MONTHLY NEWSLET TER JANUARY 2022
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JANUARY 2022 MONTHLY NEWSLETTER
AUSTRALIA
LILY CHONG
Country Head of Australia
+61 415 547 878 lily@iqiwa.com.au
The days are getting warmer in Australia as we step into summer.
Australian housing values are performing the same as our
temperature, increasing 1.3 per cent compared to values in November
2021 – marking this the 14th consecutive month of positive home
value index growth. Compared with the previous three months to
November, the Australian housing values increased 4.4 per cent.
However, another strong month of Property Sales in Perth, REIWA
reported high sales turnover across all price points. The spokesperson
for REIWA commented that Perth's residential sales market is in an
excellent position for further growth as we enter into 2022.
According to The Urban Developer, Melbourne is crowned the
auction capital of Australia. While Melbourne is slowly coming out of
lockdown, we can see the increased listings available. Several auction
activities are happening in the next couple of weeks, leading to the
Christmas and New Year holidays.
In Sydney, it is recorded that the house price growth is three times
faster than wages. Currently, Sydney's median house price is sitting at
$1.3 million. If we do a quick calculation with an annual household
income of $135,000, the family is now spending more than 45 per cent
of their income servicing their mortgage.
Source: Corelogic Research, REIWA, The Urban Developer Visit www.iqiglobal.com now for more information!
SHAN SAEED
Chief Economist
+60 10-893 1107 shan.saeed@iqiglobal.com
Global Economic Outlook 2022
The global economy is heading for a significant deceleration and financial fragilities. It is entirely premature to
say whether the 35 mutations on Omicron's spike protein help make it more infectious or lethal than the
dominant Delta strain. The world is heading for more unpredictability as nobody knows what will happen next,
with the great game of big players has commenced and rules of the world are changing fast. While countries
take block, and positions with rising geopolitical risk become inevitable - the global economy is heading for
shortage, not abundance in economic growth, and inflation is making heading all around.
The year 2021 is coming to an end on a not so positive note, with the downtrend in the global economy,
shortages, supply chain bottlenecks, geopolitical risk, COVID-19 challenges in Europe again and above all,
inflated equity market valuations. Delivering a positive economic outlook remains a challenge for many global
central banks; Juwai IQI made the first call about stagflation in our November issue. Stagflation will hit many
economies, with growth slowing down throughout the documented press and media. History will repeat itself,
with 1970 making a comeback with a vengeance. With these new findings, everyone should prepare as the
global economy will recover after 2025. According to the latest report by Economist Intelligence Unit, a few
risk scenarios to the global economy in 2022 are as follows;
Worsening US-China ties force complete decoupling in the global economy
An unexpected fast monetary tightening leads to a U.S. stock market crash
Tighter domestic and global financial conditions derail the recovery in emerging markets
New covid-19 variants emerge that prove resistant to vaccines
Severe droughts prompt a famine
An inter-state cyberwar cripples state infra-structure in significant economies
Widespread social unrest weighs on the global recovery
EU-China ties worsen significantly
Source: EIU, 17/ November -2021 report
Investors Concern ——Systemic Risk
[Inflation & Interest Rates]
The yield curve is starting to signal worries of FED What is the inflation strategy for wealth
policy error. Picture this – stagflation in the short run preservation?
and recession in the long run. With 2022 more
AND
challenging than 2021, prepare for systemic risks in
the market. The main issue? Living in the delusion of Why are major central banks, i.e. FED, ECB and
grandeur causes credibility and integrity problems BOE, providing wrong answers on price
with clients. The global investors are now questioning; inflation? Or misreading the markets?
Visit www.iqiglobal.com now for more information!
SHAN SAEED
Chief Economist
+60 10-893 1107 shan.saeed@iqiglobal.com
Inflation Statistics in ADV economies
USA 6.8%
Europe 4.9%
UK 4.2%
Sources: The Economist, The Wall Street Journal, The Washington Post
Oil Market ——Geostrategic and Geopolitical
Risk Impacting the Market
The oil market moves into the backwards phase, moving
the spot higher than the future. While Biden is making the
wrong policy decisions, Putin and Mohammed Bin
Salman Al Saud call the shots in the global energy
market. If Biden continues making these decisions, the oil
price wars will eventually harm American consumers.
We at Juwai IQI have already shared in the market that oil
prices will meander around $77 to $107/barrel in 2022, a
repeat of 2008. Our base case is that oil prices would stay
higher than $80/barrel in 2022.
Visit www.iqiglobal.com now for more information!
SHAN SAEED
Chief Economist
+60 10-893 1107 shan.saeed@iqiglobal.com
Technology Industry Outlook 2022:
Major Investment for Global Investors
Technology is driving the growth of stocks globally. There is a
total of 64 per cent of 23 per cent YTD gain in Nasdaq (3780
stocks) down to just five stocks: MSFT, GOOGL, AAPL, NVDA
and TSLA.
