Investor’s Notebook – The Property Chronicle
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It’s official, the proprietor’s palate has become jaded and faded. I have succeeded where countless glasses from the Stowells of Chelsea wine-box have failed. How so? Well, towards the end of 2023, when I posed to him the quarterly question as to what I should scribble next for the Prop Chron, I casually dropped into our dialogue that I was in Indio, California (as you do). There was an immediate response… and, dare I say it, in almost undue haste. “Why don’t you write about what... Read More >

Recent Articles:


The real estate world is sometimes both familiar and opaque for those looking in from the outside. Familiar given the tangible and ubiquitous nature of it. Just about everyone has direct experience with various types of offices, retails, and Read More >

Questions of football finance are starting to be as fascinating as the game itself. This is because the amounts of money involved have grown to extraordinary, mouth-watering levels. There is now so much money at the top of the English game that Read More >

The route to enduring financial & sustainability out-performance. Times are hard for real estate investors. Not only must they contend with higher interest rates and weaker economic growth, but they must also grapple with the impact of Read More >

Music industry reports show that in recent years, sales of vinyl albums have grown dramatically. But when most of us can access digital sounds anytime, anywhere, why are old-fashioned, fragile and expensive-to-buy LP records once again so Read More >

Whether the political dimensions of ESG are features or bugs depends on your perspective. From the perspective of ordinary citizens, though, ESG is shot through with political problems in addition to its economic problems. Although the use of Read More >

The clean page optimism of a New Year in France. In the unwritten codes of French social behaviour, the giving and receiving of les voeux is much more meaningful than the cursory “Happy New Year” (or even HNY) of English culture. Read More >

In recent years, there has been a significant push for diversity and inclusion in various industries. The real estate industry, like many others, has taken steps to ensure that it is representative of the diverse demographics in our society. Read More >

As Thanksgiving morphs into Christmas, the December television schedule will be filled with the usual assortment of Christmas classics, not the least of which is Frank Capra’s It’s A Wonderful Life. I’ve lost count of the number of times Read More >

John Ryley has stepped down as the head of Sky News after 17 years. In this second article for his series on the future of broadcast news, John will look forward to how news will change over the next 40 years. Tuning in Today, there are Read More >

Financial crises are periods characterised by devastating losses of income, work, a certain future, and a stable family life. The effect on mental health can be catastrophic. But what does the evidence tell us about who is most at risk, and in Read More >

The deluge and constant reporting of CRE woes is understandable, but seems over-hyped relative to some other potentially bigger problems brewing. Compared to most asset classes, real estate is funded by a higher proportion of debt, and with the Read More >

Germany and some other EU countries are hastily setting up new floating gas terminals at their ports to help cope with the severe reduction in natural gas exports from Russian pipelines since the Ukraine war started nearly Read More >

People in the UK say the economy and inflation are currently the most important issues facing the country. But do Britons actually know much about how the economy works? My colleagues, Dan Kenealy and Hayley Bennett, and I used a Read More >

At least 1,000 birds were killed in one day in early October, when they collided with a single Chicago building, McCormick Place – the largest convention centre in North America. A paradigm of architectural modernism, Read More >

Ownership is at the heart of conservatism. It is a main foundation of a free society. From the baby’s first protective instincts towards a prized soft toy to the adult’s sense of stability in a home they own, ownership is a fundamental state Read More >

A recent article by Knight Frank titled "The Secret to a Happy Workforce: Unveiling the Most Valued Office Perks" delves into the enticing world of workplace benefits. From beanbag-filled lounges to gourmet cafeterias, the piece paints a picture Read More >

The average pay of FTSE100 CEOs rose by 16% from £3.38 million in 2021 to £3.91 million in 2022, according to the latest figures from thinktank the High Pay Centre. In the same week this was reported, UK political figure Nigel Farage Read More >

In the ever-evolving landscape of modern corporate culture, there's a new demographic speaking out: young professionals. In the race to attract the best and brightest, companies across the globe have invested millions, if not billions, in flashy Read More >

Prime logistics has been European real estate’s star performer for a decade, notching up an annualised return of 15% since 2013 according to CBRE. It has been a major beneficiary of structural changes in our shopping habits, supply chain Read More >

After 39 years working as a journalist, and 17 years as the head of Sky News, John Ryley retired in May. In a series of articles for The Property Chronicle he reflects on how the news business has changed and how it will develop in the Read More >

In May 2021, one of the best soccer players in the world announced he was coming to play Major League Soccer (MLS). Lionel Messi, currently 36 years old, rejected a record-breaking $400 million a year in order to come to play Read More >

The cost of living crisis has seen the prices of many goods and services rise sharply in the past 18 months, but food and drink prices have been particularly hard hit. Some food producers have responded by reducing the size of their products, Read More >

Don't dismiss the ESL so lightly. And IOC should poll not pontificate. ‘Laughable’, ‘all hot air’, ‘flimsy’, a ‘walking corpse’. So has English football, on a mostly unattributable basis, dismissed the attempt to breathe new Read More >

