Thailand Research Hotel 2H 2025 An overview review of Hotel market in 2H 2025 by Knight Frank Thailand knightfrank.co.th/research Thailand's tourism and hotel markets entered a phase of normalisation in 2025, with demand stabilising below prior peak levels amid continued supply growth and shifting traveller behaviour. While domestic travel provided an important demand buffer, softer international arrivals and limited pricing power placed pressure on hotel performance, particularly outside peak periods. Look ...

Investment Rating - The report does not explicitly state an investment rating for the industry or city Core Insights - The Warsaw office market ended 2025 in strong shape, with total take-up exceeding 794,000 sq m, marking a 7% increase compared to the previous year [14] - The vacancy rate fell to 9.1%, its lowest level in over five years, driven by robust demand growth and limited new supply [20][21] - The market is becoming increasingly environmentally sustainable, with 67% of total stock holding green building certifications [18] City Attractiveness - Warsaw has a population of 1,862,402 as of June 2024, with a forecasted population of 2,132,000 by 2030 [5] - The city has a GDP growth of 14.9% in 2023 and an average salary in the business sector of PLN 10,791.55 as of November 2025 [5] - Warsaw ranks highly in various categories, including being the 2nd in the European Innovation Capital competition [7] Investment Incentives - The city offers an individual approach to investors, assistance at every stage of investment, and support in obtaining necessary information on public aid [8][48] - Key areas of support include recruitment activities, post-investment support, and cooperation with academic centers and HR agencies [10][11] Office Market Overview - As of the end of 2025, total office stock in Warsaw reached 6.23 million sq m, with a significant portion located in central zones [15] - New supply in 2025 was limited, with only 89,000 sq m delivered, marking the lowest annual volume in over two decades [16] - The final quarter of 2025 saw leasing activity total nearly 310,000 sq m, the highest quarterly result ever recorded in Warsaw [17] Vacancy and Rent Trends - The vacancy rate in central zones was 6.1%, while non-central locations recorded a rate of 11.6% [21] - In Q4 2025, headline asking rents remained stable, with central locations ranging between EUR 18.00 and 32.00/sq m/month [22] Quality of Life - Warsaw boasts over 850 km of bike paths and 47% green areas, contributing to its attractiveness as a city [13] - The city has a robust cultural scene with numerous museums, theatres, and recreational facilities [13]

Core Viewpoint - The London luxury property market is experiencing significant declines, with predictions of continued price drops and a lack of recovery until at least 2028, marking a notable shift in market expectations [1][7]. Market Predictions - Savills predicts a 4% drop in property prices for 2025, with an additional 2% decline expected this year, indicating a bearish outlook [1][7]. - The broker has overestimated price growth in prime central London by 42.7 percentage points over the past 11 years, with actual prices falling by 24.7 points since the downturn began in 2015 [2][7]. Factors Influencing the Market - A series of shocks, including Brexit, the COVID-19 pandemic, and geopolitical tensions, have contributed to the overestimation of growth and the current market slump [2][7]. - The end of tax breaks for non-domiciled overseas residents and increased stamp duty taxes are further discouraging investment in London real estate [3][7]. Sales Trends - Residential sales above £5 million have decreased by 18% in the first three quarters of 2025 compared to the same period last year, indicating a significant downturn in high-end property transactions [3][7]. - Discounts of up to 50% have been observed among desperate sellers in the current market environment [3][7]. Future Outlook - Despite the current challenges, Savills anticipates a potential increase of 8.1% in prime central London property values over the next five years, with a significant portion of this growth expected in 2030 [4][7]. - However, external factors such as a struggling UK economy and uncertainties in US foreign policy may pose additional challenges to the luxury housing market [5][7]. Operational Challenges - A recent cyber attack is causing delays in home sales in affluent areas like Westminster and Kensington and Chelsea, which may further hinder market activity this year [5][6][7]. - Increased taxation and market uncertainties are leading to longer decision-making processes for potential buyers, raising the risk of deals falling through [6][7].

Core Viewpoint - Aviva Plc is seeking a partner to fund a new skyscraper project in London's insurance district, betting on a rise in office rents despite current market uncertainties [1][3]. Group 1: Project Details - Aviva's investment management arm has engaged broker Knight Frank to sell a stake in the 130 Fenchurch Street project, which received planning approval in September [2]. - The development will feature over 600,000 square feet (57,500 square meters) of office space, along with a public garden terrace and ground floor retail options [9][10]. - Demolition of the existing building, Fountain House, is expected to complete next year, with the new tower potentially finished by 2030 [10]. Group 2: Market Context - Higher construction costs are making many projects unprofitable unless they achieve significantly higher rents, leading developers to delay new projects [3]. - Companies are hesitant to commit to long-term leases due to rising costs and uncertainties about future space needs, exacerbated by flexible working arrangements and the impact of artificial intelligence [4][5]. - There are indications of accelerating rental inflation, exemplified by Proskauer Rose LLP agreeing to a record rent of £140 ($186.82) per square foot for office space in the City of London [7]. Group 3: Competitive Landscape - BlackRock Inc. is exploring options for a new London headquarters despite having a decade left on its current lease, highlighting the scarcity of available office space [8].

