28 novembre 2008
"IPD today released the results for the first ever SAPOA / IPD South Africa
Biannual Property Indicator, based on capital growth and income receivable
recorded for the six months January to June 2008. This series updates the
SAPOA / IPD South Africa Annual Property Index which is released at the end
of each calendar year. The June 2008 biannual indicator combines the full
income, expenditure and valuation records of 11 property portfolios with a
total capital value of R80bn, representing 60% of the annual IPD South
Africa database. The results show an All Property total return of 7.3% for
the six months to June 2008, led by the Industrial sector which returned
11.1%, followed by Offices at 8.1% and the Retail sector at 5.9%.
Although comparable numbers for the previous six months are not available,
the total returns for the six month period are clearly well below the
stellar returns seen in South African real estate markets in recent years,
which delivered an All Property total return of more than 27% per annum in
each of the last three consecutive
calendar years.
Reduced capital growth is the primary driver behind the tail-off in the
recent record overall returns. Industrials posted a resilient 6.4% capital
growth over the six month period under review, while the Office sector
produced 3.7% and the Retail sector a mere 1.9%. Income return over the
first half of the year, however, displayed a broadly consistent picture
across the sectors with Industrials, Offices and Retail returning 4.5%, 4.3%
and 3.9%, respectively. Overall, the All Property capital growth was just
3.1%, while the All Property income return was 4.1%.
Little separated the sectors in terms of income yield, with the Industrial
yield remaining fairly stable at 8.4%, while Offices and Retails moved out
to 8.2% and
.6%, respectively. Vacancy rates were unsurprisingly the lowest in the top
performing sector, with Industrials at just 1.2%, followed by the Retail
sector at 2.1%
and Offices at 5.9%. Australia, New Zealand and Japan. Our indices are the
basis for the developing commercial property derivatives market, and the
most authoritative measures of real estate returns worldwide. For further
information visit www.ipd.com. The total value of the properties covered by
the SAPOA / IPD South Africa Property Biannual Indicator was R80bn as at the
end of June 2008" (CS dealla Società).
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