year 5 years 1 years four weeks ago one year ago % duration in years four weeks ago one year ago Source: SNB, Fahrländer Partner (normal band). Mortgage rates (24) Mortgage November 215 variable fixed (3 years) fixed (5 years) fixed (1 years) 2.7% % variable fixed (3 years) fixed (5 years) fixed (1 years) Source: SNB. Mortgage volume inland (in bn CHF) (25) 1 October 215 Volume in billion CHF 8% Mortgage claims Volume (right scale) Source: SNB.
6 212:2 212:4 213:2 213:4 214:2 214:4 215:2 215:4 1986:4 1988:4 19:4 1992:4 1994:4 1996:4 1998:4 :4 2:4 4:4 6:4 8:4 21:4 212:4 214:4 Share of answers Index points Share of answers Index points Indicators: rented apartments / apartment buildings Market rents rented apartments (RA) Switzerland (26) th quarter 215 Index (=) Changes to previous quarter Lake Geneva % Jura Espace Mittelland Basel Zurich Eastern Switzerland % -1. Alps Southern Switzerland Market rents FPRE (old building) Market rents FPRE (total) Market rents FPRE (new construction) Market rents RA by region (27) Market rents RA by spatial type (28) Lake Geneva Espace Mittelland Basel Zurich Eastern Switzerland Southern Switzerland Top locations Other agglomerations Rural area Large central agglomerations Touristic regions Quoted rents RA by regions (29) Quoted rents RA Switzerland (change p.a.) (3) Lake Geneva Western Switzerland Berne Central Switzerland NW Switzerland Zurich Eastern Switzerland Southern Switzerland Source: SNB, Wüest & Partner. Homegate Source: Homegate, Wüest & Partner. Rented apartments (W&P) Price expectation apartment rent (next 12 months) (31) Price expectation apartment building (next 12 months) (32) % % % - -% - % % % - -% - Strongly increasing Increasing Strongly increasing Increasing Strongly decreasing Decreasing Strongly decreasing Decreasing Price expectation index (right column) Price expectation index (right column) Note: structural breaks in the 4th quarter 1996 and the 2nd quarter 212. Source: HEV Switzerland / FPRE. Source: HEV Switzerland / FPRE.
7 Cyclical outlook from an owner view: apartment buildings Apartment building - Switzerland (33) Old building New construction average Demand Supply Cash-flow Initial yields Market values New construction upper Apartment building (new construction average) - regional (34) Lake Geneva Jura Swiss plateau (Mittelland) Basel Zurich Eastern Switzerland Southern Switzerland Helptext to the valuations: Demand Supply Cash-flow Initial yields Market values Alpine area All valuations are done from a owner/seller perspective. The circles describe the actual situation: green: unproblematic situation; yellow: some problems; red: problematic situation. Arrows describe the forecast for the following 12 months. : expected improvement; : stable; : expected aggravation. Fahrländer Partner AG Raumentwicklung Eichstrasse Zürich info@fpre.ch «Immobilien-Almanach Schweiz» On 18 december 215, the guide for Swiss residential and commercial properties markets for the year 216 was published. Order: almanach@fpre.ch Costs: CHF 15 / copy Information:
8 212:2 212:4 213:2 213:4 214:2 214:4 215:2 215:4 1986:4 1988:4 19:4 1992:4 1994:4 1996:4 1998:4 :4 2:4 4:4 6:4 8:4 21:4 212:4 214:4 Share of answers Index points Share of answers Index points Indicators: office property Rents for office spaces Switzerland (net rents) (35) Market rents for office spaces by region (net rents) (36) 4th quarter 215 Index (=) Lake Geneva.4 Espace Mittelland Basel 96.8 Zurich Changes to previous quarter % -1.7% Office, quoted rents (W&P) Office, market rents (FPRE) Source: Fahrländer Partner, Wüest & Partner. Market rents for office spaces (net rents) (37) Quoted rents for office space (net rents) (38) Lake Geneva Espace Mittelland Basel Zurich Geneva Berne Basel Zurich Source: SNB, Wüest & Partner. Office markets: offer as a % of total space available (39) Direct investments - initial yield (net) for office buildings (4) 7% 8% 7% Switzerland Zurich Geneva Basel Dec. 212 Dec. 213 Dec. 214 Class A Class B Class C Source: CSL Immobilien. Source: CSL Immobilien. Price expectation office rent (next 12 months) (41) Price expect. commercial and office buildings (next 12 months) (42) % % % - -% - % % % - -% - Strongly increasing Increasing Strongly increasing Increasing Strongly decreasing Decreasing Strongly decreasing Decreasing Price expectation index (right column) Price expectation index (right column) Source: HEV Switzerland / FPRE. Note: structural breaks in the 4th quarter 1996 and the 2nd quarter 212. Source: HEV Switzerland / FPRE.