Bowlers playing for England and Australia in the current Ashes cricket series are collectively meant to deliver at least 540 balls each day (that’s 90 overs of six balls each – more if they bowl any no-balls or wides). If one Read More >

A small scandal has raised ire on social media after Twitter added the mention of “publicly funded media” under the twitter handle of the British Broadcasting Corporation (BBC) and National Public Radio (NPR). In Canada, the conservative Read More >

“I’ve never been so disgusted in my life.” Such was one Twitter user’s response to a recent video showcasing the spoils of a British Chinese takeaway order. “British Chinese” was trending on social media as American users Read More >

For eight years I have studied digital nomadism, the millenial trend for working remotely from anywhere around the world. I am often asked if it is driving gentrification. Before COVID upended the way we work, I would Read More >

Sports making a racket, 48 up for the Cup and the allure of live Hop to it! Harking back to an innocent 70s youth of balmy summers and winter power cuts, when even Space Invaders had yet to land, a friend gets in touch to sense-check his Read More >

Strikes. The cost of living. The NHS crisis (if it still makes sense to distinguish the crisis from the institution at this point). It’s fair to say that few people looking ahead to 2023 see very much for Britain to look forward to. But Read More >

Why common sense is often the best response . The writer Mark Twain wrote almost 50 books and yet is almost certainly better known for his aphorisms. The pithy one liners that combine folk wisdom and common sense are such that even ones Read More >

It seems that another item can now be added to the long list of things that are getting more expensive: football clubs. The bids coming in to buy Manchester United, reportedly in the region of £4.5bn (the owners are said to want Read More >

Another day, another set of hysterical headlines about energy company profits. This time Centrica plc, the £30bn owner of British Gas, has achieved record yet relatively unremarkable profits of £3.3bn – triple its results in Read More >

And the UK needs to become a real player This was a disappointing week for the embryonic British space industry when the first ever launch from the UK ended up with a big splash somewhere in the Atlantic. Virgin Orbit dropped a wing-carried Read More >

Why it’s so hard to run a sustainable innovation-focused restaurant For over a decade, Noma in Copenhagen has been one of the standard bearers of the high-end culinary world. This 'New Nordic' restaurant made its reputation (and obtained Read More >

With Russian troops digging trenches to prepare for an expected winter standoff, it would be easy to conclude that fighting will slow in Ukraine until after the ground thaws in the spring. But evidence from the Ukrainian battlefields Read More >

Mainstream scientists, doctors, parents speak out about harms of Covid-19 vaccines. Just one day after she got a Covid-19 booster shot, Regan Lewis, a 20-year-old nursing student at Colby Community College in Colby, Kansas, had a heart Read More >

But how can we help them make good on their ambitions? Young and old people have different opinions and tastes on everything from fashion to politics. That might sound truistic, but it really matters if we’re trying to work out what the Read More >

Albania has a population of 2.8 million people, according to data published at the start of 2021. Since the fall of communism in 1991 nearly 40% of Albania’s population has left the country. Most Albanians who left in the 1990s and Read More >

Implications for real assets demand. The repercussions of Covid-19 will continue to be felt long after the final phases of the pandemic are over. Assumptions that are underpinned by real assets secular demand drivers require Read More >

Marunouchi: the quest for perfection  Perfectionism is very important in Japan. In the collective national quest to slowly achieve the immaculate, Tokyo’s Marunouchi district may come close to that goal. Whenever designers sketch out Read More >

The High Pay Centre has just published its latest report on the remuneration of FTSE-100 CEOs. As usual, the report shows median pay which, by most people’s standards, is pretty colossal. At £3.4m, this figure is over 100 times Read More >

A few years ago, the chess website Chess.com temporarily banned US grandmaster Hans Niemann for playing chess moves online that the site suspected had been suggested to him by a computer program. It had reportedly previously banned his Read More >

Unfair, excessive and bad in law. In this very special series of exclusive articles for The Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches Read More >

A look at the transformation of Japan’s major regional cities. Overall, demand in the office markets in Japan looks to have plateaued for now, with contracted rents remaining flattish or weakening slightly. The office market is still Read More >

Kyiv’s counteroffensive in the north-east of Ukraine appeared to take everyone by surprise, not least Russia’s war planners who had been moving troops south to meet an offensive in the Kherson region which Ukraine had been trumpeting Read More >

Why food crime is so much more than counterfeit chocolate bars. In recent years, Londoners and tourists in the UK capital will have noticed an influx of American sweet shops. US-themed and decorated with fluorescent colours, these shops Read More >

Diana, Princess of Wales, died 25 years ago after a car crash in the Pont de l'Alma tunnel in Paris. Her death led to a global outpouring of grief and media attention. Much of the public reaction criticised the royal family for what many saw Read More >

Tourism destinations globally are seeing a significant hit to their economies as Russians stay at home due to war-related sanctions, with possible long-term effects on international tourism. This comes as European countries with Russian Read More >

