Global Real Estate Investment Market Size Grows Significantly in 2017
10 Julho 2018 - 7:00AM
Business Wire
MSCI Inc. (NYSE: MSCI), a leading provider of indexes and
portfolio construction and risk management tools and services for
global investors, today released the annual MSCI Real Estate Market
Size Report which estimates the size of the professionally managed
global real estate investment market. The findings show the market
grew by 15 percent, from $7.4 trillion in 2016 to $8.5 trillion in
2017.
The report details notable changes to the size of 25 markets
across the globe, as contained in MSCI’s IPD Global Annual Property
Index, as well as seven other countries that form part of MSCI’s
IPD Pan-Asia Annual Property Index. Among the constituents of the
Index, the following important market size estimates were
reported.
Noteworthy Country Market Size Estimates
- The United Kingdom and Germany saw
their market size increase by more than $100 billion over the
last 12 months, primarily due to currency appreciation, with the
euro rising by 14 percent against the U.S. dollar (USD) in 2017.
The British pound also strengthened by 9 percent against USD, in
contrast to 2016 when the pound depreciated by 16 percent as a
result of the Brexit vote.
- Germany replaced China as the
fourth-largest market. Germany experienced significant growth
in its real estate market and overtook China which had held this
position for two years (2015 and 2016). Although both markets grew
in 2017, Germany’s increase was proportionately larger.
- Switzerland and Sweden have the
largest relative real estate investment market sizes in Europe,
as measured by the ratio of market size to GDP. However, Norway,
Europe’s second wealthiest country in terms of GDP per capita,
falls behind several of its Nordic neighbors in relative real
estate market size.
- Spain’s market size increased 39
percent, driven by a 14 percent currency impact due to euro
appreciation against USD, 9 percent capital value growth and a
residual impact of 14 percent.
- The U.S. saw its weighting decrease
after seven successive years of increases. Although the U.S.
remained the largest market in 2017, its share of the 25-country
index decreased from 42.1 percent to 40 percent in the IPD Global
Annual Property Index.
“Although individual market size estimates have changed from
year to year, weightings have proved relatively consistent for each
of the 25 countries within MSCI’s IPD Global Annual Property Index
since 2004,” said Jay McNamara, Head of Real Estate for MSCI.
“These estimates are fundamental to the creation of MSCI’s
multinational real estate indexes. We believe growth will have a
positive impact over the long term, and are committed to serving
our clients as the market continues to grow and they make important
investment decisions.”
Drivers of Market Size Changes in 2017
Currency movement was a big driver of market size, effectively
increasing the global real estate investment market by
approximately 5.3 percent in USD, in contrast to their negative
impact in 2016 (-2.3 percent). Capital value growth and new
developments in the market, such as new construction and sale and
leaseback transactions, also contributed to the growth in market
size.
“While currency fluctuations have undoubtedly impacted relative
weights of countries within the Index over time, capital value
growth has also been a long-term feature driving the shape of the
market today and many countries showed positive capital value
growth in their local currency in 2017,” said McNamara.
“Additionally, it is important to remember the impact that the
global financial crisis had on the landscape we see today. Both the
U.K. and the U.S. suffered from substantial negative capital
growth. Currently, the absolute market sizes of these two countries
has increased by 40 percent and 70 percent, respectively, from
their lowest levels recorded during 2008 and 2009,” added McNamara.
“This has not been the case in all markets globally. Japan’s market
size, for example, is still below its 2009 level despite rising in
each of the past three years.”
For more information about the MSCI Real Estate Market Size
Report, visit www.msci.com/market-size.
About MSCI
For more than 40 years, MSCI’s research-based indexes and
analytics have helped the world’s leading investors build and
manage better portfolios. Clients rely on our offerings for deeper
insights into the drivers of performance and risk in their
portfolios, broad asset class coverage and innovative research.
Our line of products and services includes indexes, analytical
models, data, real estate benchmarks and ESG research.
MSCI serves 99 of the top 100 largest money managers, according
to the most recent P&I ranking. For more information, visit us
at www.msci.com.
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