Greene County is in the middle of clearing up one of the highest number of delinquent property tax cases in its history, officials say, shrinking a decades-long backlog that may help older cities put more parcels back into productive use.

As of Friday, the county courts and treasurer’s office have 167 Greene County properties that are in the collection process or have completed it, some of which include multiple parcels. All told, the cases are worth about $1.5 million in back taxes.

The treasurer’s office is on pace to do 200 cases by the end of the year, Hagler said. Prior to 2023, the treasurer’s office typically processed 20 cases annually.

“Greene County as a whole does not have delinquency problem. There’s been a backlog for decades because really, there wasn’t a sense of urgency. We’re still very rural,” Hagler said. As COVID hit and the markets have taken off, properties that wouldn’t otherwise be developed or rehabbed, there’s now a market for that.”

Greene County has a tax delinquency rate of about 1.6%, Hagler said. The average rate for the state of Ohio is about 3%. However, the recent spur of foreclosure cases is due in part to making up for delays caused by the pandemic, and clearing up the preceding backlog.

“During the pandemic, the courts were shut down. COVID gave us about a 2-year hiatus,” Hagler said.

Most of the properties are concentrated in Xenia and Fairborn, the two oldest cities in Greene County. The red-hot housing market is another reason city and county leaders wish to place those properties back in productive use.

Not all delinquent properties are subject to foreclosures. Being delinquent on property taxes means the property owner is a year and a half behind on their taxes. Missing one or two tax payments isn’t enough to be declared delinquent.

Many taxpayers are able to pay off their tax debt by opting to participate in a payment plan, Hagler said. Others pay it off upon initial notice from the treasurer’s office.

If a case does go fully to the foreclosure process, the owner is notified through Greene County courts. The property then goes to a treasurer sale, where the selling price of the property includes the back taxes, assessments and court costs that are on it. Usually, the property doesn’t sell for that reason, Hagler said.

“If you’ve got $14,000, $15,000-plus of delinquent taxes, and the city’s weed mowing fees, they’re never going to sell,” Hagler previously told the Dayton Daily News. “Nobody’s going to pay $17,000 $15,000 for a piece of property. It’s just not worth it.”

Additionally, it’s unlikely that entire $1.5 million will be collected. Many of the properties are vacant or abandoned, in some cases because the property owner has died.

If the parcel doesn’t sell a second time, it’s forfeited to the state of Ohio, or the local municipality can acquire the property and petition the taxing authorities (the county, schools, etc.) to forgive the taxes on it so it can be put into productive use. Both Xenia and Fairborn have been proactive in pursuing these options, Hagler said.

If you suspect you might be behind on your property taxes, the treasurer’s office has staff who are dedicated to processing back taxes and helping residents stay in their homes.

“If you’re behind on your taxes, and you want to keep to your property, reach out to us. We have plans, we can work with you, and we want to keep you in your property,” Hagler said.

source: daytondailynewsdotcom

Hungarian real estate prices got significantly higher over the past year. On average, buyers spent 3%, HUF 1 million (EUR 2,600), more on home purchases. Meanwhile, in Budapest, the average cost of buying a home has increased by more than HUF 2 million (EUR 5,200).

24.hu writes that according to Duna House’s data, the price per square metre of properties in the Hungarian real estate market ranges from HUF 30,000 (EUR 79) to HUF 3 million (EUR 7,800). The price per square metre was above HUF 1 million (EUR 2,600) for almost half of the properties in the capital sold in the first half of the year. We also know from Duna House’s transaction data that nearly half of the properties sold in Hungary this year, 49 percent, were detached houses. 37 percent of the buyers opted for a brick-built dwelling. Panel houses were chosen by only 15 percent of buyers.

The real estate prices
Károly Benedikt, Head of Marketing and PR at Duna House, said that looking at Hungary as a whole, properties sold for HUF 1 million (EUR 2,600) more compared to last year. The average price was HUF 39.7 million (EUR 104,000), while the average price per square metre was above HUF 550,000 (EUR 1,440). Based only on sales in the Hungarian capital, the average price of apartments has risen. It went from HUF 55 million (EUR 144,080) in 2022 to HUF 57.2 million (EUR 149,319) in 2023. The average price per square metre in Budapest is just over HUF 900,000 (EUR 2,560).