Metamorphosis In this very special series of exclusive articles for The Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he Read More >

Energy expert Q&A. While thermometers have been well into the red across the northern hemisphere, people are panicking about the cost of energy bills once winter starts to bite. According to the latest forecasts in the UK, the minimum Read More >

Real assets are not what they were. Just as those of us in the West were starting to get our lives back after the pandemic, Russia invaded Ukraine, provoking a dramatic and unified response from much of Europe and the USA. At the same time, Read More >

If all of the vehicles in the world were to convert to electric, would it be quieter? – Joseph, age 10, Chatham, New Jersey If everyone everywhere received a free electric vehicle at the same time – and owners were Read More >

Post-Covid, life has not yet reached the new normal, according to this writer. Some readers will know that I relocated from Hong Kong to the UK in early March. I have to say that it was a traumatic experience, not to put too fine a point Read More >

Our research gave a surprising result. Money can’t buy happiness. Many of us are told this at some point in our lives, but that doesn’t seem to stop many people from wanting more of it – even very rich people. The question is, how Read More >

The end is nigh, prepare to meet thy doom. The last in a very special series of exclusive articles for The Property Chronicle, in which Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He Read More >

Martin Walker, the gifted former Washington correspondent of The Guardian, used to start his speeches saying that the Fourth of July wasn’t a time for sorrow for him, as it was a time when good British yeomen farmers in the colonies revolted Read More >

Europe is highly vulnerable to Putin's gas blackmail. European leaders believe they are part of the rich world, with the power to determine their future. After they return from their sacrosanct holidays in late August, they may begin to Read More >

Harvesting the low-hanging fruit. “We do not inherit the earth from our ancestors, we borrow it from our children.”  (Haida proverb) Despite lofty sustainable development goals established by the UN in 2015 and supposedly to be Read More >

It's gaining momentum and the future pipeline is likely to raise the top prices equivalent to those seen in Manhattan and London. Originally published June 14, 2022. Tokyo’s ultra-luxury residential market has continued to grow on the Read More >

Where modern office work began Originally published March 2022. I love coffee. I love spending time in great cafes. So I have always been curious about the numerous plaques around the City of London marking the site of 17th-century Read More >

Here’s how to keep them high while avoiding riots or hurting the poor. In the UK, it now costs more than £100 to fill up a typical family car with petrol, and oil prices could rise even further. But are such high prices for fossil Read More >

Originally published May 2022. On 7th May, our football club, Maidstone United, were crowned champions of National League South (NLS), English football’s sixth tier. Maidstone last achieved promotion to the National League (NL), English Read More >

Cardiff is bucking the trend. There are a lot of ‘strange’ movements going on in UK residential property right now and submarket trends are very much back on the agenda.  Take Aberdeen for example, where asking prices (per sqft) Read More >

In response to Elon Musk’s all-cash takeover offer for Twitter, its board of directors has adopted a one-year shareholder rights plan to stop it. As Lucas Manfredi reported for FOX Business, the board claimed the plan “is intended Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

What is happening to all the animals? Details are starting to emerge on how Ukraine’s zoos are coping with the war. Some of the animals, including lions, tigers and wild cats, have been rehomed to zoos in Poland, but this is Read More >

I can’t help thinking that Amanda Staveley and her consortium have bought the wrong football club. Had they waited just five months they could have had Chelsea FC rather than Newcastle United. A mooted £3bn price tag may be 10 times the Read More >

Top players on why joining the Premier League from abroad is so tough. Originally published September 2021. The new football season has seen the return of fans and the return of big money transfers. Ahead of the transfer window Read More >

Why you should donate money rather than supplies. The humanitarian crisis in Ukraine and its effect on neighbouring countries has inspired people to collect donations. But these well-meaning efforts can cause headaches for those helping Read More >

Originally published November 2021. The UK’s success at the Tokyo Olympics has been a ray of sunshine in an otherwise dismal dank summer. The feel-good effect could be long term – doing well in the Olympics does more for a nation’s Read More >

This writer became peripherally involved in a property scam worth millions. Originally published August 2021. One early spring day in 2016, I was interviewed by the Serious Fraud Office. Fear not: as an informant. You enter the place Read More >

...but it won’t wreck Russian sanctions. War is expensive. The United States spent about US$1.1 tn (£830bn) on the 2003 Iraq war in today’s money, while the Falklands war cost the UK the equivalent of Read More >

In this very special series of exclusive articles for The Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

So here’s the thing. Popular economics (by which I mean the sort that someone with a low pass at maths O-level second attempt can just about grasp) suggests that if supply outstrips demand then prices fall. And presumably if there is no demand Read More >

The average resident of Oxford or Cambridge probably doesn’t fancy themselves as having much in common with Peter Hitchens, the great Jeremiah of British reaction. But this week he is their prophet nonetheless. If you missed it, the Read More >

US nonfarm payrolls added 467,000 jobs in January, easily beating expectations. The January data reflects annual benchmark revisions, as well as updates to seasonal adjustments. The revised data now shows more robust payroll growth over Read More >