According to Goldman Sachs: "Five stocks accounted for 51 per
cent of the S&P 500's return since the end of April. MSFT,
GOOGL, AAPL, NVDA and TSLA together account for more than
one third (920 bp) of the S&P 500's 26 per cent YTD return. After
contributing over double their starting weight to the index's
return, these stocks now make up 22 per cent of the S&P 500 by
market cap, a 4 pp increase from the start of the year."
Malaysian Economic Outlook 2022:
Stable with Recovery Intact
According to Credit Suisse and The Economist, Malaysia is perfectly poised to achieve a growth rate higher than 2021
as the government has successfully implemented the vaccinated program. By effectively using fiscal/monetary
policy levers and focusing on macroeconomic stability to drive growth.
We at Juwai IQI expect the economy to have appreciable statistics:
GDP 4% to 5%
RM / USD 3.75% to 4.15%
Oil Prices $77 to $107 / barrel
Budget Deficit 5.5% to 6.5%
OPR 1% to 1.75%
Price Inflation 2% to 2.8%
Foreign Reserves $120 billion to $ 125 billion
Visit www.iqiglobal.com now for more information!
VIETNAM
NGUYEN NGOC THIEN AN
Country Head of Vietnam
+84 792 966 008 an.nguyen@iqiglobal.com
Residential
The biggest news in the month would be the new record for the highest ever price for residential land to be set
in the auction of Thu Thiem area – New CBD of Ho Chi Minh city that hit the breaking record of more than
$100,000 per square metre. With this price, we forecast that incredibly luxurious projects on the world-class
scale to be developed in these plots of land and prices of residential apartments for these projects will be up
to $25,000 per square metre.
The majority of residential projects are undergoing huge adjustments in price due to the surge in the price of
supply materials in construction such as concrete, pipelines and especially steel, which has increased
continuously in price from Q4 2020 till now. Suppliers in the steel industry have been adjusting steel prices to
increase between 17,000 – 192,000 VND per kilogram. Similarly, cement prices also increased up to 7-10 per
cent due to the increase in input raw materials such as coal.
Fortunately, as our experts at IQI Vietnam have predicted the scenarios, we are still in close relationships,
working with at least two developers in central HCM City. The latter has committed not to push the price
increase on the customers' end and given the commitment to deliver the projects on time without any delay,
even for further increase in raw materials.
Commercial
We see more than ever the highest number of beach
projects being launched in Q4 2021, as after the
extended lockdown, consumers are more than ever
aware of the importance of wellbeing, lifestyle and
travel experiences, which they were unable to seek
during the lockdown, even with much money in
hand. Developers also expect revenge spending and
a slow but steady recovery of the tourism industry
heading towards 2022.
In more than 20 new beach projects launching, our
experts at IQI Vietnam rated that only five of them,
which are in a strategic location of drive-to-resorts,
will be the sector that will recover the fastest. With
evidence that drive-to luxury resorts in Europe, China
and America have recovered at lightning speed past
pre-Covid19 performance since Q2 2021, we firmly
believe that these five projects will be very strategic
investments when the tourism industry recovers in
2022 onwards, especially with China planning to
re-open borders in Q3 2022.
Visit www.iqiglobal.com now for more information!
HAROON ANWAR
International Investment Advisor
+60 12-312 3086 haroon.anwar@juwaiiqi.com
Global Real Estate Investment Outlook
The Impact of the Covid Pandemic and the
Future of Commercial Real Estate
The pandemic has changed the landscape of the commercial real estate. With lockdowns and extended
restrictions on the movement of people, many commercial office spaces have been sparsely used, triggering
a more important question on how much space is essential for use regularly to serve the needs of customers
and users.
The most noticeable impact is on office space, as teleworking is now the norm. As we have recently
experienced with the extensive use of digital communication technologies, video conference calls have
become a norm, and most employees are working from home or remote locations. Interestingly, the results
are encouraging. Employers surveyed have shown an increase in employees' productivity, efficiency of
meetings, and general overall improvement in morale. While on the face of it, this may seem counter-intuitive,
people seem to prefer this new arrangement where they can accomplish more in a limited time than spending
time in traffic driving to and from work or to client locations to attend meetings. While one can argue that
online meetings do not have the same experience as in-person meetings, it has become a reasonably
convenient substitute with practically similar results.
Seeing this as an opportunity, large corporations are giving
up swathes of prime real estate as they encourage
employees to adapt to an agile working environment and
work remotely from home at least 60 per cent of the time.
Earlier this year, a predominantly Asian-centric,
London-based bank Standard Chartered, signed an
agreement that gives its 85,000 employees globally
access to IWG's 3,500 offices around the world for a trial
period of 12 months. This move gives Standard Chartered
employees flexibility to work from IWG's shared office
space as it implements Flexi-working as an alternative to
home and office. IWF reports that other large organizations
like NTT and Ernst & Young have followed suit.
Architects are busy reimagining workspaces and designing
offices and work areas for elastic usage that offer scalability
and adaptability for their commercial owners and tenants.
Long-term lease contracts will likely shift to more flexible
contracts with the optionality to pay-as-you-use to clients.
