Magazine article Journal of Property Management

International News

Magazine article Journal of Property Management

International News

Article excerpt

IREM INTERNATIONAL MEMBERS DISCUSS THE FUTURE OF REAL ESTATE MANAGEMENT

What opportunities are ahead for the real estate management industry abroad in the next 2.-3 years? Some of our international IREM Members shared their thoughts about what's next for the industry in their countries:

JAPAN

In the Japanese market, due to the fund bubble that started in 2004, major metropolitan areas are experiencing previously unheard-of rises in vacancy. This makes the operation of the properties very difficult for owners and investors. At the same time, there are many business opportunities. In times such as this, the roles that CPMs play are significant. Specifically, owners and investors are looking for able property managers who can analyze risk, profitability, and competitive position; who can operate properties safely and reliably at the time of new development, renovation planning, midstream analysis, and acquisition in this confusing real estate market.

Masakatsu Sasaki, CPM, president of Daiiti Tatemono Inc.

RUSSIA

The world financial crisis has changed the relationship between owners and real estate managers. Today owners spend a lot more time selecting a real estate management company with optimal pricing and professional skills. There is a great opportunity to manage recalled mortgage real estate because banks and other financial institutes have a lot of real estate but don't have people with professional skills to manage the properties. They need a professional property manager to reach maximum cash flow.

Marat Manasyan, CPM, for Retail Row LLC

QATAR

The Middle East real estate management industry has a bright future and the next three years promise to be full of activities. The recent opening of the world's tallest building in Dubai and several other mega projects like the Pearl Island and Lusail City in Qatar and the Yas Island Abu Dhabi, all point to this fact. Although the world financial crisis has caused a sales slump in the region, with Dubai heavily affected, markets elsewhere in the region are showing signs of growth, especially in property/facilities management. Qatar is a good example of this growth, as several major projects are due for completion this year.

Patrick Okafor, CPM Candidate, property manager for REMAX Qatar

INDIA

The growth witnessed by the Indian real estate sector continues to rise, influenced by the high GDP growth, increased urbanization, improving demographics, favorable regulatory framework as well as growth across various business sectors. …

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