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Follow on Google News | Recently released market study: Venezuela Real Estate Report Q4 2010New Business research report from Business Monitor International is now available from Fast Market Research
Traditionally, the markets for office, retail and industrial property have been distorted by the persistent inflation in the country which, in turn, is the consequence of the monetisation of public spending. Both rents and capital values have risen by 20-30% annually, with the result that yields have been fairly stable. Tenants are usually required to re-sign leases every year. Because of the extension of the public sector into the private sector - both through the imposition of price controls and outright nationalisation - investor sentiment remains dismal. Our sources in Venezuela confirmed that the few new commercial Real Estate projects under way in Caracas and elsewhere have been put on hold. Real capital values of property would probably fall - but for the tendency of tenants to buy the premises that they are occupying if the opportunity presents itself. In the short-term, the dislocations caused by the lack of hydro-electricity - and the consequent need for many of Venezuela's larger enterprises to operate well below capacity - are also unhelpful. Inside Venezuela itself, opinion is divided as to whether rents for commercial Real Estate will continue to rise. In our projections, we assume that yields will continue to rise gradually - even as nominal rents and capital values move broadly in line with each other. Interviews of in-country sources were conducted in early February 2010. Key Features Of This Report This is the latest edition of a new series of industry reports published by BMI that seeks to identify the key dynamics of the real estate sectors of 44 countries around the world, some of which are developed and some of which are, in every sense, emerging markets. The questions that we seek to answer for each country remain as follows: What are the main issues for actors in and around real estate development in the country concerned, over both the long and the short term? What are the main constraints that they face? What are the key insights to be gleaned by comparing the real estate sector of a country with its regional peers? In Q3 we introduced a very substantial improvement to our reports. We incorporated data and qualitative observations provided to us by commercial real estate agents operating in the countries we survey. As a result we have gained a much clearer picture of the balance between demand and supply in each of three main sub-sectors - office, retail and industrial. We have also introduced a new approach to the forecasting of rental yields, which is discussed in the methodology section of this report. In Q4, we have incorporated a lot of new data in relation to rents and yields in 2010. We gained this data through a new round of interviews with our in-country sources in mid-2010. In some cases, the latest information from our sources has caused us to make significant revisions to our forecasts for 2011-2014. We asked our sources to indicate what growth in rents is likely for 2011. We explain their answers in the Forecast Scenarios. For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: Executive Summary SWOT Analysis - Venezuela Real Estate/Construction SWOT - Venezuela Economic SWOT Analysis - Venezuela Business Environment SWOT Analysis Regional Real Estate Overview - Table: Latin American Office Markets At A Glance - Rental Costs, 2009-2011 (US$ per m2 per month) - Table: Latin American Retail Markets At A Glance - Rental Costs, 2009-2011 (US$ per m2 per month) - Table: Latin American Industrial Markets At A Glance - Rental Costs, 2009-2011 (US$ per m2 per month) Real Estate Market Overview - Table: Venezuela's Real Estate Markets - Rentals, 2008 And 2009 (US$, mSq/month) - Table: Venezuela's Real Estate Markets - Net Yield, 2008 And 1090 (%) - Table: Venezuela's Real Estate Markets -Terms Of Contract/Lease Forecast Scenario - Real Estate Outlook - Table: Venezuela Real Estate Markets - Rentals in mSq/month (US$) - Table: Venezuela's Real Estate Markets - Net Yield, 2008-2014 (%) - Supply And Demand - Construction Outlook - Table: Venezuela's Construction Data, 2006-2012 - Macroeconomic Outlook - Table: Venezuela - Economic Activity, 2007-2014 Business Environment - Real Estate/Construction Business Environment Ratings - Table: Latin America Business Environment Ratings - Venezuela's RECBER - Latin America Project Finance Ratings - Table: Design and Construction Rating - Table: Commissioning and Operating Rating - Table: Overall Project Finance Rating - Venezuela's Business Environment - Table: BMI Business And Operation Risk Ratings - Table: BMI Legal Framework Rating - Table: Labour Force Quality - Table: Annual FDI Inflows Into Latin America, 2006-2008 - Table: Venezuela's Top Export Destinations, 2001-2008 (US$mn) - Table: Trade And Investment Ratings Company Monitor - Oriente Entidad de Inversion Colectiva de Inmobiliaria CA - Otepi - Tecnoconsult - Vepica BMI Methodology - How We Generate Our Industry Forecasts - Construction Industry - Bank Lending - Real Estate/Construction Business Environment Rating - Table: Weighting Of Indicators - Project Finance Ratings Indicators - Table: Design And Construction Phase - Table: Commissioning And Operating Phase - Commercial Construction - Full Table of Contents is available at: -- http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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