9 Cyclical outlook from an owner view: retail and office buildings Office buildings (new construction) - Switzerland (43) Office Demand Supply Cash-flow Initial yields Market values Office buildings (new construction) - regional (44) Zurich All valuations are done from a owner/seller perspective. The circles describe the actual situation: green: unproblematic situation; yellow: some problems; red: problematic situation. Arrows describe the forecast for the following 12 months. : expected improvement; : stable; : expected aggravation. Demand Supply Cash-flow Initial yields Market values Lake Geneva Jura Swiss plateau (Mittelland) Eastern Switzerland Alpine area Southern Switzerland Basel Helptext to the valuations: Sales area - Switzerland (45) Demand Supply Cash-flow Initial yields Market values Sale Sales area - regional (46) Demand Supply Cash-flow Initial yields Market values Lake Geneva Jura Swiss plateau (Mittelland) Basel Zurich Eastern Switzerland Alpine area All valuations are done from a owner/seller perspective. The circles describe the actual situation: green: unproblematic situation; yellow: some problems; red: problematic situation. Arrows describe the forecast for the following 12 months. : expected improvement; : stable; : expected aggravation. Helptext to the valuations: Southern Switzerland i Consulting SA Route d'oron Lausanne +41 () info@iconsultingsa.ch
10 1986:4 1988:4 19:4 1992:4 1994:4 1996:4 1998:4 :4 2:4 4:4 6:4 8:4 21:4 212:4 214:4 Share of answers Index points Indicators: single family houses Price indexes SFH Switzerland (47) Offer prices W&P Transaction prices FPRE (av. seg.) Transaction prices W&P Transaction prices IAZI Source: Fahrländer Partner, IAZI, Wüest & Partner. Price indexes SFH (change p.a.) (48) Price indexes SFH Switzerland, market segments (49) % Offer prices W&P Transaction prices FPRE (av. seg.) Transaction prices IAZI Source: Fahrländer Partner, IAZI, Wüest & Partner Transaction prices FPRE (l. seg.) Transaction prices FPRE (up. seg.) Transaction prices FPRE (av. seg.) Trans. prices FPRE (global) Price indexes SFH Zurich region (5) Price indexes SFH Lake Geneva region (51) Offer prices W&P Trans. prices ZH FPRE (av. seg.) Transaction prices W&P ZWEX Offer prices W&P (Lake Geneva reg.) Trans. prices GE FPRE (av. seg.) Trans. prices W&P (Lake Geneva reg.) Trans.prices VD FPRE (av. seg.) Source: Fahrländer Partner, Wüest & Partner. Source: Fahrländer Partner, IAZI, Wüest & Partner. Price expectation single family houses (next 12 months) (52) % % % -% Strongly increasing Strongly decreasing Price expectation index (right column) Increasing Decreasing Note: structural breaks in the 4th quarter 1996 and the 4th quarter 8. Source: HEV Switzerland / FPRE.
11 1986:4 1988:4 19:4 1992:4 1994:4 1996:4 1998:4 :4 2:4 4:4 6:4 8:4 21:4 212:4 214:4 Share of answers Index points Indicators: condominiums Price indexes CON Switzerland (53) Offer prices W&P Transaction prices FPRE (av. segment) Transaction prices W&P Transaction prices IAZI Source: Fahrländer Partner, IAZI, Wüest & Partner. Price indexes CON (change p.a.) (54) Price indexes CON Switzerland, market segments (55) Offer prices W&P Transaction prices FPRE (av. segment) Transaction prices IAZI Source: Fahrländer Partner, IAZI, Wüest & Partner. Transaction prices FPRE (l. segment) Transaction prices FPRE (up. segment) Transaction prices FPRE (av. segment) Transaction prices FPRE (global) Price indexes CON Zurich region (56) Price indexes CON Lake Geneva region (57) Offer prices W&P Transaction prices W&P Offer prices W&P (Lake Geneva reg.) Trans. prices W&P (Lake Geneva reg.) Trans. prices ZH FPRE (av. segment) ZWEX Transaction prices GE FPRE (av. seg.) Transaction prices VD FPRE (av. seg.) Source: Fahrländer Partner, Wüest & Partner. Source: Fahrländer Partner, IAZI, Wüest & Partner. Price expectation condominiums (next 12 months) (58) % % % - -% - Strongly increasing Strongly decreasing Price expectation index (right column) Increasing Decreasing Note: structural breaks in the 4th quarter 1996 and the 4th quarter 8. Source: HEV Switzerland / FPRE.