Similarly, with its impact on international travel, the
business tourism and hotel industry is severely impacted.
Meetings, incentives, conferences, and exhibitions
commonly abbreviated as MICE events went from
traditional physical get-togethers to virtual arenas.
Visit www.iqiglobal.com now for more information!
HAROON ANWAR
International Investment Advisor
+60 12-312 3086 haroon.anwar@juwaiiqi.com
Organizers noticed a higher attendance with sponsors and participants, indicating a higher level of
engagement.
Not only because of the pandemic, but consumer habits are also changing. We see e-commerce becoming
a norm with consumers increasingly buying goods and services through the online shopping experience.
Especially in the US, Canada, and the U.K., we have seen a wave of leading street stores, department stores
and even entire shopping malls shutting down due to significant drops in footfall traffic.
According to a report from Coresight Research cited by CNBC in August, roughly one-quarter of American
malls will close in the next three to five years — Moody's Analytics expects roughly 135 million square feet of
space at regional malls to become available during that time. It is reported that, on average, the U.S. shopping
mall management industry declined by 4.4 per cent between 2016 and 2021, based on data from IBISWorld,
a market research company. The sector has shown adaptability, where large spaces are getting converted to
logistics warehouses with the growth of distribution centres to support online deliveries delivered to doorstep
within 24 hours. Even though severely impacted by Covid restrictions, leisure commercial real estate such as
cineplexes, restaurants and entertainment zones have shown some level of resiliency where people continue
to flock as and when governments relax the movement restrictions.
So, what does it mean for the future of commercial real estate? How does it impact the supply-demand
balance and drive market prices in commercial hot spots? Whether they recognize them or not, most
individual investors are also exposed to commercial real estate through their investments in funds, insurance
companies, and pension plans.
It is likely that commercial, residential property (multi-family rented accommodation and student housing,
assisted living, care homes), logistics assets, data centres, co-working locations etc., will see a rise in demand
and likely become attractive to investors in commercial real estate.
This phenomenon of seeing a shift to remote working and the rise of e-commerce may be helpful in the
short-term, considering the movement constraints due to the Covid pandemic and may be a harbinger of a
structural shift as a viable alternative that may impact the shape of things to come.
Visit www.iqiglobal.com now for more information!
TURKEY
BERRAK OZOLTU
Country Head of Turkey
+90 531 704 57 99 berrak@iqiglobal.com
Housing sales to foreigners
broke a record in November
In November 2021, dollar / T.L. recorded the sharpest increase in the last 20 years with 40.3 per cent, an
expected record in house sales to foreigners.
In addition to the depreciation in T.L., housing sales to foreigners broke a record in November, contributing
citizenship incentives to the real estate purchase of 250 thousand dollars.
178,814 houses sold in Turkey in November
Housing sales across Turkey increased
by 59.0 per cent in November
compared to the same month of the
previous year at 178,814 units. Istanbul
had the highest share in house sales,
with 31,706 house sales and 17.7 per
cent. According to the number of sales,
Istanbul was followed by Ankara with
17,117 house sales and 9.6 per cent
share, and İzmir with 11,116 sales and 6.2
per cent share.
Total housing sales in Turkey.
7,363 residences were sold to foreigners
in November
Housing sales to foreigners increased by
48.4 per cent in November, compared to
the same month of the previous year at
7,363 units. The share of house sales to
foreigners in total house sales was 4.1 per
cent. Istanbul took first place in house
sales to foreigners with 2,922 house sales.
Istanbul was followed by Antalya with
sales of 1,917 and Ankara with 428 houses,
respectively. Total housing sales to foreigners.
Housing sales to foreigners increased by 39.4 per cent in the January-November period compared to the
same period of the previous year and reached 50,735 sales.
Visit www.iqiglobal.com now for more information!
CANADA
YOUSAF IQBAL
Country Head of Canada
+(1)647 669 9222 yousaf@iqiglobal.com
Toronto
GTA REALTORS® reported 9,017 home sales through TRREB's MLS® System in November 2021 – 3.3 per cent
above the November 2020 result, setting a new record. In contrast, new listings were down by 13.2 per cent
year-over-year, with double-digit declines for low-rise home types and condominium apartments.
The MLS® Home Price Index composite benchmark was up by 28.3 per cent year-over-year in November
2021. The average selling price for all home types combined was $1,163,323 – up by 21.7 per cent compared
to November 2020.
Source: https://communications.torontomls.net/mlshome/
download.php?link=market-stats/market-watch/mw2111.pdf
Vancouver
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver
is currently $1,211,200 - representing a 16 per cent increase over November 2020 and a one per cent
increase compared to October 2021.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region
totalled 3,428 in November 2021, an 11.9 per cent increase from the 3,064 sales recorded in November 2020
and a 1.9 per cent decrease from the 3,494 homes sold in October 2021.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,144, a 35.7
per cent decrease compared to November 2020 (11,118) and an 11.1 per cent decrease compared to
October 2021 (8,034).