The price is significantly influenced by the condition of the property and whether it needs to be renovated. The size of the useful floor area is also a key factor for potential buyers. Surprisingly, there is a high demand for both large properties of up to 450 square metres and much smaller flatlets of less than 20 square metres.

The most expensive properties
According to Duna House’s data, the highest-priced property sold this year in Budapest is located on Andrássy Avenue. The panoramic house is 274 square metres, built in the 1800s. The house is in very good condition and represents luxury and high quality. The new owner paid HUF 420 million (EUR 1,1 million).

Among the homes sold in the countryside, the fourth most expensive is an apartment in Balatonfüred. The apartment is in an outstanding condition and was renovated during the COVID-19 pandemic, so it is almost new. The 172-square-metre penthouse has a large terrace and a panoramic view. The buyer paid HUF 319 million (EUR 835,500), over HUF 1.8 million (EUR 4,715) per square metre. The most expensive home in the agglomeration of Budapest is a house located in Nagykovácsi. The 230-square-metre family house with a panoramic view and outstanding condition was advertised for HUF 310 million (EUR 812,090).

source: dailynewshungarydotcom

A commercial real estate apocalypse — especially in midsize cities — could spiral into the broader economy

In Indianapolis, the technology giant Salesforce is paring back a quarter of its office space in the tallest building in Indiana, where it has been a key tenant for the past six years. In Atlanta, the private investment giant Starwood Capital defaulted on a $212 million mortgage on a 29-story office tower. And in Baltimore, a landmark building sold for $24 million last month, roughly $42 million less than it fetched in 2015.

All across the country, downtowns, office spaces and shopping centers are at risk of becoming ground zero for a new economic hazard: the urban doom loop. The fear is that a commercial real estate apocalypse could spiral out and slow commerce, wrecking local tax revenue in the process. Ever since the pandemic drove a boom in remote work, hubs such as New York and San Francisco have drawn attention for their empty offices in previously bustling skyscrapers. But many economists are even more worried about midsize cities that have fewer ways to offset the blow when a major company slashes office space, the sale price of a building craters, or a downtown turns into a ghost town.

The worst-case scenario would go like this: With more people working from home, companies from Milwaukee to Memphis are rethinking their leases or pulling out of them altogether. That drives vacancy rates up and makes it harder for landlords to attract new tenants or sell buildings for a healthy price.

Then property owners might struggle to pay off their mortgages or clear other debt. Business districts would dry up, stifling tax revenue from commercial properties or employee wages. Shoppers and tourists would have fewer reasons to venture downtown to eat or shop, choking off spending and forcing layoffs at restaurants and retail stores.

“Once those offices are empty, there are few alternatives and not a lot of life after hours,” said Stijn Van Nieuwerburgh, a professor of real estate and finance at Columbia University’s Graduate School of Business who is one of the authors of a paper that coined the “urban doom loop” phrase. Midsize cities “have a much bigger chasm to cross than what New York City has to go through. The situation is worse in those places with so little else in place.” He added, “It is a train wreck in slow motion.”

Economists caution that such a train wreck is not guaranteed, and the spiral has not kicked into gear anywhere yet. There are a few reasons: Many cities are still leaning on historic levels of state and local stimulus aid from the 2021 American Rescue Plan, and those funds may not run out for another year or two. A large share of the outstanding business and mortgage loans are also not due for a few more years. Plus, the economy continues to defy the odds, dampening concerns that widespread layoffs or drops in consumer spending could trigger this dangerous loop.

Yet the Federal Reserve has highlighted commercial real estate as one of the risks to financial stability. And troubling signs are piling up, often in places that are already vulnerable. Midsize cities have some of the highest rates of office delinquency, where loan payments on buildings are behind schedule, and the lowest rates of office occupancy.

The average delinquency rate across the 50 largest metro areas in the country is about 5 percent. But in places like Charlotte in North Carolina or Hartford in Connecticut, it is almost 30 percent, according to data from the real estate analytics company Trepp.

Likewise, occupancy rates average about 87 percent. But in Oklahoma City, it is just 71 percent, and 76 percent in Memphis and St. Louis.

Experts caution that the trend could easily escalate, especially as properties come up for refinancing. “You are going to see some trickle effects, but the downpour is yet to be seen over the next 18 to 24 months,” said Lonnie Hendry, senior vice president at Trepp. “It is very early in the cycle.”