12 Cyclical outlook from an owner view: private property Single family houses - Switzerland (59) Demand Supply Market values Lower segment Average segment Upper segment Single family houses (average segment) - regional (6) Demand Supply Market values Lake Geneva Jura Swiss plateau (Mittelland) Basel Zurich Eastern Switzerland Alpine area Southern Switzerland All valuations are done from a owner/seller perspective. The circles describe the actual situation: green: unproblematic situation; yellow: some problems; red: problematic situation. Arrows describe the forecast for the following 12 months. : expected improvement; : stable; : expected aggravation. Helptext to the valuations: Condominiums - Switzerland (61) Demand Supply Market values Lower segment Average segment Upper segment Condominiums (average segment) - regional (62) Lake Geneva Demand Supply Market values Jura Swiss plateau (Mittelland) Basel Zurich Eastern Switzerland Alpine area Southern Switzerland All valuations are done from a owner/seller perspective. The circles describe the actual situation: green: unproblematic situation; yellow: some problems; red: problematic situation. Arrows describe the forecast for the following 12 months. : expected improvement; : stable; : expected aggravation. Helptext to the valuations:
13 Sources and glossary Glossary Note Indicator Source Data as of 1 quoted rent 1-5 room apartment Wüest & Partner 4th quarter 215 Market rents rented apartments (total) Fahrländer Partner 4th quarter quoted rent office space Wüest & Partner 4st quarter 215 Market rents office (total) Fahrländer Partner 4th quarter Wüest & Partner 215 IAZI 4th quarter 215 Average segment Fahrländer Partner 4th quarter Cf. forecast below 8-11 Cf. meta analysis economy Fahrländer Partner Link 12 Quarterly figure of monthly data FSO, SEM 4th quarter SEM Oct FSO, FOM Immobilien-Almanach Schweiz 216 FSO, FOM Realmatch Cf. forecast below 18 Nominal change compared to same quarter of previous year Credit Suisse, SBV 4th quarter SBV 4th quarter FSO, FOM 2nd half year Cf. meta analysis economy Fahrländer Partner Link 22 Cf. meta analysis economy Fahrländer Partner Link 23 SNB SNB Oct Fahrländer Partner 4th quarter SNB/W&P 2nd half year Homegate Wüest & Partner 2nd quarter 215 4th quarter HEV Schweiz/FPRE 4th quarter Fahrländer Partner 1st quarter Fahrländer Partner 4th quarter SNB/W&P 2. half year CSL Immobilien HEV Schweiz/FPRE Fahrländer Partner 4th quarter 215 1st quarter Fahrländer Partner 4th quarter 215 Wüest & Partner 215 IAZI 4th quarter HEV Schweiz/FPRE 4th quarter Fahrländer Partner 4th quarter 215 Wüest & Partner 215 IAZI 4th quarter HEV Schweiz/FPRE 4th quarter Fahrländer Partner 1st quarter 216 Forecasts The Swiss Real Estate Market Credit Suisse 215 Immobilien-Almanach Schweiz 216 Fahrländer Partner 216 Immomonitoring Wüest & Partner 216 I 1 Hochbauprognose BAKBASEL 213
14 Impressum Disclaimer Impressum Fahrländer Partner Raumentwicklung (FPRE) elaborates the meta analysis real estate with highest care. Despite this, it is not possible to guarantee the accuracy, correctness, timeliness and completeness of all the information. Also check original sources. The economic data can be found in the current meta analysis economy. The meta analysis real estate is compiled based on the newest available data. Authors: Jaron Schlesinger, Raphael Schönbächler and Carmen Kneubühler You can subscribe for free to the meta analysis real estate: Sponsoring Contact The meta analysis economy is a free service offered by Fahrländer Partner Raumentwicklung. We offer you the possibility to appear as a sponser in this publication. Please contact us. Fahrländer Partner AG Raumentwicklung Eichstrasse Zürich meta@fpre.ch
Rented apartments: market and quoted rent indexes Switzerland (1) Office space: market and quoted rent indexes Switzerland (2)
Meta analysis real estate - UBS: The appreciation of the Swiss Franc has lowered the competitiveness of Swiss economy. The Swiss owneroccupied housing market will be affeced only slightly by this economic
More informationRented apartments: market and quoted rent indexes Switzerland (1) Office space: market and quoted rent indexes Switzerland (2)
Meta analysis real estate Transactions price indexes FPRE: in the 2nd quarter 217, prices for property apartments remained stable in comparison to the previous quarter (CH: +,7%). Prices for single family
More informationRented apartments: market and quoted rent indexes Switzerland (1) Office space: market and quoted rent indexes Switzerland (2)
Meta analysis real estate * Update due to the publication of the "ImmobilienAlmanach Schweiz 218" (22th December 216) by FPRE. Transactions price indexes FPRE: as in the previous quarter, condominiums
More informationReal estate investments Switzerland
Real estate investments * Update due to the publication of the ImmobilienAlmanach Schweiz 217 (in German) (22th December 216) by FPRE. SWX IAZI real estate price index: the growth rate for apartment buildings
More informationGDP and private consumption (1) Unemployment rate and inflation (2) -1% -2% Economic forecasts Swiss economy (3) Créa
Meta analysis economy BAKBASEL expects for 2017 an increase of 1, of the Swiss Gross Domestic Product. For the year 2018, the growth rate should add up to 1,8%. For the experts of this institute, the expectations
More informationGDP and private consumption (1) Unemployment rate and inflation (2) -1% -2% Economic forecasts Swiss economy (3) Créa
Meta analysis economy BAK predicts for the year 2017 a GDPgrowth of for Switzerland. For 2018, the Swiss economy should grow by 2,. A strong global environment and the devaluation of the Swiss Franc will