Group 1: Tax Policy Overview - The UK Treasury is planning to introduce a 20% "exit tax" targeting wealthy individuals who move abroad but still hold assets in the UK [1][3] - The tax will apply to individuals who have lived in the UK for at least 7 years in the past 10 years and have a net worth exceeding £2 million, taxing the capital gains on their UK assets upon departure [3][5] - The tax will be retroactively applied, requiring individuals to pay 20% on the appreciation of their UK assets over the past 5 years at the time of their departure [5][6] Group 2: Impact on Wealthy Individuals - Following the announcement, there has been a significant increase in inquiries from high-net-worth individuals about overseas properties, with a 300% rise in consultations for properties in low-tax countries [8] - Wealthy individuals are accelerating asset transfers, with reports of significant stock transfers and property sales to avoid the impending tax [8][10] - The number of UK wealthy individuals applying for "golden visas" in EU countries has surged by 240%, indicating a trend of relocation [10] Group 3: Market Reactions - The luxury real estate market in London is experiencing a downturn, with a 58% increase in listings and a notable drop in sale prices, indicating a potential 15%-20% decline in high-end property values over the next year [12] - The stock market is also affected, with shares of luxury brands and high-end automotive manufacturers declining, reflecting concerns over reduced demand due to wealthy individuals relocating [14] - Major shareholders in companies with significant holdings by wealthy individuals are beginning to reduce their stakes, further pressuring stock prices [14] Group 4: Broader Economic Implications - The exit tax aims to address the long-standing issue of tax avoidance by wealthy individuals and is expected to generate an additional £2 billion to £3 billion annually for public services [16] - However, the policy has faced criticism for potentially harming the UK's attractiveness for investment and talent, with concerns about capital flight and economic growth [18] - Other countries are actively promoting tax incentives to attract UK wealthy individuals, further complicating the situation for the UK [20][22] Group 5: Lessons and Future Considerations - The situation highlights the complex relationship between tax policy and capital mobility, emphasizing the need for balanced approaches that consider both fiscal needs and investment attractiveness [24][26] - The ongoing market volatility and the response from low-tax jurisdictions underscore the importance of thoughtful policy design to maintain economic stability and attract talent [26]

Core Insights - The Future Hospitality Summit in Dubai is expected to attract over 300 investors among 1,600+ delegates, highlighting Dubai's role as a global hospitality investment hub [1] Group 1: Investment Trends - Investor sentiment is shifting from caution to selectivity, with a focus on assets that show resilient cash flow, strong operational performance, and progress in sustainability and governance [2] - There is a notable preference for lifestyle hotels, extended-stay products, and branded residences, which align with changing travel patterns and diversify income sources [5][6] - Extended-stay models are gaining attention for their operating margins and stability in length of stay, while select-service and midscale lifestyle concepts are seen as resilient in rising construction cost environments [7] Group 2: Market Dynamics - The agenda for the summit will likely focus on tech-enabled operations, data-driven revenue management, and mixed-use models that combine hotels with branded residences and retail, which are viewed as more sustainable in a high-cost development cycle [3] - A broader recalibration in global hotel investment is occurring, with underwriting assumptions being adjusted to account for construction inflation, tighter financing, and talent constraints in key growth markets [4] Group 3: Regional Context - Dubai's local market is robust, with a record 92.3 million passengers at Dubai International Airport in 2024, and plans to expand Al Maktoum International Airport to accommodate up to 260 million passengers, supported by a $35 billion budget for a new terminal [8]

