Asia Pacific Watch - July 2017

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We estimate that New Zealand makes up barely 1% of the global investable universe of property and MSCI estimates that by GAV it ranks only 28th of the countries they track globally. Although small in size, its long-term real estate market performance has proven to be outsized. Its two main cities – Auckland, the commercial capital and Wellington, the political capital – both have long-standing MSCI performance indexes. Both cities rank in the global top 12 of the 59 cities tracked by MSCI in terms of their 12-year, all-property unlevered total returns. We also rank New Zealand as the country with the 2nd lowest market risk globally (after only Switzerland) when placed in our RARE framework (which equally-weights the cyclical and structural macro-economic and property risks). This is consistent with several other rankings globally where New Zealand performs well: it is rated as the world’s least corrupt nation in Transparency International’s 2016 Corruption Perceptions Index; it ranks 1st globally in terms of the 2017 Ease of Doing Business rankings by the World Bank Group; and it ranks as the 3rd freest economy in the world according to the latest (2016) Index of Economic Freedom undertaken by the Heritage Foundation/Wall Street Journal. For what New Zealand lacks in size and market depth, its risk and return attributes strengthen its investment case.

Source : CBRE Global Investors

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