In this very special series of exclusive articles for The Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

Originally published November 2021. Back in the mists of my own pre-history, I was given the The Big Book of Egypt on an early birthday. It was full of drawings, diagrams and maps of excavations. Egypt fascinated me then and still does today. Read More >

Originally published November 2021. What could possibly go wrong? “Africa has a significant role to play in the energy transition. We are home to a third of the world’s mineral reserves and 14% of the world’s forests… Our view is Read More >

The Japanese housing depreciation dilemma. While Japan shares many characteristics of the West – a democratic political system and capitalist economic system – one area that distinguishes Japan as an outlier is the attitude the Japanese Read More >

Re-alignment in a post-Covid world Despite successful vaccination programmes and economic support policies, Covid-19 continues to impact our real estate markets. As the pandemic posts its latest resurgence, most European governments have been Read More >

In this very special series of exclusive articles for The Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

When a clumsy attempt to muzzle German business journalists backfires. We always get slightly nervous at REFIRE when Germany goes all bullish on the stock market. It's not that we don't believe in the stock market as a source of capital and Read More >

In this era of major technological advancements, the Covid-19 pandemic has supercharged changes, especially in the way we communicate and work. Organisations are changing rapidly to a flexible digital office environment. While the talk is Read More >

Originally published August 2021. How fans create electric atmospheres. Since the arrival of Covid-19, empty seats and eerie silences at sports and entertainment venues have highlighted how much fans contribute to live events. Everywhere Read More >

Originally published August 2021. Why the retail real estate world should take note. In The Sun Also Rises, Ernest Hemingway famously writes, “‘How did you go bankrupt?’ ‘Two ways. Gradually, then suddenly.’” The quote expertly Read More >

After months of uncertainty and debate about its rights and wrongs (see Christina Philippou’s recent article) Newcastle United have finally been taken over by the Saudi government. No, sorry, my mistake, the PIF, the Saudi investment fund, Read More >

Updated draft legislation has clarified many issues but there are still areas of uncertainty.  As explained in our article in June 2021, the Government’s policy objective for Residential Property Developer Tax (RPDT) is to collect Read More >

In this very special series of exclusive articles for The Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches, partly because, as he freely admits, Read More >

Originally published March 2021. Free hugs? I know it sounds incredible, but there was a time when they were available in public spaces! As we all plan our post-lockdown freedom, inevitably we question ‘What will our workplace look like?’ Read More >

Originally published June 2021. In this very special series of exclusive articles for The Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly Read More >

Even though air travel is in doubt, he might yet pull it off. Harvard Business School strategy guru, Professor Michael Porter, famously described the airline industry as “one of the least profitable industries known to Read More >

How the star-making formula show lost its shine. The UK channel ITV has announced that it has no plans to continue The X Factor. In its 17 years on the air, the show produced some enormous pop stars, including boy band One Direction and girl Read More >

What are some of the most important dates in American history? July 4, 1776 seems obvious enough. Legislation making Juneteenth a federal holiday has shined the spotlight on June 19, 1865. Black Tuesday (October 29, 1929), the bombing of Pearl Read More >

Originally published December 2020. “I haven’t been to my office now for several months.” “When I go to my office it’s only for a meeting.” “My office is my dining table.” Are the offices so many of us worked in for decades Read More >

Originally published August 2019. Why we need to encourage innovation and holistic solutions to the challenges facing real estate.  “Silo busters unite!” is becoming a slogan here at the Real Estate Institute. We contest that Read More >

The requirement for transparency in real asset reporting has ramped up significantly in the past year. Governments, investors and occupiers are asking for more data to help determine a building’s ESG performance. Crucially, this data impacts Read More >

Originally published September 2020. Dear development financier, Are you really, truly, aware of the risks you will be taking over the next few years with your residential loan book? You are supposed to say yes. I am supposed to say no Read More >

Covid-19 is not over yet. New variants; second, third and fourth waves; and the logistical challenges of vaccinating 7.8b people around the world means that ‘post-COVID’ is likely a way off.  As some United States’ cities begin to Read More >

Following the crash of 2008/2009 the S&P 500 went on a record-breaking run, gaining around 400% over 11 years before peaking in early 2020. It then suffered a record-breaking crash thanks to Covid-19, but that was short-lived and the Read More >

In this very special series of exclusive articles for The Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

While French springtime brings familiar rituals like Easter bells and poissons d’avril, the south coast of France offers property professionals their own familiar spring ritual. Every year, in the second week of March, tens of thousands of Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

The Property Chronicle is delighted to be a supporter of  the Royal Marsden Cancer Charity’s Oak Cancer Centre Appeal. To help them raise awareness and money we thought you would enjoy it if we asked Mike Slade, chairman of the appeal, a Read More >

Has adapting to a distributed workforce really been such a big change for organisations? Martin Schwarzburg finds out, with a recruiter’s viewpoint provided by Tim Green. With the pictures of camouflaged men storming the US Capitol fresh on Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