The concept of the doom loop took off in the past year on the heels of research from Van Nieuwerburgh. Next came a kind of buzz that rarely follows academic papers, with media requests pouring in and at least one headline dubbing Van Nieuwerburgh “the prophet of urban doom.” But all the research makes clear the doom loop is not inevitable anywhere.

Some cities will not face the downward spiral at all, while others might experience different harms from vacant commercial space than others, said Tracy Hadden Loh, who specializes in commercial real estate and governance at the Brookings Institution. She noted that some cities were already struggling with office vacancies before the pandemic, so they are not facing an entirely new phenomenon. It also matters how cities have been using stimulus funds and when they will run out.

Crucially, wonky tax rules mean certain places are more exposed than others: Chicago and Boston, for example, have large office footprints and rely heavily on property tax revenue. Philadelphia, meanwhile, depends more on wage taxes from commuters than on real estate, and that revenue could dry up if people are not venturing into the office. “It really depends on the city,” Loh said. “The local tax structure matters tremendously in the United States. You can’t make a 100 percent true general statement about any class of cities because they each have their own bespoke revenue structure that has evolved over time.”

Still, each day, with every new mortgage default and every distressed building sale, it is clear how few solutions there are. In cities large and small, some property owners have tried to turn vacant offices into something else altogether, like apartments, kitchen spaces or even spas. But those workarounds can be prohibitively expensive, if they work at all. Plus, these solutions have not taken off on a massive scale.

Take Minneapolis, where many of the stressed loans are concentrated in downtown buildings struggling to attract new customers. In March 2021, Target announced plans to vacate a major complex there, cutting its lease of almost 1 million square feet, or roughly three-fourths of space available in the entire building. The big box retailer held onto other large leases in Minneapolis and said the 3,500 corporate employees who worked at City Center would instead transition to other major headquarters in town.

The move was a massive blow to downtown Minneapolis, said Brian Anderson, director of market analytics at CoStar Group. The empty space has not drawn much appetite from prospective tenants. “The more those companies opt to utilize remote-hybrid work, that is going to matter. That is going to create big shifts,” he said.

Downtown Washington is in another kind of bind. In the District, office leasing activity reached a historic low in the first quarter, with only 900,000 square feet of office leases signed. That is down from the five-year quarterly average of 2 million square feet, according to Trepp.

The takeaway: There is less and less appetite for office space, with little sign the trend will turn around. Much depends on what happens with the more than $5 trillion in commercial real estate debt sloshing around the economy, and the $2.75 trillion in commercial mortgages that are slated to mature by 2027.

The tidal wave of looming deadlines could hit regional banks the hardest, as they hold roughly two-thirds of the total commercial real estate debt in the country (not just including office space) and are more susceptible to what happens in individual cities. Economists have been worried about regional lenders ever since the banking crisis earlier this year, when the demise of two midsize firms suddenly jeopardized the economy.

What else happens in the broader economy also matters. The Federal Reserve is still trying to tame inflation and has pledged to keep interest rates high for as long as necessary. The goal is to slow the economy by cooling demand for loans and investment, which appears to be working. A July report said lenders have been seeing less demand for commercial real estate loans at the same time banks are tightening their standards.

In that way, Hendry said he worries the doom loop could stem from factors large and small. “If you have a mortgage with an interest rate in place at 3.5 percent, and you want to refinance at 7 percent, that is unavoidable, regardless of geography,” he said.

source: washingtonpostdotcom

It’s hard to be bullish about real estate in an environment of sharply higher interest rates. Yet unloved property stocks in Europe staged a surprise rally this summer, suggesting contrarian investors are starting to look past the worst.

Two years of steep falls have made European property a short-seller favourite as sector valuations and investor positioning plunged to levels last seen during the 2008 global financial crisis.

A gauge of European real estate shares (.SX86P) has halved in value to about $131 billion since 2021, but the mood shifted in July as earnings expectations improved.

The index outperformed the broader market (.STOXX) in July by as much as 10 percentage points before a volatile August, squeezing short sellers just as inflows into some sector-focused exchange traded funds picked up.

Gerry Fowler, Head of European Equity Strategy at UBS, said bond yields in Europe seemed to have stabilised on bets the European Central Bank would hike interest rates just one more time in September, and that was starting to ease pressure on real estate companies while encouraging more investor interest.