Source: https://www.rebgv.org/market-watch/monthly-market-report/november-2021.html
Montreal Metropolitan Area
Source: https://com.apciq.ca/sam/pdf/stats/2021/stats-202111-en.pdf Visit www.iqiglobal.com now for more information!DUBAI
OMER ALI KHAN
Country Head of Dubai
+971 555 198 733 omer@iqiproperties.com
The Dubai real estate sector witnessed exceptional sales transactions in volume and value last month. It
recorded Dh28.5 billion sales through 9,368 transactions in November, reflecting a significant increase
compared to Dh16.2 billion sales through 5,762 transactions ahead of the EXPO 2020 in September.
Property transactions in November 2021 reached 7,000 in volume and Dh17.96 billion in value, making it the
best November on record since the government started publishing data publicly eight years ago.
The latest data shows that Dubai's prime areas have enrolled a strong growth in the past two years. Investors
and end-users preferred to invest in properties offering more space and facilities to enjoy a better lifestyle in
the post-pandemic era.
When it comes to capital gains in prime residential locations, the ValuStrat Price Index clearly shows that villas
perform much better than apartments. Villa prices are already at pre-pandemic levels, while apartments still
have some way to go.
The luxury segment continues to lead the recovery in Dubai's property sector as big-ticket units have been
witnessing strong demand for the past few quarters.
The Dubai real estate market is booming, with a high demand for these exclusive penthouses at Bulgari
Resorts & Residences, with more units currently available on the market. Since 2018, the average price per
square foot for a unit in Bulgari Resorts & Residences has increased by 20 per cent, based on the data by the
Dubai Land Department.
Source: The Khaleej Times Visit www.iqiglobal.com now for more information!MALAYSIA
NICHOLAS TAN
Propery Investment Strategist
+6 012-393 3405 info@iqiglobal.com
Malaysia's annual inflation climbed to a four-month high of 2.9 per cent in October 2021 from 2.2 per cent a
month earlier and above market estimates of 2.8 per cent.
Bank Negara Malaysia has projected a 2021 headline inflation in the nation to average between 2.0 to 3.0 per
cent, amid high commodity prices and prolonged global supply disruption. Monthly, consumer prices rose
by 0.7 per cent in October, the most since January, after a 0.2 per cent gain in September.
The nationwide market started to signal market recovery following the lift of lockdown restrictions and
resumption of economic sectors. Hence Malaysian properties have been increased by 0.92 per cent in the
3rd quarter (Q3) 2021.
The impact of the Covid-19 pandemic took hold in Q2 2020, where the four key markets first saw an increase
in asking price at the same time, including regions such as Kuala Lumpur, Selangor, Penang, and Johor,
which observed a year-on-year (YoY) increase of 1.56 per cent, 1.5 per cent, 1.38 per cent, and 0.15 per cent
respectively, according to PropertyGuru's latest Malaysia Property Market Index (MPMI) report.
The property market is to see a gradual and steady improvement in 1H 2022, in tandem with the overall
economic activity, improving job and financial stability sentiments, and the growing percentage of fully
vaccinated individuals. The nation is emerging from the Covid-19 battlefield stronger and more resilient
than ever. Consumers' confidence is naturally rising, which is expected to result in a gradual but steady
return of demand for property in Malaysia.
Source: Department of Statistics Malaysia, PropertyGuru Report Visit www.iqiglobal.com now for more information!PHILIPPINES
EMMANUEL ANDREW VENTURINA
Country Head of Philippines
+632 878 0755 drew@iqicaliver.com
Investment banking giant Goldman Sachs
expects the Philippine economy to grow the fastest in
ASEAN (Association of Southeast Asian Nations) next year
During the 2022 outlook media roundtable last November 18, Goldman Sachs Economics Research projected
the Philippines' gross domestic product (GDP) growth to hit 7.3 per cent, within the government's 7 to 9 per cent
target.
Goldman Sachs said sustained infrastructure expenditures under the ambitious "Build, Build, Build" program
would aid economic growth in 2022.
A.C. Logistics, Glacier Megafridge to build
a cold storage facility
A.C. Logistics Holding Corp. and Glacier Megafridge Inc. signed a joint venture agreement to construct and
operate a cold storage facility in Cagayan de Oro. The facility would preserve and prolong the shelf life of both
local and imported meat and poultry, fish catch, and farm produce from traders. The facility is scheduled to
open in 2022 and will cater to local and multinational companies in Northern Mindanao.
S.M. opens S.M. City Grand Central
S.M. Prime Holdings recently opened S.M. City Grand Central is located in Caloocan. The new mall has six floors
with a gross floor area (GFA) of 116,000 square meters (1.2 million square feet) and 700 parking slots. S.M. City
Grand Central is already 70 per cent leased, housing several local and international brands, including The S.M.
Store, S.M. Supermarket, Watsons, Miniso, Uniqlo, Crocs, Levi's, Surplus Shop, ACE Hardware, and Pet Express,
among others. The mall also features an indoor park called The Skylight Park which offers alfresco dining.
