Higher for longer rates means the easy money is property is gone. It’s time for investors to roll up their sleeves.
Already a subscriber?The free ride in global property markets is over, says Richard Massey, managing director and head of real estate for Australia and New Zealand at Singaporean sovereign wealth fund, GIC.
Brookfield is also a big believer in student accommodation. While Kaneshamoorthy is nervous about the level of government intervention in the sector in the form of student caps, he says the underlying demand drivers of the rising Asian middle class and a lack of available housing will continue to underpin activity.
Penny Ransom, chief investment officer at Lendlease, agrees with Kaneshamoorthy – investors want to work with capital partners who can add value in specialist areas.“You could make money out of real estate just because capital was cheap and capitalisation rates were tightening, so that drove returns. That’s not going to cut it ,” she says.
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