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Amid growing signs of stronger growth for both the US and global economy, investors are anticipating an eventual tapering of the US Federal Reserve's (Fed) quantitative easing policy. A withdrawal of the extraordinary liquidity measures is widely anticipated to result in a long-term increase in interest rates. While the timing of the Fed's action remains highly uncertain, investors are increasingly looking to position themselves relative to this shift in expectations. In key global real estate markets this is resulting in greater appetite for higher yielding strategies. With yields on prime property low by historical standards, recent interest rate increases are shifting investor interest to non-prime strategies where the yield spread is high and increasingly attractive. This shift in strategy is underway in the US and UK markets where both spread erosion and improving economic data points are supporting investor confidence and driving activity into regional markets and good quality secondary assets. Early mover advantage could be optimized by looking to Europe and Japan for less crowded, higher-yielding secondary asset trades in anticipation of more secure recoveries.
Source : UBS AG