Internationalisation of Developments and Residential Estates - Professor Mark Sharp
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Transcript of Internationalisation of Developments and Residential Estates - Professor Mark Sharp
![Page 1: Internationalisation of Developments and Residential Estates - Professor Mark Sharp](https://reader035.fdocuments.us/reader035/viewer/2022081602/54c14dfd4a795912048b4589/html5/thumbnails/1.jpg)
Global Perspectives
Professor Mark Sharp
AIPP Chief Executive
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Scope Overview of AIPP
Overview of global trends
AIPP 2011 objectives
Working together
Summary
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Who we are
Not for profit organisation.
Set up to improve the standards of professionalism in the international property market.
Provide the consumer with confidence.
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Who we are
Provide a united voice for professionals.
Members follow robust Code of Conduct.
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Who we are
Members pride themselves on: Honesty
Integrity
Transparency
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Who we are Members therefore provide a
professional service and are accountable to the AIPP via:
Complaints Procedure Reprimanded, fined,
suspended, expelled.
Dispute Resolution Procedure Arbitration
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Global trends
Generally global economy is in slow recovery with pockets of resistance.
Australia seeing significant signs of house price inflation (18%) as is Canada (16%).
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Global trends China’s tourism starting to
gather pace and luxury housing will start to attract consumers although purchasing is restrictive in Asia.
Turkey is experiencing significant growth both in economy and second home buyer investment as are certain areas in Russia (Moscow) and Brazil (Sao Paulo).
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Global trends
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
-15
-10
-5
0
5
10
15
World trade Developed countries Developing countries
(c) Economist Intelligence Unit 2010
World trade figures between developed countries and developing countries 05 -12
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Western markets
Lending strategy dominates the market - USA just breaking even.
UK domestic market is up on the year but still 5-10% down on 2007 highs.
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Where UK is spending
Europe Russia Americas Australasia Middle east Asia Africa£0
£200
£400
£600
£800
£1,000
£1,200
£1,400
£1,600
£1,800
£2,000
Direct investment from UK £m
Dept of Business, Innovation and Skills 2010
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Where UK is spending 2007-2012 comparison (units in 000)
Spain France US Bulgaria Portugal0
5
10
15
20
25
30
35
20072012
Dept of Business, Innovation and Skills 2010
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Who is buying international property by age - UK
>18 18-24 25-34 35-49 50-64 <650.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Dept of Business, Innovation and Skills 2010
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UK Buyer Profile
Knowledgeable UK consumers are now knowledgeable about the market and the do’s and don’ts of international real estate.
USA Is regulated via NAR but not to international markets.
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UK Buyer Profile Market
Generally better than it was a year ago.
Reluctance to buy off plan.
Sceptical with regards to investment claims.
Risk adverse towards liability.
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Outreach UK Consumers
At a recent UK Exhibition 91% of UK consumers looking to buy are aware of the AIPP.
Business We provide opportunities to develop business not just other agents but wider industry development such as independent lawyers, foreign exchange and media companies.
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Outreach Fractional ownership
AIPP now ‘actively involved’ in fractional ownership and so welcomes the fractional industry.
Home ownership We continue to recognise businesses offering whole ownership.
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Outreach
Opportunity Membership enhances profile and consumer confidence.
Consumer Guide We produce an annual guide that has a large distribution; all AIPP members are listed.
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2011 Development Association
Code of Conduct established now introducing standards as a guide to members.
Proposing country specific panels in Spain, Turkey, Cyprus, USA, Holland.
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2011 Development Members
Provision of enhanced PI insurance.
Introduction of Latent Defect Insurance for overseas property (much aligned to NHBC warranty).
Viewing trip insurance to comply with EU regulations.
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2011 Development
Consumers
Defective Title Insurance
Occupiers Liability Insurance
AIPP Bond
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2011 Development Education
Established a National Qualification Framework (NQF)
On-line (modular) training for both members and consumers
Developing an MSc in International Real Estate
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Going Forward Data
Data collection and usage are needed.
UK Data collection for research dissemination and consumer knowledge outputs.
International agreement for data collection.
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Going Forward Data
KPI’s to monitor performance of the industry
Benchmarking
Trend tracking
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Going Forward Consumer confidence
Undertake AIPP training and it will increase consumer confidence in you and your product.
Promote best practice and knowledge exchange.
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Going Forward• Consumer
AIPP and partners to promote consumer knowledge by holding events
Provide marketing opportunities via publications
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Summary Overview of the AIPP
Identified the global trends
What UK buyers want
2011 Development
Summary
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Next steps…….
…………lets keep communicating