More informationReturn to trend growth in 2017
www.pwc.ch/immospektive PwC-Immospektive Interpretation of the FPRE real estate meta-analysis Q1/17 References to FPRE graphics in our text are marked (1) etc. 17.02.2017 Key points in brief: Economic
More informationThe Swiss real estate environment
The Swiss real estate environment January 2018 Swiss GDP forecasts revised down to +0.9% in 2017, with confirmed inflation expectation after 5 years of negative rates (+0.5%). No material quarterly change
More informationSWISS INFLATION EVENT CONDITIONAL INFLATION FORECAST
SWISS INFLATION EVENT Nicolas A. Cuche-Curti, Swiss National Bank and University of St. Gallen nicolas.cuche-curti@snb.ch http://cuche.net Disclaimer The opinions expressed in these notes and during the
More informationCredit Suisse Swiss Pension Fund Index Q1 2017
Credit Suisse Swiss Pension Fund Index Q1 217 YTD 217: 2.76% Q1 217: 2.76% Credit Suisse Pension Fund Index starts year at all-time high Allocation to foreign equities at all-time high; allocation to Swiss
More informationCredit Suisse Swiss Pension Fund Index Q2 2017
Credit Suisse Swiss Pension Fund Index Q2 217 YTD 217: 3.94% Q2 217: 1.15% Positive second quarter, with slowdown in June Significant positive contribution from Swiss equities in reporting quarter Sharp
More informationPortfolio by use (in CHF) Return on equity (in %) Net income (in CHF m) Net yield and vacancy rate (in %) Office. Education
Summary 2016 2 Portfolio by use (in CHF) 6% 6% 7% Office Education 39% Light industrial, logistics Retail, restaurants 33% 9% Residential Parking Return on equity (in %) 12 10 8 6 4 2 0 2012 2013 2014
More informationMarket Report Structured Products Quarterly Report
Market Report Structured Products Quarterly Report December 2010 Swiss Structured Products Association SSPA Market report SSPA December 2010 Swiss Structured Products Association SSPA www.sspa-association.ch
More informationMarket Report Structured Products Quarterly Report
Market Report Structured Products Quarterly Report September 2011 Swiss Structured Products Association SSPA Market report SSPA September 2011 Swiss Structured Products Association SSPA www.sspa-association.ch
More informationMarket Report Structured Products Quarterly Report
Market Report Structured Products Quarterly Report March 2011 Swiss Structured Products Association SSPA Market report SSPA March 2011 Swiss Structured Products Association SSPA www.sspa-association.ch
More informationHALF-YEAR 2018 RESULTS IR-PRESENTATION 30 AUGUST 2018
HALF-YEAR 2018 RESULTS IR-PRESENTATION 30 AUGUST 2018 1 Disclaimer This communication contains specific forward-looking statements, beliefs or opinions, including statements with respect to objectives,
More informationCredit Suisse Swiss Pension Fund Index Q1 2016
Credit Suisse Swiss Pension Fund Index Q1 216 Q1 216:.49% Disappointing start to the year with a glimmer of light in March Swiss equity quota at a new low real estate continues at a new high Significant
More informationQuarterly Bulletin. 4 / 2018 December
Quarterly Bulletin 4 / 2018 December Quarterly Bulletin 4 / 2018 December Volume 36 Contents Page Monetary policy report 4 1 Monetary policy decision of 13 December 2018 5 Monetary policy strategy at
More informationStructured products market report Q1 2016
Structured products market report Q1 2016 Swiss Structured Products Association SSPA May 2016 2016 Swiss Structured Products Association www.sspa-association.ch Executive summary 1 Turnover for Swiss structured
More informationQuarterly Bulletin. 3 / 2018 September
Quarterly Bulletin 3 / 2018 September Quarterly Bulletin 3 / 2018 September Volume 36 Contents Page Monetary policy report 4 1 Monetary policy decision of 20 September 2018 5 Monetary policy strategy
More informationKOF Summer Forecast: EU Recovers Switzerland Takes a Dip
KOF Konjunkturforschungsstelle KOF Swiss Economic Institute ETH Zurich LEE G 6 Leonhardstrasse 89 Zurich Phone: + 6 9 kofcc@kof.ethz.ch Press Release Zurich, June, 9.am KOF Summer Forecast: EU Recovers
More informationA comprehensive view of the state of the residential rental market in South Africa Q JAN - MAR
A comprehensive view of the state of the residential rental market in South Africa JAN - MAR PayProp Rental Index Quarterly The current downward trend in the South African economy appears to be taking
More informationCredit Suisse Swiss Pension Fund Index Q3 2015
Credit Suisse Swiss Pension Fund Index Q3 2015 YTD 2015: 1.47% Q3 2015: 1.31% Return on the Credit Suisse Pension Fund Index continues to fall, despite good July performance Annualized returns fall, while
More informationQUESTION 2. QUESTION 3 Which one of the following is most indicative of a flexible short-term financial policy?
QUESTION 1 Compute the cash cycle based on the following information: Average Collection Period = 47 Accounts Payable Period = 40 Average Age of Inventory = 55 QUESTION 2 Jan 41,700 July 39,182 Feb 18,921
More informationCredit Suisse Swiss Pension Fund Index
Global Investment Reporting Credit Suisse Swiss Pension Fund Index Performance of Swiss Pension Funds as at December 31, 2005 New Look Annual Performance of 12.62% Performance Gaps Between 1.24 and 7.08
More informationSwiss Real SnapShot! Demand is the touchstone. Current developments in the Swiss real estate investment market
Swiss Real SnapShot! Demand is the touchstone Current developments in the Swiss real estate investment market Spring 2018 Content 04 Macroeconomic Overview 06 08 10 12 14 16 Office Property Market Retail
More informationAfter the Rate Increase, What Then?