“Things aren’t great for real estate companies and that’s why they are trading at a huge discount. Do we expect them to immediately go back to full valuation? Probably not. But from a direction of travel perspective things have started turning the corner,” he said. “In the last month or two we’re starting to get hints of companies’ ability to re-focus on profit growth”.

Refinitiv data shows earnings revisions turned positive in July after 15 months of downgrades. Profits are now seen rising 1.4% in 2024, versus previous expectations of a slight drop.

However, Zsolt Kohalmi, co-CEO at Pictet Alternative Advisors in London, said interest rates in Europe would need to fall by some 150 basis points to kick-start the market which was struggling due to a “complete standoff” in transactions because buyers and sellers are unable to agree on price.

“Some people this summer are making the bet that it’s going to be all rosy. Inflation is going to come down, interest rates are going to come down and some of these structural problems of real estate will be solved,” he said.

“It is a scenario. But I don’t know how likely it is… I think it’s going to take longer and we may have another low before we have ups,” he said.

Shares on loan, a proxy for short interest, across Europe’s listed real estate management and development firms has fallen by almost a third since a peak in May to below 1.7% of their market capitalisation, according to S&P Global Market Intelligence.

Meanwhile, BlackRock’s iShares European Property ETF (IPRP.L) has seen a 10% surge in inflows from late February, according to data on its website.

Most investors are still steering clear. Bank of America’s fund manager survey (FMS) in August showed investors had capitulated with positioning falling all the way down to 2008 levels, but buying REITs (real estate investment trusts) was its top contrarian trade.

Real estate in Europe is 30% cheaper than its 20-year average price-to-book valuation and displays a 49% discount to the market, its biggest in fifteen years, Refinitiv data shows.

A report in July by the corporate and investment banking unit at Natixis suggested European commercial property transactions dropped 60% year-on-year in the first quarter.

Natixis is modelling for declines in property values and sees risks of rating downgrades for six out of 22 REITs, which could add to challenges of securing debt financing, it said.

Banks are increasingly vigilant about a deterioration in the quality of their loans to real estate firms, with key ratios including loan-to-value under sustained pressure, raising the prospects of covenant breaches which could force borrowers to top up equity or even sell assets.

Societe Generale, which has had zero real estate exposure for over a year, views the summer bounce as a false start and believes there is no clear direction in the sector’s earnings.

“We don’t like picking up pennies in a low-liquidity market. Opportunities may emerge… but this doesn’t paint a great picture for the sector,” said Charles de Boissezon, Head of Equity Strategy at the French bank.

Risks for real estate include another wave of inflation. Pictet’s Kohalmi also said the “biggest unknown” was contagion from the next round of refinancing, especially in the highly oversupplied market of office buildings in the U.S.: “Because senior banks don’t want to refinance, nobody knows how it will play out”.

For UBS’s Fowler, however, European real estate stocks have room to keep outperforming into year-end: “The best ideas are when you can’t fully justify a bullish case… By the time you know for sure that things are better it’s probably already too late”.

source: reuters

Bradford Council is to run a ‘feasibility study’ into the work required to turn 8 acres of land it owns into a new industrial estate in the Beechcliffe area of Keighley.

The council says the procurement of consultants for the initial work is due to start, following the recent news that up to £7m has been earmarked for the development by the Keighley Towns Fund.

The Council-owned site, adjacent to the Hard Ings roundabout to the west of the A629 has been allocated for employment uses since the early 90s.

The first phase of work will be a feasibility study to look at the level of work needed to secure planning permission, remediate the site, and construct an access road, as well as upgrade the existing path which links Royd Ings with Utley with a new cycle and footpath route.

The second phase would be undertaking a full programme of work to remediate the site and deliver plots for development.

Councillor Alex Ross-Shaw, Bradford Council’s Portfolio Holder for Regeneration, Planning and Transport, said: “We know there’s huge demand for employment land in and around Keighley so I’m delighted this project is moving forward.

“The first stage is a feasibility study but ultimately we’re looking to create a new industrial park which will increase the opportunities for businesses in the area and generate employment opportunities for residents.”