Aboitiz InfraCapital eyes P20B capex in 2022
Aboitiz Infracapital Inc. has allotted PHP120 billion for its capital expenditure in 2022, as it plans to expand its
industrial estates and digital infrastructure business. It is also rebranding its economic centres to "economic
estates," namely, LIMA Estate, Mactan Economic Zone 2 Estate, and West Cebu Estate. The change comes as
expansion plans for LIMA and West Cebu Estate are underway, expected to yield up to 89,000 jobs combined.
Aboitiz stated that it plans to further grow its business by eyeing project opportunities in industrial
development, water, digital infrastructure, and transport sectors.
Visit www.iqiglobal.com now for more information!THAILAND
SOMSAK CHUTISILP
Country Head of Thailand
+66 81 909 0599 somsak@iqiglobal.com
In Q3 2021, given the intense and uncontrolled spread of Covid-19 that led to another lockdown imposed by the
government, only publicly listed property development companies have been able to launch new projects.
The supply of new condominium project
launches during Q3 2021 totalled 2,312
units, a decrease of 70.8 per cent
compared to the same period last year,
and decreased by 13.05 per cent
compared to the previous quarter. The
number of newly launched
condominiums located in the suburbs is
at 77 per cent, or 1,608 units, while the
City Fringe area housed 30 per cent of
the newly launched units. The Central
Business District (CBD) had no new
launches this quarter.
The number of units sold from new
projects in Q3 was approximately 879
units, representing a sales rate of 38 per
cent, which is close to the 37 per cent
sales rate in the previous quarter.
Demand mostly came from people
whose incomes have not been affected
much, and they enjoyed the opportunity
to purchase units in projects with good
locations.
The average asking price of
condominiums in Bangkok, as of Q3
2021, increased slightly from the
previous quarter.
Around the City Fringe area, the asking price was 117,666 baht per square metre, a decrease of 19.4 per cent
compared to the same period last year, or an increase of 1.24 per cent compared to the previous year
quarter.
The asking price of condominiums in the suburbs of Bangkok was 64,667 baht per square metre, a
decrease of 18.5 per cent from the same period last year, or an increase of 0.43 per cent from the previous
quarter.
As for the CBD, no new project launches were found during this period; the average asking price in the
previous quarter was 240,609 baht per square metre.
Visit www.iqiglobal.com now for more information!INDIA
MANU BHAZIN
Country Head of India
+91 98100 04385 info@iqiindia.com
The real estate territory is the second-largest employment generator in India after agriculture, and it is
expected to reach US$1 trillion by 2030. According to studies, it will contribute a total of 13 per cent to the
country's GDP. Various factors, including urbanization, increasing nuclear families, and household incomes, are
the joint forces in expanding real estate. It is recorded that rapid urbanization accounts for the country's GDP
and pushes the expansion in all zones, including residential, commercial, and retail. In 2022, Indian firms are
anticipated to raise more than US$48 billion through infrastructure and real estate investments, which were
earlier equated at US$29 billion to date.
Residential
There has been an increase in housing sales by 29 per cent, wherein Delhi, Mumbai, Bangalore and Pune
accounted for most of the sales. Micro-markets in Delhi-NCR also performed well with appreciating prices.
There is an additional requirement of 25 million affordable housing units by the year 2030 to support the
growing population as there is a shortage of housing in the urban areas. Plenty of projects is permitted by the
government to support the real estate sector. The government has raised FDI limits for townships and
settlements development projects to 100 per cent. India is among the top 10 countries with price-appreciating
housing internationally.
Commercial
It is expected that there will be an increase in investments in the commercial space by the year 2021-22. There
is also an expected rise in institutional investments in the Indian real estate sector by 4 per cent. Compared to
the previous year, the office space leasing activity has also risen in 2021 and is also at par with the 10-year
average, i.e., 30-32 million sq. ft.
The commercial office stock is estimated to cross 600 million sq. ft. by 2018.
Retail
There will be a double expansion from the
present US$790 billion by 2024 in the retail
market, and by 2030, the Indian market is
expected to reach a market size of US$1
trillion. Promising retail growth is binging
big on the market. Alongside big cities'
large-scale malls and department stores,
some discounted streets are now
becoming the centre of attraction in the
retail business and are growing at an
accelerated rate. A private market investor,
Blackstone, which has significantly
invested in real estate, is looking to invest
an additional US$22 billion by 2030.
Visit www.iqiglobal.com now for more information!GREECE
NIKOS PRATIKAKIS
Country Head of Greece
+30 219 219 2121 greece@iqiglobal.com
Residential
The Greek economy grew strongly in the third quarter of the year, with GDP 13.4 per cent on an annual basis, the highest
growth rate in Europe and attributed mostly by consumption, private investments, and exports. The Greek economy is
ready to set record high growth for 2021, at 8.2 per cent - 8.5 per cent, and above 5 per cent for 2022. In September 2021,
total building activity (private - public), based on the issued building permits, amounted to 1,982 building permits,
corresponding an increase of 11.2 per cent in the number of building permits, an increase of 85.1 per cent in surface area
and an increase of 102.3 per cent in volume, compared to the corresponding month of 2020. Greece is expanding and
so is its real estate!