After the Rate Increase, What Then? Robert Eisenbeis, Ph.D. Vice Chairman & Chief Monetary Economist Bob.Eisenbeis@Cumber.com What the FOMC Did At Dec Meeting The Fed made the first step towards normalization
More informationSpecial Edition. Special Edition. of the Credit Suisse Swiss Pension Fund Index
Special Edition Special Edition of the Credit Suisse Swiss Pension Fund Index Pension Fund Index loses 1.83 percent in January 2015 January s negative performance is also reflected in the asset allocation
More informationCredit Suisse Swiss Pension Fund Index Q1 2018
Credit Suisse Swiss Pension Fund Index Q1 2018 Q1 2018: 1.33% Performance correction in Q1 2018 Negative contribution from all asset classes except real estate and mortgages Equity component shows a fall
More informationGLOBAL INVESTMENT REPORTING. CSAM Swiss Pension Fund Index 2 nd Quarter 2004
GLOBAL INVESTMENT REPORTING CSAM Swiss Pension Fund Index 2 nd Quarter 2004 Performance of Swiss pension funds based on Credit Suisse Asset Management s global custody data as at June 30, 2004 Index versus
More informationBRICs: actual growth and cooperation perspectives. International Advisory Council 3 rd Metting August 15, Luciano Coutinho President
BRICs: actual growth and cooperation perspectives International Advisory Council 3 rd Metting August 15, 2011 Luciano Coutinho President Emerging countries remain ahead in worldwide growth Annual Growth
More informationCredit Suisse Swiss Pension Fund Index 1st Quarter 2014
Credit Suisse Swiss Pension Fund Index YTD 2014: 1.77% Q1 2014: 1.77% February showed good performance Investments in Swiss franc bonds are on the rise Highest rate of Swiss franc in 1.5 years Index versus
More informationSwiss Real Estate Sentiment Index kpmg.ch/realestate
Swiss Real Estate Sentiment Index 2012 kpmg.ch/realestate 2 Swiss Real Estate Sentiment Index 2012 Content Foreword 3 Swiss Real Estate Sentiment Index 4 Investment Volumes, Investment Preferences and
More informationSwiss Real SnapShot! Scrapping of Exchange Rate Mechanism divides the Real Estate Investment Market
Swiss Real SnapShot! Scrapping of Exchange Rate Mechanism divides the Real Estate Investment Market Current developments in the Swiss real estate investment market Autumn 2015 Content Scrapping of Exchange
More informationMOST RECENT 3-MO. trend TYPICAL range EXTREME range. Typical Typical. Typical Typical
CURRENT AS OF JUNE 29, 2018 Economic indicators dashboard MOST RECENT 3-MO. trend TYPICAL range EXTREME range Market Volatility (CBOE VIX) SEE HISTORICAL DETAILS 4 10 Yr. U.S. Treasury Yield SEE HISTORICAL
More informationCommon stock prices 1. New York Stock Exchange indexes (Dec. 31,1965=50)2. Transportation. Utility 3. Finance
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 000 97 98 99 I90 9 9 9 9 9 9 97 98 99 970 97 97 ""..".'..'.."... 97 97 97 97 977 978 979 980 98 98 98 98 98 98 987 988
More informationCSAM Swiss Pension Fund Index. Global Investment Reporting 4 th Quarter 2004
Global Investment Reporting 4 th Quarter 2004 Performance of Swiss pension funds based on Credit Suisse Asset Management s global custody data as at December 31, 2004 Index versus mandatory minimum rate
More informationQuarterly Bulletin 3 / 2013 September
Quarterly Bulletin 3 / 213 September Quarterly Bulletin 3 / 213 September Volume 31 Contents Page Monetary policy report 4 1 Monetary policy decision of 19 September 213 5 Monetary policy strategy at
More informationMedia and Financial Analysts Conference
Media and Financial Analysts Conference Dietlikon, 1 September 2011 Hp. Fässler / B. Fellmann / A. Henniger Interim Financial Statements 2011 Swiss Construction and Real Estate Market Implenia Corporate
More informationHOME Survey. Housing Opportunities and Market Experience. March National Association of REALTORS Research Department
HOME Survey Housing Opportunities and Market Experience March 2017 National Association of REALTORS Research Department Introduction The Housing Opportunities and Market Experience (HOME) report was created
More informationData current as of: August 5, ,200,000 1,000, , , , , , , , , , , ,000
Forecast Version: Spring 216 Economic Indicators The Bureau of Labor Statistics reported a total nonfarm payroll employment increase of 287, in June with the unemployment rate rising.2% to 4.9%. The jobs
More informationQuarterly Bulletin. 3 / 2016 September
Quarterly Bulletin 3 / 2016 September Quarterly Bulletin 3 / 2016 September Volume 34 Contents Page Monetary policy report 4 1 Monetary policy decision of 15 September 2016 5 Monetary policy strategy
More informationPhilipp Hildebrand: Overview of the Swiss and global economy
Philipp Hildebrand: Overview of the Swiss and global economy Introductory remarks by Mr Philipp Hildebrand, Chairman of the Governing Board of the Swiss National Bank, at the half-yearly media news conference,
More informationSwiss Real Estate Sentiment Index 2016
Swiss Real Estate Sentiment Index 2016 English Edition kpmg.ch/realestate 04 Foreword 06 Swiss Real Estate Sentiment Index 32 Volumes, Preferences and Behaviour 42 52 about the Swiss Real Estate Market
More information2017 Half-Year Results. Analysts Presentation 17 August 2017
Half-Year Results Analysts Presentation 17 August Disclaimer Waiver of liability. While we make every reasonable effort to use reliable information, we make no representation or warranty of any kind that
More informationThe national monthly CPI (2008=100) increased from per cent in September, 2017 to per cent
CONSUMER PRICE INDEX (CPI) October, 2017: PRESS RELEASE Released on Monday November 21, 2017 at 1:00 pm OCTOBER 2017 MONTHLY INFLATION RATE INCREASES SLIGHTLY The national monthly CPI (2008=100) increased
More informationBusiness & Financial Services December 2017
Business & Financial Services December 217 Completed Procurement Transactions by Month 2 4 175 15 125 1 75 5 2 1 Business Days to Complete 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 217 Procurement
More informationBTP Stop and Search Data - August 2012
BTP Search Data - August 2012 Guidance Notes This analysis covers the period 01 September 2011 to 31 August 2012. These are the latest stop and search figures, compiled from data recorded on 03 October
More informationSustainable Investments. With CS REF Green Property.