Ian Hayfield, Chair of Keighley Towns Fund, said: “This £7m allocation is a very specific fund targeting the redevelopment of identified brownfield sites, taking the pressure off greenfield sites. The aim is to increase the supply of business accommodation in Keighley, which will bring a significant economic boost for the area.”

source: rombaldsradiodotcom

Lotte Shopping, a retail affiliate of Lotte Group, initiated preparations to divest its real estate holdings in a bid to enhance its financial structure amid subdued business performance, a company official said on Wednesday.

According to a local investment bank, Lotte Shopping sent a teaser letter for the sale of Lotte Department Store’s properties to potential buyers through its underwriter NAI Korea. The company is also planning to distribute an investment memorandum soon.

The targets are nine assets owned by Lotte Shopping, including its logistics center in Bundang, a production facility in Ansan, both in Gyeonggi Province and a culture center in Gwanak, Seoul, all of which are currently not in use. The desired total sale price of all the properties is 250 billion won ($186.7 million).

The largest asset is the logistics center in Bundang, which measures 57,023 square meters in area valued at 68 billion won as of last year. But Lotte wants to sell it for about 150 billion won.

However, Lotte said it is only in the review stage.

“We are looking into the property value of our non-operating assets. After that, we will decide whether to keep or develop them. Nothing has been decided about their sale,” a Lotte Department Store official said.

Lotte Shopping’s move to sell real estate is seen as an attempt to improve its financial structure. The company’s asset sales have decreased since 2021 and its acquisition of a stake in local furniture giant Hanssem has led net deposits to increase. The amount of adjusted net deposits soared from 11.67 trillion won in 2021 to 12.13 trillion won, last year, according to Korea Investors Service.

Lotte Shopping’s declining business performance also contributed to the prospects of real estate sales.

The retail firm’s consolidated sales and operating profit in the second quarter of this year stood at 3.62 trillion won and 51.5 billion won, respectively, down 7.2 percent and 30.8 percent, year-on-year.

The poor business performance of Hanssem, which Lotte acquired jointly with IMM PE in 2021, is also pressuring the retail giant. Lotte took over Hanssem by paying 220,000 won per share, but the stock price has plunged, which could further increase losses.

source: koreatimes

The prices of residential properties in Hyderabad have been steadily rising despite a slump in demand. Insiders in the real estate sector claim that top builders have been advised by influential individuals within the state government not to lower prices, in order to maintain the city’s reputation as a favored investment destination. This advice is allegedly driven by the upcoming state Assembly elections and the desire to present Hyderabad as a thriving and prosperous city.

In addition to this, builders were reportedly promised more infrastructure projects after the elections to further stimulate demand. Any price reductions at this point could negatively impact the market, creating a lull in activity.

The government itself has been showcasing the real estate prices in Hyderabad as a measure of Telangana’s progress. The recent auction of government lands in Kokapet, which sold for a record ₹100 crore per acre, was touted as evidence of Hyderabad’s appeal to various industries and the growing presence of IT companies in the city.

However, there is a less optimistic side to this picture. Reports from real estate market agencies indicate that the situation is not as rosy as it seems. Prices of residential properties in Hyderabad have shot up by 30 to 50 percent post-Covid, rendering them unaffordable for middle-class and upper middle-class buyers. Hyderabad was ranked the second-most expensive market in the country in terms of affordability versus income levels, after Mumbai.

Despite this, there has been no drop in prices, as major builders choose to hold onto their inventory rather than reduce costs. In fact, after the Kokapet auction, prices for high-rise residential complexes were even raised by ₹500 to ₹1,000 per sq ft. These increasing prices have pushed mid-level builders out of business, and homeownership has become an unachievable dream for middle-income citizens.

source: claytoncountyregisterdotcom

It’s hard to escape the sense that the old-fashioned office is in trouble these days as employees continue to work from home and some companies try to shave square footage to cut costs. Unsurprisingly, commercial real estate firms now face declining valuations and financial pressure to turn the situation around. On top of this, it turns out climate change may be playing a meaningful, if admittedly secondary, role further stressing the commercial real estate market.

Insurance costs for commercial real estate are rising rapidly across the country, outpacing rent increases and general inflation. An August Moody’s report suggests a link to climate change. The growth in the cost of insurance for multifamily properties, for example, has tracked closely with the frequency of $1 billion natural disasters in the U.S. And properties in high-risk climate zones, particularly those at risk of hurricanes, face the highest insurance rates.