Apartment prices increased by 7.9 per cent on average in the
third quarter of the year, compared to the corresponding
quarter of 2020, according to data released by the Bank of
Greece. Based on the annual data released so far, apartment
prices increased at a healthy average annual rate of 4.5 per
cent. Demand is also strong for older apartments, i.e. over 5
years old, where the increase was at 8.2 per cent, 7.9 per cent
on average in the third quarter. For 2020, prices for new and
old apartments increased at an average annual rate of 4.8 per
cent and 4.2 per cent respectively.
The analysis of the data by geographical area shows that the increase in apartment prices in the third quarter of 2021
compared to the corresponding quarter of 2020 was 9.8 per cent in Athens, 8.7 per cent in Thessaloniki, 5.9 per cent
in other major cities and 5.7 per cent in other regions of the country. Finally, for all urban areas of the country, in the
third quarter of 2021, apartment prices increased by 8.3 per cent compared to the third quarter of 2020.
Office
High-end store prices for the country as a whole increased by 1.1
per cent compared to the second half of 2020. Over the same
period, high-end store nominal prices increased by 0.7 per cent in
Greater Athens, 0.3 per cent in Thessaloniki and 2.1 per cent in the
rest of Greece, compared to the previous six months. In H1 2021,
office rents for the whole country increased by 2.7 per cent
compared to H2 2020 (provisional data). Based on the revised data,
in H1 2020 office rents decreased by 1.4 per cent, while in H2 2020 they increased by 1.5 per cent year-on-year. For
2020 as a whole, office rents fell at an average annual rate of 0.8 per cent.
Commercial
The Commercial property prices (high-end office space) rose 1.4 per
cent in the first half of the year, while rents rose 2.7 per cent in the
same period. According to data from the Bank of Greece, based on
available provisional data, in the first half of 2021, nominal prices of
high specification office space increased by 1.4 per cent for the
whole country compared to the second half of 2020. During the
same period, nominal prices of high specification office space
increased by 3.2 per cent in the Athens area and 0.9 per cent in
Thessaloniki, while they decreased by 0.6 per cent in the rest of
Greece. Based on the revised data, in 2020 the average annual
growth rate of nominal high-end office space prices for the whole
country was 1.2 per cent. The corresponding annual rate of change for Athens was 2.3 per cent, for Thessaloniki -0.2
per cent and for the rest of Greece 0.2 per cent.
Visit www.iqiglobal.com now for more information!MONGOLIA
AMARTUVSHIN ARIUNBOLD
Country Head of Mongolia
+976 99998333 amartuvshin@juwaiiqi.com
China is one of Mongolia's largest trade partners and the leading supplier of all goods. Due to Covid cases,
China closed borders to Mongolia. A few borders are crossing to go from Mongolia to China, and one of the
most used crossings is Erlian City. The Erlian city is a significant supplier and trading zone for Mongolia.
Supply Side:
Since October of this year, all the goods have been locked in Erlian. Only a few days ago, Mongolian and
Chinese parties agreed to open the borders for cargo transportation. According to this, officials from the
Ministry of Foreign Affairs of Mongolia and China and other officials sent two test containers to Zamiin-Uud last
week. The Chinese side confirms that the conditions for the transportation of goods are good, and the two
sides agreed to transport the goods by container from this week.
Construction Material Increase:
The Mongolian Construction Sector is facing challenging times during the pandemic. The import restrictions
caused a shortage of construction materials and led to a cost increase of up to 92 per cent. It is becoming a
challenge for building companies to meet their plan when construction materials are in short supply, and the
price has increased substantially. It caused a price increase per square meter of the apartment. The latest
statistics show that the price of wire armature has increased by 81 per cent. The price of bricks has gone up by
52 per cent, and the cost of foam insulation board has surged by 92 per cent.
Ulaanbaatar city highlights:
Before the end of December 2021, the Ulaanbaatar municipal organization offices (Ulaanbaatar City Mayor's
office, the City Administration, and Citizens Representative Council) are to move to the New Yarmag Centre in
the Khan-Uul District of the capital.
The following table shows the summary of residential activity in Ulaanbaatar.
Date November 2021
Year 2021 2021 Variations
Total Sales 784,399 446,832 56.96%
According to the General Authority for Sale Registration's sales review report, the number of residential
properties grew by almost 57 per cent from the previous year.
Visit www.iqiglobal.com now for more information!SINGAPORE
RAYMOND KHOO
Vice President at OrangeTee and Tie
+65 9067 6151 raymond.khoo@orangetee.com
New home sales posted a strong rebound last month, with developers selling 1,547 private homes in
November, up 69.8 per cent from 911 units in October. This is the highest sales since July 2021, when 1,602
units were sold.
Compared to a year ago, new sales surged by 99.9 per cent, according to the Urban Redevelopment
Authority (URA) sales survey.
