Contributors - Portfolio.hu › download › files › mss-h22013.pdf ·...

• CsanádCsűrös–Portfolio.huChiefAnalyst

• KrisztiánHornokMRICS–ReconceptPropertySolutionsPartner

• ÁronHorváth–ELTINGA

• JaroslavKopacMRICS–JonesLangLaSalleKft.NationalDirector–HeadofValuationHungary

• GyörgyLindwurmMRICS–DTZHungaryKft.AssociateDirector–Investment

• AlizMcLean–ELTINGA

• EdinaWinklerMRICS–DTZHungaryKft.SeniorSurveyor–Valuation,RICSHungaryBoardMember

Contributors

MarketSentiment Survey

H2 2013

MMMarketSentimmmeeennnttt SSSuuurrrvvvey

H2 20111333

Cover-Market-SS-05.indd 1 11/25/13 9:34 AM

Portfolio.hu–RICS–ELTINGA Market Sentiment Survey | H2 2013

1

– Compared to earlier surveys, the most significant change is the cautious optimism now

expressed in regards to market trends, particularly towards investment activity. Respondents

still complain about low market liquidity just as much as macroeconomics and politics. How-

ever, optimistic comments are clearly more frequent than before. This latest survey was the first

one in which not a single respondent answered “worse” to the question about future investment

appetite.

– Although the responses regarding overall trend for yields have leaned slightly upward following

the first survey in H2 2011, the most recent answers indicate either stable levels or something

somewhat lower than before. The latter is most notable in the retail sector, where median values

have decreased across the board since H1 2013 (by 25 – 37.5 basis points).

– The market appears generally unchanged in that rental rates are still under pressure in most

sectors. This applies particularly to the office market as well as for cheaper retail segments (i.e.

Mall-type Retail Parks and Big Box units). The Top 5 Shopping Malls is the only category where

currently reported rental rates appear somewhat higher compared to both the first survey as

well as the one from H1 2013. However, relatively weak transparency in this segment and the

usually wide distribution of responses to the surveys must be noted here.

– The Budapest Commercial Property Index (BCP H2 2011 = 100.00) took a small upward turn

since H1 2013 (+0.38, to a level of 90.74), something we would not consider significant. Over-

all, the index has been vacillating somewhere around 10% below its starting level in 2013 – a

decrease driven by rental rates rather than yields. Two retail categories (Big Box stores and Mall-

type Retail Parks) as well as Prime Non-CBD Offices are jointly responsible for over 80% of this

decline.

Highlights

Yield(%)Rent(€/sqm/month)

Typical Minimum Maximum

Top CBD office building 7.50 13.00 12.00 17.00

Prime non-CBD office building 8.00 11.00 10.00 13.50

Good quality non-central office building 8.50 10.00 8.25 11.50

Prime out-of-town logistics center 9.00 3.25 2.50 4.00

Small Business Unit 9.00 4.13 3.13 5.50

Top 5 shopping malls 7.25 37.00 25.00 60.00

Mall-type retail park 8.25 10.00 7.00 14.00

Big box retail 8.13 7.00 5.50 9.00

AllmedianfiguresforH22013Portfolio.hu–RICS–ELTINGAMarket Sentiment Survey | H2 2013

01 Highlights 02 Explanation 03 Index 05 Officesector 09 Retailsector 13 Industrialsector 16 Generalsentiment

H2 2013 | Portfolio.hu–RICS–ELTINGA Market Sentiment Survey Portfolio.hu–RICS–ELTINGA Market Sentiment Survey | H2 2013

2 3

Rent (€ / sqm / month)

Distribution oftypical rent responses

median of typicalrent responses

median of maximumrent responses

median of minimumrent responses

Rati

o of

res

pons

es (

%)

Explanatoryexamplechart

The most important output resulting from our research is the rental rates and yields data

(presented in charts similar to the one below). As this publication is based on the opinions

of individuals, these charts reflect the distribution of responses received in respect to a given

variable, i.e. rental rates or yields related to a type of property. Extreme values were removed

and the ranges of the remaining answers were then divided into subsections. The charts

indicate the percentage of responses falling into each subsection, with the median value

marked with a red vertical line (the median is the middle value of the data set when it has

been arranged in ascending order, i.e. the numeric value separating the higher half of the data

from the lower half).