Company Overview - Colliers International Group Inc. is a Toronto-based global real estate services and investment management firm, delivering integrated property solutions and capital markets expertise [2][3] - The company operates through multiple platforms, primarily focusing on Real Estate Services and Investment Management, emphasizing an entrepreneurial culture to retain local market talent [4][5] Market Position and Competitive Landscape - Colliers combines local market knowledge with global transaction flow, positioning itself against major global advisors like JLL, CBRE, and Cushman & Wakefield [2][18] - The firm competes with both large global firms and specialized regional players, leveraging its hybrid model to reduce revenue volatility by mixing transactional and recurring revenue [5][21] Financial Metrics - As of the latest reporting, Colliers has a market capitalization of approximately CAD 7.8 billion, annual revenue of around CAD 5.0 billion, and net income of about CAD 320 million [11][38] - The company prioritizes reinvestment and strategic acquisitions over a significant dividend program, focusing on share price appreciation and capital allocation initiatives [12][16] Service Lines and Revenue Drivers - Key service lines include leasing, tenant representation, capital markets, property management, project and development services, valuation and advisory, and investment management [4][24] - Revenue drivers consist of transaction volumes, assets under management (AUM) growth, management fees, and recurring service contracts [24][19] Historical Development and Leadership - Colliers has evolved from a regional brokerage to a diversified global real estate services and investment manager through organic growth and targeted acquisitions [22][27] - The executive leadership, including CEO Jay Hennick, combines local entrepreneurial leadership with centralized governance to drive client relationships and operational performance [28][34] Strategic Focus and Growth Opportunities - The firm aims to expand its service capabilities and geographic depth through acquisition-led growth while maintaining a focus on fee-based revenue growth [7][20] - Colliers is positioned to benefit from secular shifts in demand, such as industrial logistics and alternative asset classes, providing multiple growth avenues [20][21]

英国住房市场在今年秋季显现出放缓迹象。随着外界猜测财政大臣雷切尔.里夫斯(Rachel Reeves)可能在 下个月的预算案中提高房产税，购房者与卖家均表现出明显的谨慎态度，市场活跃度较往年同期有所下 滑。 目前，里夫斯正面临来自工党内部的压力，多名议员呼吁加快改革现行房产税制度，以确保高价值房产 为公共财政作出更大贡献。 数据最能反映当前市场预期。房产网站Rightmove最新数据显示，9月联系中介咨询在售房屋的潜在买家 数量，以及新挂牌房源数量，均较去年同期下降5%；在截至10月的一年中，英国新挂牌房屋的平均价 格仅环比上涨0.3%(约1165英镑)，达到371422英镑，涨幅显著低于过去十年同期平均1.1%的水平。 该机构指出，虽然整体市场仍具韧性，但往年在夏季结束后通常出现的交易活跃反弹，今年并未如期而 至。部分放缓原因在于去年9月市场基数较高——当时英国央行四年来首次降息，刺激了需求并推高了 成交量，使今年的数据显得更加疲软。 Rightmove房产专家科琳.巴布科克(Colleen Babcock)进一步指出："有关预算案可能提高对高端市场购房 或持有成本的猜测，使得部分潜在购房者，选择在政策明确 ...

Core Insights - The UK real estate market is experiencing an unexpected slowdown during the traditionally active autumn season, primarily due to concerns over potential property tax increases in the upcoming budget announcement by Chancellor Rachel Reeves [1][2]. Group 1: Market Activity - Data from Rightmove indicates that both buyer and seller activity in September decreased by 5% year-on-year, with the anticipated seasonal boost post-summer failing to materialize [2]. - The average house price in October rose by only 0.3% to £371,422, significantly lower than the 1.1% average increase seen in the same period over the past decade [2]. Group 2: Tax Concerns - Speculation regarding potential tax hikes on high-value properties is causing many prospective movers, particularly homeowners in southern England, to adopt a wait-and-see approach until the budget is clarified [2]. - The Treasury is reportedly considering various tax proposals targeting high-value properties, including a new tax on homes priced over £500,000 and the removal of capital gains tax exemptions for first homes valued over £1.5 million [2]. Group 3: Market Dynamics - Despite a resilient market characterized by stable mortgage rates and lower property prices supporting transaction volumes, demand has weakened for the second consecutive year as budget speculation continues to create uncertainty [2]. - The Treasury has stated its commitment to increasing the construction of new homes by simplifying planning permissions and leveraging AI to expedite the process [2].

Core Insights - The US Federal Reserve has initiated a policy easing cycle, which is expected to influence global monetary policies and property investment strategies [1][2][3] Group 1: Federal Reserve Actions - The Fed reduced its target rate by 25 basis points to a range of 4 to 4.25 percent, marking the beginning of an easing cycle anticipated to continue into the next year [2] - The Fed's decision is expected to prompt similar easing measures from other central banks due to the US dollar's dominance in global trade [3] Group 2: Investment Strategies - Investors are advised to conduct thorough research into specific markets and assets, considering factors such as currency impacts, entry and exit taxes, financing, running costs, and liquidity [5] - It is crucial for investors to clarify their objectives, whether they seek income, capital growth, or a defensive strategy [5] Group 3: Regional Considerations - For investors in Hong Kong, where the local currency is pegged to the US dollar, vigilance regarding US monetary policy shifts is essential [6] - Investors looking for opportunities abroad face additional challenges, including currency risk and the complexities of foreign laws and taxes [7] Group 4: Competitive Advantages - Investors with significant cash reserves, such as many mainland Chinese investors, can bypass the complexities of international borrowing, giving them an edge in property bidding [8]