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Risky Business: An Entrepreneur's Perspective on the Brazilian Housing Market
Rafael became an entrepreneur when he moved to Brazil about a year ago to work in the country's nascent housing market. Before that, he was a successful portfolio manager at a hedge fund in London where he had been saving his bonuses and waiting for the right moment to strike out on his own. That moment came -- in the real estate industry. But it was followed by what turned out to be a devastating blow -- the global financial crisis.
From: April 20, 2009
Don't Write off the Malls Just Yet, Says Real Estate Magnate David Simon
Despite press reports to the contrary, shopping malls are here to stay, at least according to David Simon, chairman and CEO of Simon Property Group, owner of more than 350 malls, outlet centers and other retail-oriented properties in the U.S., Europe and Asia. Indeed, Simon said during a recent Wharton Leadership Lecture, his firm might consider making acquisitions again given that prices have recently fallen to levels last seen in 2002.
From: March 18, 2009
A 'Downward Spiral': Gulf Region Real Estate in the Era of Cheap Oil
In 2002, oil prices in the nations of the Gulf Cooperation Council (GCC) stood at $25 a barrel. By July 2008, that number had jumped to $147. The increase enabled the GCC's six member countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) to almost triple their gross domestic product -- from $350 billion to more than $1 trillion. Now oil prices have fallen again -- this time to below $40 a barrel -- and the oil boom and bust have come at a steep price, especially for Dubai.
From: March 11, 2009
Hirco Group's Aniruddha Joshi: 'Long-Term Drivers of India's Growth Have Not Changed'
What impact has the global financial crisis had on India's real estate market? According to Aniruddha Joshi, executive director of Hirco Group in Britain, which develops residential properties and mixed-use townships in India, the credit crisis has affected portfolio allocations. Still, Hirco's strategy toward property development in India will not change, Joshi told Knowledge@Wharton in an interview during the recent Knowledge@Wharton Real Estate in Emerging Markets Forum. "We believe that the long-term India story and the fundamentals are still intact."
From: February 05, 2009
Where the Deals Are: Real Estate in Emerging Markets
The unstoppable consumer demand and high returns once guaranteed by "hypergrowth" markets like the fabled BRICs -- Brazil, Russia, India and China -- are no longer a given, according to global real estate developers, investors, finance specialists and executives who spoke at the recent Knowledge@Wharton Real Estate in Emerging Markets Forum. Instead, investors need to evaluate each market individually and, given the current economic climate, focus on the long term.
From: January 21, 2009
Istanbul Mortgage's Bahadir Teker: Turkey 'Is Ready to Deal with This Kind of Credit Crunch'
Having bounced back from its own profound financial crises in 1994 and 2000, Turkey is well prepared to ride out the current global economic storm, according to Bahadir Teker, CEO of Istanbul Mortgage. In an interview with Knowledge@Wharton, Teker noted that the stability of Turkey's banking system and its dramatic rise in housing demand will help to temper any slowdowns in the country's real estate industry over the next couple of years.
From: January 16, 2009
Jones Lang LaSalle's Colin Dyer: Quality Assets at Prices 'Perhaps Available Only Once in a Generation'
From Colin Dyer's perspective, the worldwide real estate market is in pretty bad shape. As president and CEO of global real estate services firm Jones Lang LaSalle, Dyer has seen firsthand the problems that an absence of liquidity is causing for buyers who need financing for real estate transactions. Yet he is also optimistic that comparatively little competition and some good bargains provide excellent market opportunities for those who know where to look. Dyer expanded on these points during an interview with Knowledge@Wharton.
From: January 16, 2009
MLP's Bruce Gardner: Five Rules to Live by in Russia's Real Estate Market
While Russia initially may have been insulated from the impact of the global financial crisis -- due to the once-high price of oil -- the country is now feeling the impact of the slowdown. What does this mean for the Russian real estate market? How are real estate companies responding to the crisis? And what should international companies look for when doing business there? Bruce Gardner, managing director of MLP Russia and a participant in the recent Knowledge@Wharton Real Estate in Emerging Markets Forum, offers some answers.
From: January 16, 2009
Wuxi Iparks' Gilles Assouline: 'The Difference between China and the Rest of the World Is the Demand'
China's unsurpassed demand, cash reserves and willingness to invest heavily in new infrastructure make it an attractive option for foreign real estate investors, according to Gilles Assouline, president of Wuxi Iparks Creative Design & Development. In an interview with Knowledge@Wharton, Assouline spoke about why conditions in China are ripe for real estate development, and how partnering with the world's fastest-growing economy may be a requisite for survival in the current economic downturn.
From: January 16, 2009
Equity International's Gary Garrabrant: 'Bearish' on the U.S., 'Bullish' on Emerging Markets
Those countries that had easy access to debt -- such as the U.S. and Japan -- are taking the biggest hit from the current financial crisis, while those countries without access to debt capital -- such as Brazil -- have been somewhat spared, according to Gary Garrabrant, CEO of Equity International. During the Knowledge@Wharton Real Estate in Emerging Markets Forum, Garrabrant spoke about his company's strategy for weathering the down market, how investment decisions are made, and what he sees happening in the next 18 to 24 months.
From: January 16, 2009