The survey included questions regarding the realistic minimum, maximum, and typical

rental rates in respect to a particular type of property. While we also present all of these in

a tabular format, the rate charts only include the responses to the question of typical rental

rate levels.

Explanation

Based on survey data collected

in the second half of 2011, the

starting value for the Buda-

pest Commercial Property Index

was set at 100.00. Since then,

the Index has taken two major

steps downwards: it fell to the

region of 95-96 points in 2012

and just over 90.00 points in

2013. Recent data confirms this:

remaining within half-a-point

of its previous value, the BCP

Index now stands at 90.74 in

H2 2013.

This index has been calcu-

lated using a compound value

that traces senior real estate

professionals’ assessments

of current yields and rental

rates for the commercial real

estate market. The measure

of value was created by divid-

ing the median typical annual

rental rate by the current yield

for each of the eight sub-seg-

ments represented in the sur-

vey, attributing weights to these

values in order to reflect the

relative volume of each sub-

segment. The results are then

added up and compared against

the other surveys.

The overall decrease since

2011 has clearly been rent-

driven: at a total loss of 9.26

points, the impact of decreas-

ing rental rates has been about

four times more than it has

for yields, with the latter per-

ceived to have either remained

unchanged or grown by a

maximum of 25 basis points,

depending on the market seg-

ment. Obviously, the general

lack of investment transactions

should be taken into consider-

ation when interpreting the sta-

bility of yields.

In terms of market sectors

and property categories, Small

Business Units, Good-Quality

Non-Central Office units, and

Top 5 Shopping Malls have held

up fairly well. In fact, the lat-

ter was the only category to

have made a positive contri-

bution over the period since

2011. The weakest perform-

ers have been Mall-type Retail

Parks, Big-Box Retail units, and

Prime Non-CBD Offices, which

together account for over 80%

of the total decline since the

first survey.

BCPIndex

90.74

BCPIndex(H22011=100)

H22013 90.74

H12013 90.35

H22012 96.53

H12012 95.21

H22011 100


4 5

Citing the results of all sur-

veys to date, there have

not been any significant

changes in yield levels,

while rental rates appear

to be on a slight downward

trend.

Sentiment towards yield

levels actually indicates

stabilized values with only

one-off diversions by 13 or

25 basis points for a variety

of office categories.

Although rental rates

have not dropped dramat-

ically, respondents see a

slight downward movement,

which shows that there is

still pressure on rental rates.

The same conclusion can

therefore be drawn for typi-

cal rental rates, which tend

to approximate minimum

rental rates, particularly in

the higher-quality segments.

The survey uses eight hypothetical properties intended to represent major segments of the

Budapest commercial property market. Their descriptions include typical characteristics in

terms of location, quality, size, and occupancy, making them suitable investment products.

When asking about rental rates, hypothetical lease transactions were defined to reflect an

average exchange on the given market in terms of both size and basic conditions. The pho-

tos accompanying each detailed description of buildings are of properties that do not actu-

ally exist on the Hungarian market. However, they have been selected to create the right

impressions of the scenario at hand and to ensure that all respondents consider the same

property categories when answering the questions.

Officesector

Although rental rates have not dropped dra-matically, respondents see a slight downward movement, which shows that there isstill pressure on rental rates.