Public Sustainable Investments. With CS REF Green Property. Credit Suisse Asset Management (Switzerland) Ltd. Global Real Estate Switzerland October 2017 Credit Suisse Real Estate Fund Green Property Key
More informationFull-year results 2013
Full-year results 03 03.03.4 Page Cautionary statement regarding forwardlooking statements This presentation by AG ( the Bank ) includes forward-looking statements that reflect the Bank s intentions, beliefs
More informationDUNA HOUSE BAROMETER April month. 70. issue THE LATEST PROPERTY MARKET INFO FROM DUNA HOUSE NETWORK
DUNA HOUSE BAROMETER 70. issue 2017. April month THE LATEST PROPERTY MARKET INFO FROM DUNA HOUSE NETWORK www.dh.hu PRIVACY POLICY Statistical information and estimates published in the Duna House Barometer
More informationNBIM Quarterly Performance Report Second quarter 2007
NBIM Quarterly Performance Report Second quarter 2007 Government Pension Fund Global Norges Bank s foreign exchange reserves Investment portfolio Buffer portfolio Government Petroleum Insurance Fund Norges
More informationFactors Adding to Reserves
Factors Adding to Reserves Factors Adding to Reserves on Federal Reserve's Balance Sheet (Assets) Plus Off-Balance TSLF from 6/27/07 to 3/13/13 $3,300 $3,150 $3,000 $2,850 $2,700 $2,550 Mortgage Backed
More informationConsumer confidence and economic climate indicators continue to increase
%/3mma Business and Consumer Surveys July 2017 28 July 2017 Consumer confidence and economic climate indicators continue to increase The Consumer confidence indicator increased in July, resuming the positive
More informationCredit Stress Loss. Alexandre Kurth WM&SB Risk Control
Credit Stress Loss Alexandre Kurth WM&SB Risk Control 22 October, 2009 Alphabet of Credit Risk Measures frequency of losses mean: Expected Loss Standard deviation Risk Measure: Unexpected Loss Confidencelevel
More informationConsumer confidence and economic climate indicators increase
%/3mma Business and Consumer Surveys March 2017 March, 30 th 2017 Consumer confidence and economic climate indicators increase The Consumer confidence indicator increased between September and March, resuming
More informationCALHOUN COUNTY CHAMBER OF COMMERCE AND VISITORS CENTER
2017 Economic Forum CALHOUN COUNTY CHAMBER OF COMMERCE AND VISITORS CENTER Information provided by School of Business and Industry THANK YOU to our SPONSORS Calhoun County Economy Forum National Update
More informationQuarterly Bulletin. 3 / 2017 September
Quarterly Bulletin 3 / 2017 September Quarterly Bulletin 3 / 2017 September Volume 35 Contents Page Monetary policy report 4 1 Monetary policy decision of 14 September 2017 5 Monetary policy strategy
More informationBank am Bellevue Bellevue meets Management Seminar Zurich, January 13, Walter Berchtold Chief Executive Officer Credit Suisse
Bank am Bellevue Bellevue meets Management Seminar Zurich, January 13, 2005 Walter Berchtold Chief Executive Officer Credit Suisse DISCLAIMER Cautionary Statement regarding forward-looking information
More informationAFC VIETNAM FUND UPDATE
Fund Category Vietnam Public Equities Country Focus Subscriptions Redemptions Benchmark Fund Manager Investment Manager Investment Advisor Fund Base Currency Vietnam Monthly at NAV (five business days
More informationFOR RELEASE: MONDAY, MARCH 21 AT 4 PM
Interviews with 1,012 adult Americans conducted by telephone by Opinion Research Corporation on March 18-20, 2011. The margin of sampling error for results based on the total sample is plus or minus 3
More informationSwiss Real SnapShot! In extra time. Current developments in the Swiss real estate investment market
Swiss Real SnapShot! In extra time Current developments in the Swiss real estate investment market Autumn 2017 Content 04 Macroeconomic Overview 06 08 10 13 15 16 Office Property Market Retail Property
More informationMarch 8 & 12 MORTGAGE LENDING IN MEXICO. Asociación de Bancos de México
March 8 & 12 MORTGAGE LENDING IN MEXICO Asociación de Bancos de México Index 1.The Mexican Banking Sector 2. Mortgage Market in Mexico 3. Outlook and Conclusions 3 Introduction 1. The Mexican economy has
More informationEconomic indicators dashboard
CURRENT AS OF JANUARY 12, 2018 Economic indicators dashboard MOST RECENT 3-MO. trend TYPICAL range EXTREME range Market Volatility (CBOE VIX) SEE HISTORICAL DETAILS p4 10 Yr. U.S. Treasury Yield SEE HISTORICAL
More informationFinancial assets and liabilities of the institutional sectors
Communications P.O. Box, CH-8022 Zurich Telephone +41 58 631 00 00 communications@snb.ch Zurich, 29 November 2017 Swiss Financial Accounts, 2016 edition Financial assets and liabilities of the institutional
More informationData current as of: April 4, % 10.0% 8.0% 6.0% 4.0% 2.0% 250, , , ,000 50, , , , , ,000
