10-04-2017, por Paul Tostevin
How much is the world worth?
In early 2016, the Savills World Research team reported that global real estate values totalled US$217 trillion. Our research this year shows that figure has risen. Global asset price inflation has now increased the amount to US$228 trillion at constant prices – an increase of 5 per cent in real terms. (..)
|Fonte: The Savills Blog|
The Changing Role of Real State
The role of real estate across the world is changing. It is the globe’s most important asset class and accounts for a significant proportion of personal and household wealth in developed economies. Along with other assets such as commodities,equities and bonds, it has increased significantly in value since the global financial crisis of 2008, spurred on by the intervention of central banks and their suppression of gilt yields [taxas de juro UK].
Now that yields have little room to shift further downward, the scope for capital growth becomes more limited and dependent on rental growth happening first. This means that the income-generating capabilities of real estate have become more important and currently look attractive in many markets compared to local interest rates.
The investing world’s shift of emphasis to a search for income has arguably changed the status of real estate as an asset class. Its qualities of being a tangible, real-world asset capable of development, management and change has always put it in a special investment category but, in the past, its illiquidity and ‘lumpiness’ have been seen by some investors as adding to risk. We think the nature of real estate risk has changed in the new investing environment. The characteristics of real estate have a new value in the global hunt for long-term income.