Last month's strong performance was the highest November sales in ten years. The previous record was in
November 2011, when 1,702 units were sold. Last month, there were four project launches, namely
Canninghill Piers, Cairnhill 16, The Carrara, and The Commodore. Many developers were keen to ride the
wave of positive sales momentum and close more deals before the year ended.
The good sales could be attributed to two significant launches last month, namely the 696-unit Canninghill
Piers at Clarke Quay and 219-unit The Commodore at Canberra Drive. Both projects performed well,
notching the top spots last month. Canninghill Piers was popular with both investors and owner-occupiers
given its excellent location along the historic Singapore River and at the heart of downtown core. Canninghill
Piers is an integrated development and the tallest residential building in the area. It appeals to homeowners
who enjoy waterfront living.
In November, the other best-selling projects were Normanton Park, Dairy Farm Residences, The Woodleigh
Residences, The Avenir, and Sengkang Grand Residences.
Due to the strong sales at CanningHill Piers, the Rest of the Central Region (RCR) registered the most
significant share of sales last month, comprising 58.8 per cent of the total sales. The Outside of Central
Region (OCR) made up 29.7 per cent, and the Core Central Region (CCR) at 11.5 per cent.
Demand for pricier new homes continues to rise. Last month, 64 new condominiums were sold for at least
S$5 million, the highest number inked in a month since 75 units were sold in May 2010. In the first 11 months
of this year, 213 new condominiums were sold for at least S$5 million, higher than the annual sales for 2011
to 2020. The previous record was in 2010, when 475 of such units were sold in 2010, 419 of which were sold
in the first 11 months of that year.
Visit www.iqiglobal.com now for more information!CAMBODIA
CHANDY MANN
Country Head of Cambodia
+(855) 88 841 8741 mannchandy@iqiglobal.com
Phnom Penh, Cambodia: Foreign direct investment is up 9.6 per cent in the first half of 2021, while real estate
and construction contribute 15.9 per cent.
In the first half of 2021, Cambodia received a total of $39 billion in foreign direct investment, an increase of 9.6
per cent compared to the same period last year. The increase is according to statistics released by the National
Bank of Cambodia on November 27, 2021.
The real estate sector ranked third, accounting for 12.2 per cent of total capital, equivalent to more than $4.7
billion. The construction sector contributed 3.7 per cent or $1.4 billion.
According to the report, China is Cambodia's largest source of foreign direct investment, with a total investment
of $17.3 billion, or 44.2 per cent of total investment.
South Korea is second with $4.1 billion in registered investment, followed by Vietnam and Singapore with $ 2.5
billion and $2.4 billion, respectively.
Other countries include Japan with $2.3 billion, Malaysia with $1.8 billion, Thailand with $1.8 billion, Britain with
$1.3 billion, Canada with $1 billion and the United States with $800 million.
The investment flows cover agriculture, manufacturing, finance, hotels and resorts, construction, hydropower
and real estate.
The financial sector accounted for the largest share of foreign direct investment at 21.9 per cent, or about $8.5
billion, followed by the manufacturing sector at 20.9 per cent, or about $7.8 billion.
Visit www.iqiglobal.com now for more information!PORTUGAL
GONÇALO PEREIRA
Country Head of Portugal
+351 910 943 233 goncalo@iqiglobal.com
Portugal Golden Visa Program 2022 -
New year brought new changes!
While some investors state their position against the Portugal Golden Visa changes, they were not
necessarily seen as good or bad. These changes were designed to drive investments to Portugal's interior
areas, relieving pressure from metropolitan locations and encouraging foreign investment into other country
areas.
The investment funds options are some of the alternative investment routes to Portuguese/E.U.
Will these changes affect 280k and 350k investment projects?
There are 280k and 350k investment projects available, but they are not residential. Investments must be in
services, touristic properties, or commercial. These types of projects will still be available.
Real estate changes
Investors will not be able to invest in residential property in urban areas such as Lisbon, Porto, the Algarve,
and coastal towns.
Applicants can only buy residential real estate in designated interior areas of Portugal worth at least €500,000
or €350,000 if investing in a rehabilitation project. If the residential property is located in a designated
'low-density' area, a 20 per cent discount applies.
Investors can purchase commercial real estate anywhere in the country worth at least €500,000 or
€350,000 if investing in a commercial rehabilitation project. If the commercial property is located in a
designated 'low-density' area, a 20 per cent discount applies.
Investors can buy residential and commercial real estate anywhere in Portugal's autonomous islands of
Madeira and Azores, worth at least €500,000 or €350,000 if investing in a rehabilitation project. If the
residential or commercial property is located in a designated 'low-density area, a 20 per cent discount applies.
Capital transfers changes
Capital transfer amount requirement increased from €1 million to €1.5 million.
Investment Funds' minimum subscription increased from €350,000 to €500,000.
Investment in scientific research increased from €350,000 to €500,000.
Investment into an existing Portugal-registered business increased from €350,000 to €500,000.
The following Golden Visa investment options will not change:
To kickstart a company in Portugal and employ at least ten (10) new local employees.