Forecast current as of: January 213 Economic Indicators U.S. unemployment decreased to 7.7% in February from 7.9% last month, as nonfarm payroll employment increased by 236,. In the previous 3 months,
More informationPassive and active labor market policies
Passive and active labor market policies an artist s impression Jan van Ours Tilburg University What am I talking about? Effects of introducing incentives on the behavior of workers (and firms) Passive
More informationMovement on the mortgage market
INVESTMENT SOLUTIONS & PRODUCTS Swiss Economics Real Estate Monitor Switzerland Q2 2018 Movement on the mortgage market Mortgage volumes Mortgage loans Rental apartments Decelerating Spoiled for choice
More informationInvestit Software Inc. INVESTOR PRO CANADA 20 UNIT CONDOMINIUM DEVELOPMENT EXAMPLE
INVESTOR PRO CANADA 20 UNIT CONDOMINIUM DEVELOPMENT EXAMPLE INTRODUCTION This example uses the Development Condominium template. This practice example consists of two Sections; 1. The input information
More informationSwiss financial centre
Financial System & Financial Markets Swiss financial centre Key figures October 2018 EFD State Secretariat for International Finance SIF 1 Basic elements Over the past ten years Switzerland s gross domestic
More informationCity of Justin NOVEMBER
City of Justin MONTHLY FINANCIAL REPORT NOVEMBER - 2018 1 Revenues: Sales tax revenue is up 14.5% from this time prior year and November s sales tax collections increased 2.4% from November 2017. The City
More informationHOME Survey. Housing Opportunities and Market Experience. September National Association of REALTORS Research Department
HOME Survey Housing Opportunities and Market Experience September 2016 National Association of REALTORS Research Department Introduction The Housing Opportunities and Market Experience (HOME) report was
More informationIndustry Newsletter SWISS PROPERTY SUCCESS STORY LUCIANO GABRIEL CEO, PSP SWISS PROPERTY EUROPEAN PUBLIC REAL ESTATE ASSOCIATION ISSUE 54 MAY 2016
EUROPEAN PUBLIC REAL ESTATE ASSOCIATION Industry Newsletter ISSUE 54 MAY 2016 Download the full EPRA Industry Newsletter at www.epra.com/newsroom/epra-articles/ SWISS PROPERTY SUCCESS STORY LUCIANO GABRIEL
More informationPaul Sommers Seattle University February 2009
The Economy and the Regional Construction Market Paul Sommers Seattle University February 2009 Employment falling, financial market chaos continues Extraordinary policy measures taken by both the Fed and
More informationJean-Pierre Roth: Recent economic and financial developments in Switzerland
Jean-Pierre Roth: Recent economic and financial developments in Switzerland Introductory remarks by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board
More informationEconomic Conditions and Outlook and Consumer Credit Conditions
Economic Conditions and Outlook and Consumer Credit Conditions NACM-CFDD Kansas City Kansas City, MO Kelly D. Edmiston Senior Economist Disclaimer This presentation reflects the views of the speaker and
More informationCredit Suisse Swiss Pension Fund Index
Global Investment Reporting Credit Suisse Swiss Pension Fund Index Performance of Swiss Pension Funds as at March 31, 2006 Momentum carried over into Q1 2006 One segment has closed performance gap Decrease
More informationCost Estimation of a Manufacturing Company
Cost Estimation of a Manufacturing Company Name: Business: Date: Economics of One Unit: Manufacturing Company (Only complete if you are making a product, such as a bracelet or beauty product) Economics
More informationBasic information. Tax-to-GDP ratio Date: 24 October 2012
Federal Department of Finance FDF Federal Finance Administration FFA Basic information Date: 24 October 2012 Tax-to-GDP ratio 2011 The tax-to-gdp ratio is the sum of all taxes and social security levies
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. April 2016
10 June 2016 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors April 2016 According to securities statistics data, the amount outstanding of equity securities and
More informationSwiss National Bank Quarterly Bulletin. December 4/2011 Volume 29
Swiss National Bank Quarterly Bulletin December 4/211 Volume 29 SNB 2 Quarterly Bulletin 4/211 Contents 14 Monetary policy report 32 Business cycle trends 42 Exchange rate survey: Effects of Swiss franc
More informationMoody s/real Commercial Property Price Indices, December 2010
DECEMBER 21, 2010 STRUCTURED FINANCE SPECIAL REPORT Moody s/real Commercial Property Price Indices, December 2010 Table of Contents: OVERVIEW 1 Notable Observations and Themes 3 NATIONAL ALL PROPERTY TYPE
More informationCH NESN Switzerland Analysis of 25-Jun-2016 Closing price of 24-Jun-2016 CHF Risk Zone. Stars
Food & Beverage - Food Products NESTLE AG CH0038863350 Switzerland Analysis of 25-Jun-2016 Closing price of 24-Jun-2016 CHF 71.50 NESTLE AG active in the sector «Food Products», belongs to the industry