As investors, how will humans behave following the effects of covid-19? On the one hand, there is the line of thought that humans have short memories and once we are through this pandemic we will very quickly bounce back to what may be Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

In the fourth chapter of his professional memoirs, a Francophile continues his tales of Parisian real estate – and tells how comedy cabaret led to his big career break. In my years at Hampton’s in Paris between 1983 and 1987 the markets Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

Along with air miles and an agenda, a passport was probably the least useful accessory of 2020. For those of us as familiar with business lounges as we were with sun loungers, this has been an unusual year. But the signs, for passports at least, Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

Why be stuck at home when you can Zoom aboard with a far better backdrop, go for a dip at lunchtime – and be just as productive? So, how has working from home been for you? Having a good idea of the Property Chronicle readership I imagine Read More >

Holland’s much earlier exit from lockdown makes it somewhere the UK can look to for a hint of our own future. I have done it many times before, but this time flying across the North Sea felt like crossing Checkpoint Charlie: from a dark, Read More >

Thinking, behaving and succeeding as a team when we can’t spend time together doesn’t have to be a problem. The coming of autumn normally heralds a period of change: we see leaves turn shades of gold and red, we start to wear coats again Read More >

There is no denying that the last six months have been extraordinary. Businesses of all sizes across the globe have been navigating their way through uncharted territory, while employees have had to reimagine their work days, finding new ways to Read More >

What do investors want right now? Which are their preferred opportunities, and what do you need to know about them? This series sums up what one European investment adviser has gathering in his virtual wanderings. For over 20 years, my role Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker will reflect on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Read More >

This article was originally published on 8 August 2018. Fitting in as a fifty-something in a country so diametrically different from one’s own is no easy thing. Apart from the obvious; you know, driving on the wrong side of the road, cars Read More >

City centres and suburbs have been subject to both centripetal and centrifugal forces in modern times. During the first four decades after World War II, rapidly growing middle-class incomes in the Western world translated into expanding city Read More >

ARTICLE ORIGINALLY PUBLISHED 23RD FEBRUARY 2018 I have, for the last 18 years, had the pleasure of running First Property Group plc, a small listed property company with a market value of £52 million, which I founded and which invests in the Read More >

Everyone loves an underdog. Most certainly so when it’s wrapped up with extraordinary financial returns, scary new technologies like Bitcoin, and an establishment villain that everyone despises.  In Bitcoin Billionaires: A True Story Read More >

ARTICLE ORIGINALLY PUBLISHED 17TH SEPTEMBER 2018 The online retail business is 11% of the total world wide retail sales and 16% of the UK’s. In both cases it seems to be growing at about 1% per annum but with signs of a slowdown in the more Read More >

From the beginning of this virus, political elites have used the language of war. The invisible enemy would be contained, suppressed, and beaten into submission. Then….it would go away.  The tactics would be travel bans, shutdowns, Read More >

The coronavirus economic shock has already caused UK house prices to wobble – and they may yet tumble if the narrative worsens. As the virus changes society and the way we live, it will inevitably change the factors that drive the demand and Read More >

THE IMPACT of the coronavirus crisis on London is becoming clear to see. Yesterday the Evening Standard laid bare the scale of the economic devastation to the British capital.  Let’s take the headline numbers: “50,000 West End Read More >

ARTICLE ORIGINALLY PUBLISHED SEPTEMBER 2018 In my last article I set out my company’s broad approach to investing in commercial property and in Poland in particular. I thought it might be interesting for anyone considering investing in Poland Read More >

If food waste were a country, it would be the third-largest emitter of greenhouse gases (8% of annual global greenhouse gases come from food waste).1  One-third of all food produced globally is wasted, representing a total value of about Read More >

Social distancing has turned our lives upside down and at short notice businesses adapted to remote working, moving office life into the home. Some are beginning to speculate that this could spell the end of offices, but many people are still Read More >

Even for the most absentminded amongst us (myself included), life offers unforgettable moments. Some are historically and globally impactful: Neil Armstrong’s ‘giant leap’, the collapse of Lehman Brothers, or the COVID-19 pandemic we Read More >

Last month WeWork surveyed the heads of real estate from 69 global corporations asking how they envisioned the world of work in this new COVID-19 age. Three themes emerged: +  Acceleration of how flex space might be Read More >

With a desire to both quantify and limit various aspects of private real estate funds’ risk, funds’ documentation is written so that risk is unbundled and limited.  Examples of this would be using “up to 60% leverage”, “up to Read More >

ARTICLE ORIGINALLY PUBLISHED 25TH SEPTEMBER 2017 Shipping carries over 90% of world trade. Until anti-gravity transport is invented nothing will replace it. This island race has salt water and shipping in our veins and history. As befits our Read More >

ARTICLE ORIGINALLY PUBLISHED 22ND SEPTEMBER 2017 I started my real estate career in the early 1980s, so over 30 years ago! I have been involved in many areas of UK real estate during that period, both cosseted in booms and fighting for survival Read More >