€250,000 contribution in arts.
Sources: schengenvisainfo.com; globalcitizensolutions.com; sef.pt; idealista.pt Visit www.iqiglobal.com now for more information!IRHAMY AHMAD
Founder and Managing Director of Irhamy International Valuers
+60 12-331 1878 irhamyahmad@iivglobal.com
Selangor - The Industrial Powerhouse 2
The Historical Perspective
I wrote about Selangor being the Industrial Powerhouse of the nation last month. To continue the series, I will
write on the background of this economic giant from a brief historical perspective and its future direction. Apart
from its location in modern-day Malaysia, i.e. the proximity to Kuala Lumpur and Putrajaya, Selangor owes its
success to simply one general word: TRADE.
Trade has been the bloodline of Selangor since time immemorial, and the pivotal point is the Port of Klang.
Evidence shows that this port has been in existence since the Iron Age or 2000 years ago, much earlier than the
Majapahit Empire, which was around 600 years ago, and arguably when the Portuguese invaded Malacca,
Klang was already a bustling port town. The main economic drivers were tin and jungle produce. The Klang
River itself was the artery of life that facilitated the movements of goods and services, and the fact that Klang
was once the capital of Selangor says a lot about this historical place.
During the colonial days, the port was named Port Swettenham and then changed to Port of Klang in 1972 after
establishing the Port of Klang Authority (PKA). After a slew of privatizations and mergers in the mid-1980s, the
Port of Klang (comprising Northport, Westport and South Point, a.k.a. Southport) trades moved significantly until
the present day. PKA remains the main regulatory body for trade facilitation, port planning and asset
management. Data from the pre-pandemic years has shown a healthy expansion of the Port of Klang.
Total Container Throughput, Selected S.E. Asian Countries, source The World Bank Group:
The above charts show the example of the leaps and bounds increases in the container throughput growth in
the Malaysian Ports, understandably because of the country's strategic location. Although Singapore remains
the leading port in this region, it may find it challenging to expand fast as limited land and road connections are
available. Malaysia, in particular Port Klang, has all the attributes to take on any expansion to the next level as
the economies of the region and China improve. The next level would be a transformation into a significant
transhipment and world-class port, riding on robotics and technology as the operational backbone, rivalling the
best ports in China or anywhere in the world.
Visit www.iqiglobal.com now for more information!DAVE PLATTER
Global PR Director
+61 432 814 888 dave@juwai.com
Juwai IQI Insight
How much would you pay to own the residences of U.S Presidents, the Japanese Emperor, or the members of
the K-Pop band Blackpink?
Juwai IQI crunched the numbers to see how much the world's most iconic homes would be worth if they were
for sale today.
"Blackpink's apartment is worth nearly twice the value of billionaire Warren Buffett's," said Juwai IQI Group
Co-Founder and CEO Kashif Ansari.
"Despite being a billionaire, Buffett lives in a house almost indistinguishable from the homes of his middle-class
neighbours.
Ansari added that "Royal families dominate the list of the world's most iconic homes because their palaces
feature relatively large grounds and are located at the centre of major cities with high land values.
Valuation is more complicated than it seems, explains Chartered Valuation Surveyor Irhamy Ahmad, of Irhamy
International Valuers.
"The Iconic Homes Report is based on our best estimates," he said. "To obtain professional valuations, we would
have to do a condition survey and consider the economic weight appropriate for calculating historical or
sentimental value."
Visit www.iqiglobal.com now for more information!IQI Moments
ADAPT 2021:
The Tech Intelligence Revolution
The ADAPT International Convention was a success!
Broadcasted live for four days from December 14 to 17,
2021, with esteemed speakers from all around the world
sharing their insights ranging from A.I. and robotics to
e-commerce, entrepreneurship and many more, the
event has amassed views from 16 countries worldwide,
namely India, Singapore, Thailand, Canada and many
others. The event has also successfully reached over a
million views and gained over five thousand hours of
watch time. The ADAPT International Convention
managed to garner over 4 million views and become the
Number 1 Recommended Event on China's broadcasting
platform and ADAPT partner, LJZ Forum.
The ADAPT International Convention has brought
together entrepreneurs, businesses, corporations, and
investors to receive first-hand insight into the industry
revolution 4.0 and ride the waves of the new era towards
digital transformation and success, lifting our
generations to stand tall in the global arena.
IQI holds its first meeting in the
Metaverse
Real estate technology company Juwai IQI
officially holds its first-ever meeting in the
Metaverse. With an open eye on new ventures,
Juwai IQI taps into the world's latest
advancements in technology by moving closely
towards adapting to these virtual worlds as they
become grounds to exciting new realities.
The meeting consisted of 30 members of Juwai
IQI's management, having discussions on reports
and future projects to further push the trajectory
of Juwai IQI towards incredible new prospects.
Juwai IQI is keen on exploring the
Metaverse and its endless
possibilities, heading towards a
new realm of connectivity and
becoming the forefront of
implementing new and fresh
ideas beyond the borders of
reality.You can also read