More informationEARNED INCOME DISALLOWANCE (EID)
EARNED INCOME DISALLOWANCE (EID) The purpose of the Earned Income Disallowance (EID) is to reward qualified residents who go to work or have increased earnings. Applicability of the Earned Income Disallowance
More informationGLOBAL INVESTMENT REPORTING. CSAM Swiss Pension Fund Index 4 th Quarter 2003
GLOBAL INVESTMENT REPORTING CSAM Swiss Pension Fund Index 4 th Quarter 2003 Performance of Swiss pension funds based on Credit Suisse Asset Management s global custody data as at December 31, 2003 Index
More informationFinancial Year 2013 Media and Analysts Conference
Financial Year Media and Analysts Conference Zurich, 25 February 2014 A. Affentranger / B. Fellmann Media and Analysts Conference Highlights Implenia Media and Analysts Conference February 2014 Page 2
More informationApril Switzerland as a location for financial services Figures
April 2015 www.sif.admin.ch Switzerland as a location for financial services Figures 1 Economic importance of the Swiss financial centre In the past ten years, the contribution of insurance companies to
More informationRisk Report 2008Q4. Published 16 Marts 2009
Risk Report 28Q4 Published 16 Marts 29 Contents The Risk Report has been prepared by Realkredit Danmark analysts for information purposes only. Realkredit Danmark will publish an updated Risk Report quarterly.
More informationSwiss Global Finance. Facts and Figures
Swiss Global Finance Facts and Figures Latin America Bilateral Economic Relations Switzerland s Main Trading Partners in Latin America Share of Total Goods Exports (in % of total Swiss exports to Latin
More informationGIMA Pulse Date of Report: 04/12/2017 a monthly snapshot of the UK Economy from
GIMA Pulse Date of Report: 04/12/2017 a monthly snapshot of the UK Economy from www.barometeroftrade.com Summary Inflation has slowed after reaching a 5-year-high last month, largely due to the weak performance
More informationEuro GC Pooling. Continues Dynamic Growth. Frankfurt, February 29, 2008
Continues Dynamic Growth Frankfurt, February 29, 2008 Agenda Introduction Eurex Repo: Latest Development Euro GC Pooling: Overview and latest Development Outlook Page 2 Eurex Repo Development of Outstanding
More informationFirst Quarter. January March 2016
First Quarter January March 2016 Highlights First quarter showed positive momentum for design industry. Design firms in March reported strong and accelerating business after a weak January and February.
More informationCredit Suisse 5 th Annual Industrials Conference November 29, 2017
Credit Suisse 5 th Annual Industrials Conference November 29, 2017 Cindy C. Earhart Executive Vice President and Chief Financial Officer 1 / Norfolk Southern Corporation Forward-Looking Statements Certain
More informationFTSE Nareit All Equity REITs equity market capitalization = $986.8 billion
Nareit REIT Industry Fact Sheet Data as of, except where noted. Unless otherwise noted, all data are derived from, and apply only to, publicly traded US REITs. Industry Size FTSE Nareit All REITs equity
More informationSlower take-up but most prices continue to rise
PROPERTY INSIGHTS Singapore Quarter 1, 211 Slower take-up but most prices continue to rise Market Overview Following a 14.5% GDP growth in 21, the economy is forecasted to grow by 4-6% in 211. While interest
More informationFor qualified investors only. UBS Vitainvest. Expanding Vitainvest - Fundsfamily: UBS Vitainvest 75
For qualified investors only UBS Vitainvest Expanding Vitainvest - Fundsfamily: UBS Vitainvest 75 November 2015 Table of contents Section 1 Offering of UBS Vitainvest Funds 2 Section 2 Investment process
More informationICE LIBOR Holiday Calendar 2019
ICE LIBOR Holiday Calendar Date Day Holiday GBP CHF JPY 01-Jan- Tuesday New Year's Day O O O O O 21-Jan- Monday Martin Luther King's Birthday () P No O/N P P P 18-Feb- Monday President's Day () P No O/N
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2018
PRESS RELEASE 10 December 2018 Securities issued by Hungarian residents and breakdown by holding sectors October 2018 According to securities statistics, the amount outstanding of equity securities and
More informationCBER Indexes for Nevada and Southern Nevada
CBER Indexes for Nevada and Southern Nevada Published June 23, 2017 Stephen M. Miller, PhD, Director Nicolas Prada, Graduate Research Assistant Summary of CBER s Nevada Indexes Coincident Index (March)
More informationThe national monthly CPI (2008=100) increased from per cent in November, 2017 to per cent
CONSUMER PRICE INDEX (CPI) December, 2017: PRESS RELEASE Released on Monday January 17, 2017 at 1:00 pm DECEMBER 2017 MONTHLY INFLATION RATE INCREASES SIGHTLY The national monthly CPI (2008=100) increased
More information