One of the first things that we learn in life is the alphabet.  Through it, we form words and are able to communicate with one another using a common language.  In investing, it would be useful if one of the first things that Read More >

Real estate is the embodiment of the tangible. Its substance gives us a sense of security and durability, and this applies to both private residential and commercial real estate. Yet the real estate industry is ultimately based on services – Read More >

ORIGINALLY PUBLISHED 13th MAY 2019 Established talent is being hoovered up – where are all the start-ups vying for their place?  Small real estate investment managers are becoming a critically endangered species across Europe as Read More >

Originally published February 2018.  The UAE's appetite for attracting the great and the good (and sometimes the bad and the ugly) remains impressive. This week, Abu Dhabi, the capital of the United Arab Emirates, hosted the first Milken Read More >

Poland’s commercial real estate sector has just recorded what some reporters are calling it's "best-ever" first-quarter, which is quite something to achieve over the precise period in which the world was waking up to the horrors of Read More >

Having recently completed proptech investments in Unissu and Dashflow, I was interested to read Andy Saull’s article, “Proptech disruption won’t hit any time soon”, in the last issue of Property Chronicle. It introduced me to the Read More >

Since the financial crisis in 2008, interest rates have been low and borrowing costs for commercial property similarly low.  With such low rates, relatively high yields and seemingly ever-increasing values, many have chosen to use Read More >

What do investors want right now? What are their preferred opportunities, and what do you need to know about them? This series sums up what one investment adviser has gathered from roadshows, conferences and meetings across Europe. Heard in Read More >

Awards are show business, mining a deep human need or peer approval. Formed and shaped for profit by producers. Staged and fronted by directors nurturing sector nabobs. Marketed and sold with ‘your rivals are on board’ whispers to sponsors. Read More >

The new decade that was ushered in by the usual dazzling Burj Khalifa fireworks provoked some reflection on my part, for it was 10 years ago this year that I made the move to the Gulf.  Back then it was a leap into the unknown, where Read More >

A famous quotation, probably erroneously dedicated to the financier J. P. Morgan, is that, when asked for an outlook on the stock market, he replied, “it will fluctuate”.  The real estate market tends to fluctuate too, between two Read More >

To stop small clubs going under requires not extra cash but an independent body charged with developing the game as a whole After death throes worthy of a B-movie murder scene and with a parliamentary committee picking over the bones and Read More >

What do investors want right now? Which are their preferred opportunities, and what do you need to know about them? This new series sums up what one investment adviser has gathered from roadshows, conferences and meetings across Europe Heard Read More >

Investment pouring in from the south hasn’t yet brought down northern England’s higher yields.  It has been widely reported for several years now that rental yields are typically higher in the north of England than they are in the Read More >

Watch share prices, brace for a bang. “If something is true, no amount of wishful thinking will change it. - Richard Dawkins  Real estate currently beats any but the riskiest investment classes – doesn’t it? Provided interest rates Read More >

The new PM shares his 19th-century predecessor’s charm, but on statesmanship skills it’s another matter  Our new prime minister is said to be an admirer of Winston Churchill, but a better model for Boris Johnson would be Lord Read More >

Should letting agents be worried about the impact of new legislation? The Tenant Fees Act 2019 or, as it’s more often referred to, the tenant fee ban, is a piece of legislation that came into effect on 1 June 2019 and basically prohibits Read More >

It is exactly 20 years ago that Prologis stormed into Europe and transformed the landscape of property funds, announcing it had raised $1.07bn of equity for its first European fund. This was a game-changer for the European markets, and not just Read More >

With the PSOE coming out on top, Spanish prospects are only looking up Pedro Sanchez’ gamble to call a snap election has paid off. His PSOE (the Spanish Socialist Workers’ Party) has become the biggest party in parliament, with its share Read More >

How forging a new path in the property market can reap big rewards I have several guidelines to which I have mostly adhered when investing. Amongst others, this includes targeting high yielding properties: properties with sustainable income Read More >

Back in 2007, left behind by the likes of the US, the UK and (shock horror!) France, the German government moved with its customary celerity to create its own REIT sector. A year before, and two years after Emmanuel Valavanis and I had set up Read More >

In the following monthly series of articles Oliver Ash tells the story of his initial steps in the field of real estate, how this took him overseas to a new life in Paris, how he navigated the financial crises of 1991 and 2009, how real estate Read More >

With the bull market scaling new heights and global growth re-accelerating, I explained last month why this situation is likely to continue (see Why The Bulls Are Back In Charge). But I noted at the end of that paper that, as Read More >

Waves of political and economic uncertainty have become something of a norm for markets in recent years. Against a backdrop of significant events – from US-China trade tension to Brexit - investors are taking extra caution with their asset Read More >

How to earn double-digit returns from Polish property As readers of my articles might recall we have, for many years, been earning double-digit returns from our property investments in Poland. There are many factors which have contributed to Read More >