Take retail properties in Miami, a city at risk of hurricanes. The Moody’s report shows that rent increased at an average rate of 1.4% between 2017 and 2022. The cost of insurance increased by 7.5%. In Denver, where wildfires rage nearby, the cost of retail rent increased by 0.4% annually in the same time frame; the cost of insurance increased by 9%. The numbers are similar in cities across the country.

It’s not just cost that’s concerning. Some commercial real estate companies are finding it hard to purchase sufficient insurance at acceptable terms. That means properties are left without enough insurance to fully cover the damage caused by a range of increasingly likely climate-related extreme weather events. The market is just beginning to process what that means. In the short term, it means that property investors and lenders take on additional risk that would have once been covered by insurance. How that will reshape commercial real estate as we experience more extreme weather in the coming years remains to be seen.

“It’s an increasingly challenging conversation because we understand there are these areas that have repeated hazards,” says Natalie Ambrosio Preudhomme, who researches the commercial real estate market for Moody’s. “And there are long-term implications for the viability of these markets and the communities that are driven by them.”

This topic has yet to enter mainstream conversation around climate and insurance, but it has been a point of discussion behind the scenes at commercial real estate industry gatherings. And potential insurance issues have shown up in regulatory filings, too. Vornado Realty Trust, a significant player in the New York City real estate market, warned this year, for example, that climate change may affect its business “by increasing the cost of (or making unavailable) property insurance on terms we find acceptable.” Other large commercial landlords, like Boston Properties and Highwood Properties, to name a couple, made similar statements.

There are ways to get ahead of such challenges. Property owners can harden their assets—think of improving drainage to prevent flooding or installing a new roof—to make them more resilient to climate-linked events, for example. Some experts are calling for insurers and regulatory bodies to offer financial incentives to make that happen faster.

source: time

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source: claytoncountyregisterdotcom

Investors need to be patient and selective to find attractive risk-adjusted returns in Asia Pacific (Apac) commercial real estate in today’s market environment.

The prolonged interest rate hiking cycle, insufficient price corrections and a slower-than-expected recovery of mainland China have combined to create a difficult investment backdrop for many sectors in regional real estate, according to CBRE.

Amid such factors, the firm has revised its full-year forecast for Apac commercial real estate investment volume to a decline of 15%, with a recovery unlikely before the first half of 2024.

Yet CBRE still believes investors can capture cyclical investment opportunities as yields will continue to expand in the second half of 2023. “Investors’ firm stance towards pricing has resulted in a limited number of transactions. We expect the investment sentiment to improve once the cost of borrowing starts to stabilise or to come down,” said Dr Henry Chin, global head of investor thought leadership and head of research in Apac.

Australia is expected to see the most significant yield expansion and Japan should continue to outperform. Further, Korea is showing signs of green shoots, underpinned by the declining of cost of finance.

DWS is also relatively bullish on these three markets, eyeing residential built-to-rent (BTR) and prime logistics in Australia, as well as regional Japan and Korea, where vacancy remains very tight.

Cherry-picking growth sectors
Looking by sector, DWS expects prime logistics assets to outperform, delivering total returns of between 7.5% and 9% per annum. At the same time, long-term e-commerce tailwinds are driving leasing demand in regional logistics amid structural undersupply of modern warehouses across many cities in Apac.

For example, Sydney, Melbourne and Brisbane, as well as Singapore, look attractive in this space due to the strong rental growth outlook. Plus, regional cities in Korea and Japan present first-mover investment opportunities.

In terms of office leasing, although CBRE is forecasting a decline up to 5% due to weaker demand in mainland China, flight-to-high quality and green buildings will remain prominent trends.

“With vacancy rising to a 20-year high in the first half of 2023 and expected to further increase for the rest of the year, the market will continue to favour tenants, as they will have ample upgrading options to choose from,” explained Ada Choi, head of occupier research for CBRE in Apac.

More specifically in the office sector, DWS believes millennial workers will spur success in value-add strategies such as asset enhancement initiatives, next-generation office features, biophilic design and collaboration space.

The asset manager expects redevelopment strategies, especially for stranded offices, to offer higher development margins, though this comes with higher risks.

Meanwhile, DWS also backs multi-family housing as a small but notable investable market, bolstered by the potential for tax concessions for new residential BTR projects from 2024 onwards. Strong rental growth is likely to underpin investment returns, the firm added, though access to institutional quality stock may involve development risk.

source: fundselectorasiadotcom