How the peaceful Gulf state became one of the dominant economies in the world in under half a century Here in the United Arab Emirates 2018 was the Year of Zayed, 12 months of commemoration to celebrate a century since the birth of the Read More >

In 2012, one of the first companies I invested in as a defensive value investor was Centrica, the company behind British Gas. It seemed like a good idea at the time. Centrica was a leading player in the defensive utilities sector, with a Read More >

The MSCI All Country World Index is up some 250% since the financial crisis. But was there ever a cycle in which investors were more skeptical about the market’s upward momentum, where stock valuations had to climb so many “walls of Read More >

Why was our “Solving for 2019” audience less worried about recession but more cautious on equities? At our flagship annual conference for the EMEA region, “Solving for 2019,” it is now tradition for my colleague Joe Amato to ask the Read More >

If there is one useful conclusion for investors from the crazy year that has just ended, maybe it is this: as they say in Hollywood, “Nobody knows anything.” After all, if the richest and best-informed studio moguls spend tens of millions of Read More >

Macro: A Soft Landing 1. A Soft Landing for the U.S. and the Wider World We anticipate that U.S. GDP growth will slow from 3.5% to around 2.0 – 2.5% in 2019, and some of the tail risks associated with the U.S. – China trade dispute will Read More >

- Global Real Estate Sector robust in 2018 - Fed policy will drive equity markets in 2019, including Real Estate - UK performance hit by Brexit and structural change in UK Retail The Global Real Estate Sector showed a Total Return in Read More >

There were plenty of headwinds facing the property sector in 2018, with Brexit and broader geopolitical turmoil causing investors to pause for breath. Whilst buying decisions have in some cases been put on hold, commercial and residential real Read More >

Across Asia Pacific, conversations surrounding flexible space are typically one-sided and largely concentrate on co-working. Given the current stage of development in this region, it is somewhat understandable that discussions on flexible Read More >

The health of bricks and mortar retail, and the resulting impact on retail property owners, have rarely been out of the news in 2018. In many western markets the pace of structural decline in retail has accelerated, and this has brought enormous Read More >

Perhaps the long hot summer in continental Europe is not the most prudent time to review how fast transactions take to conclude. However, with the benefit of over 30 years of experience in Europe I am convinced the average time from the start of Read More >

The Global Real Estate Sector has shown a Total Return of +7% YTD for a Sterling investor, compared to -1% for UK Real Estate Sector, or +2% for the FTSE All Share. The major contributor at the time of writing has been the US Real Estate Sector Read More >

Ten years ago, I had just extricated myself from almost a decade as a tax lawyer in the City, mostly advising on structured real estate finance deals, and started work as finance policy director at the British Property Federation. The next Read More >

A global economic crisis, rising regional political tensions, and a dismal outlook to the macro economic stance all make for an exceptionally tumultuous atmosphere to navigate through. Nevertheless, the United Arab Emirates led by its Read More >

Since the peak of the property cycle in 2007, First Property Group plc has grown its net asset value at an annualised rate of some 25% per annum and either maintained or increased its dividend payouts each year. Most property companies either Read More >

The UK results season for the March year ends has not generated much investor interest - to the extent a frustrated senior equity fund manager confronted me as I walked past Mortons demanding 'where are the Emerging Majors?!' He was referring to Read More >

If your perception of business in the Middle East is one of men in sunglasses discussing arms deals and oil trades, then you’d be wrong. Well, that’s not to say this doesn’t go on, but a visit to Dubai, and in particular DIFC, the vibrant Read More >

My company, First Property Group plc, is an active investor in Poland, having commenced our operations there shortly after it joined the EU in 2004. Not many investors have successfully navigated the Polish property investment proposition. In a Read More >

In 1986, a well-known African-American economist travelled to South Africa for a conference on the role of business in helping to overcome racial divisions in that country. Three years later, Professor Walter E. Williams of George Mason Read More >

I have been active in the European real estate markets for over 30 years with a focus on the more liquid north-western countries. I have worked for agencies (Knight Frank and CBRE), an accountancy practice (Touche Ross & Co) and investment Read More >

As Sydney Harbour fills up with the tears of lachrymose cricketers, transgressors of a law of the game, rather than of the land, one can’t help but think how hysterical the response has been, and ask why. How does the game of cricket, (cricket Read More >

Comparing returns, and risk, for debt markets across Europe has historically been nigh-on impossible due to a lack of data. But new research from CBRE will help existing and new lenders determine strategy from a position of greater understanding. Read More >

In January I highlighted the underperformance of the North America listed Real Estate Sector in 2017 but that it still didn’t offer great value – however with interest rates set to move higher in 2018 I looked forward to some interesting Read More >

I've recently been involved in a few subletting transactions relating to offices in London. These transactions were time-critical, but very time-consuming, and the pain of securing superior landlord consent for the subletting at times made me Read More >

“No, Your Highness, you’re NOT allowed any more pudding! And while we’re at it, why haven’t you finished your prep?!” Not words you’d imagine many royal or senior Arabs to hear very often, as another tray of baklava arrives to Read More >

Nominally at least, both Ghana and Nigeria are in the midst of an economic uptick. The latter is forecast to grow at 2% per annum this year as against 0.6% in 2017 and -1.6% the year before (its first recession in a quarter century). Ghana Read More >

I have been active in the European real estate markets for over 30 years with a focus on the more liquid north-western countries. I have worked for agencies (Knight Frank and CBRE), an accountancy practice (Touche Ross) and investment banks Read More >

The global listed real estate sector In 2017 the FTSE EPRA NAREIT Global Index showed a total return of 5% for a sterling investor, although currencies were again a big factor (e.g. for a US$ investor the global total return was a healthy Read More >

The GCC (Gulf Cooperation Council) region has historically been a source of capital raising and outflow of funds that invested in everything global. Sovereign wealth institutions in the region are among the wealthiest in the world, and the Read More >

Since 2013 I have been Bursar and a Fellow of Corpus Christi College, part of Cambridge University. Before that I spent 26 years in finance, predominantly in equity capital markets at Citigroup (where I led the ECM business for Europe, Middle Read More >

12 December marks Kenya’s 54th year of independence. It is also the day on which opposition leader Raila Odinga intends to hold his own inauguration as the ‘People’s President’, rival to re-elected President Uhuru Kenyatta. Without naming Read More >

President Robert Mugabe announced his resignation on Tuesday 14 November after 37 years in power, the last three of which included the dismissal of vice-presidents and ruling party stalwarts: Joice Mujuru in 2014 and most recently, Emmerson Read More >

A key priority for government is to build new homes, particularly social housing, but the demographics point to another major shortfall over the next 20 years. According to McCarthy & Stone (MCS), the retirement living sector leader, of the Read More >

From Abu Dhabi to the world: this is the motto of Etihad Airways, the UAE national carrier. This rings true on many fronts as Abu Dhabi has been aspiring to be the Middle East and regional hub for everything from regulated financial services Read More >

Ironically, being a Muslim woman sitting in the backseat of a male driven Uber, in London, I was tickled to hear the radio announcement that HRH King Salman had finally decided to lift the moratorium for females to get behind the wheel. As with Read More >

As I read the billion dollar bids for land in Singapore and new launches of private apartments selling out in three days, I began to wonder whether the government has expanded the retail-driven Great Singapore Sale to the residential property Read More >

Much is being said and written about the lack of affordable housing in the UK. Since the trough in the first quarter of 2009 following the financial crisis, the average UK house price has risen by 40%. To buy a home in London, young first time Read More >

Crisis? What crisis?! Results from the listed home builders this summer describe a sector in rude health, particularly in the mid-market house price range of 250k-350k. Redrow for example reported sales up 21%, PTP up 26%, EPS up 27%, DPS up Read More >

Continental carry trade The big takeaway from the interim results season is the recovery in continental property markets. It’s been a decade since the listed sector in Europe signalled such a positive outlook in spite of some mixed Read More >

Stock markets in India have been soaring as the economy enters a prolonged period of political and economic stability. At elevated valuations, near term returns seem uncertain but investors should focus on riding the megatrends. India’s per Read More >

Halfway through 2017 the global listed sector is performing better than I had expected, up over 7% Total Return in USD terms, although much of this is down to dollar weakness with the sector up just 2% in sterling and flat in euros. But the big Read More >

Above: a view of Yangon CBD, March 2012 Real estate is the ultimate wealth creating machine. I have had the privilege of covering real estate markets from the perspective of a valuer, a policy-maker, an equity analyst, a real estate fund Read More >

Two months ago the view from Berkeley Square was cautious, particularly on Brexit and retail, but one could see 'clear blue water' (even if bitter tasting!). After a disastrous Tory manifesto and even worse campaign, the waters are muddied and in Read More >

Chaos in Washington and dollar weakness, combined with the Macron win, has had a major impact on markets. For a sterling investor, the global real estate sector is flat YTD, but the Americas is down 6% compared to Europe up over 8% including Read More >

Well, if 'a week is a long time in politics' (and even longer in UK politics!), it’s also a long time for the listed global real estate sector. Ironically as a property developer moved into the White House last autumn, the sector badly Read More >

The West End has been a joy to drive around this Easter as half of London (and most of the property industry) has been away! As well as being able to secure reservations in some fine restaurants, it has also provided some time to reflect… On Read More >

Featuring

Investor's Notebook

Smart people from around the world share their thoughts

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The Macro View

Recent financial news and how it connects across all asset classes

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Technology

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Uncorked

A sideways look at the world of wine

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The Architect

Some of the profession's best minds

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Residential Investor

Making money from residential property investment

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In-depth interviews with leading figures in the real estate/investment world.

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Money, rates and prices

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The inside scoop on Washington, Westminster and Whitehall

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The Agent

Reflections on estate agency, today and in past times

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Investing in tangible assets

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