1.TopCBDofficebuilding

2.Primenon-CBDofficebuilding

3.Goodqualitynon-centralofficebuilding

4.OneoftheTop5shoppingmalls

5.Mall-typeretailpark

6.Bigboxretail

7.Primeout-of-townlogisticscenter

8.SmallBusinessUnit

Categories


6 7

1.TopCBDoffice 2.Primenon-CBDoffice

0%

4%

8%

12%

16%

20%

6–7

8–9

10–1

1

12–1

3

14–1

5

16–1

7

18–1

9

20–2

1

22–2

3

24–2

5

median=13

0%4%8%

12%16%20%24%

6–7

8–9

10–1

1

12–1

3

14–1

5

16–1

7

18–1

9

20–2

1

22–2

3

24–2

5

median=11

Rentopinions(€/sqm/m)Rentopinions(€/sqm/m)

0%

5%

10%

15%

20%

25%

30%

5–5.

25

5.5–

5.75

6–6.

25

6.5–

6.75

7–7.

25

7.5–

7.75

8–8.

25

8.5–

8.75

9–9.

25

9.5–

9.75

10–1

0.25

10.5

–10.

75

11–1

1.25

median = 7.5

0% 5%

10% 15% 20% 25% 30% 35% 40% 45%

5–5.

25

5.5–

5.75

6–6.

25

6.5–

6.75

7–7.

25

7.5–

7.75

8–8.

25

8.5–

8.75

9–9.

25

9.5–

9.75

10–1

0.25

10.5

–10.

75

11–1

1.25

median = 8Yieldopinions(%) Yieldopinions(%)

A-category (according to BRF) office building

located within the CBD of Budapest:

– represents the highest standard in

the market in terms of technical

specifications and prestige

– It has an underground garage

– The building is at least 95% let to

multiple tenants,

– at least 80% of the tenants are

international companies

– the average unexpired lease term

is at least 4 years

Market headline rental rate for a specific

letting transaction:

– 500 sqm office space

– 5-year lease term

– strong international tenant


located in an established, but non-CBD office

location:

– represents high standard in the market

in terms of technical specifications and

prestige

– it has an underground garage

– the building is at least 95% let to

multiple tenants

– at least 80% of the tenants are

international companies

– the average unexpired lease term is at

least 4 years

Market headline rental rate for a specific letting

transaction:




0%

6%

12%

18%

24%

30%

5–6

7–8

9–10

11–1

2

13–1

4

15–1

6

17–1

8

median=10Rentopinions(€/sqm/m)

0%

5%

10%

15%

20%

25%

30%

35%

5–5.

25

5.5–

5.75

6–

6.25

6.

5–6.

75

7–7.

25

7.5–

7.75

8–

8.25

8.

5–8.

75

9–9.

25

9.5–

9.75

10

–10.

25

10.5

–10.

75

11–1

1.25

median = 8.5

Yieldopinions(%)


located in a non-central office location:

– built no more than 10 years ago

– it has an underground garage

– good public transportation

– the building is at least 95% let to

multiple tenants, not necessarily of

international covenant


least 3 years





– reliable and financially stable tenant

3.Goodqualitynon-centraloffices

Everybodyiswaiting

fortheelections,duein

Spring2014.Hopefully

wewillseeanimprove-

mentofthe"unortho-

doxeconimicpolicy"in

somewayinthefuture.

RudolfRiedlMRICS,RaiffeisenEvolution

Definitelymoreinterest

sinceQ22013,evenfrom

coreinstitutionalinvestors

whohavebeennotpresent

intheHungarianmarket

forthelastfouryearsor

more.Financingstillre-

mainsaseriousbottleneck.

BenjaminPerez-EllischewitzMRICS,JonesLangLaSalle


8 9

Distributionofresponsesin'PrimeNon-CBDofficerent'category

Retail sector, similar to other

categories, showed stabiliza-

tion of yields with continu-

ous pressure on rents.

Over the previous 4

rounds of this reported retail

sector yields have moved out

by 50bp.

However, in the last six

months all retail submar-

kets saw decreasing yield

opinions by 25 to 37.5 basis

points. Sentiment towards

rental levels is however

deteriorating in two of the

three retail categories con-

tinuously. Rent opinions have

decreased by 10%-20% in

respect of Mall-Type Retail

Parks and Big Box units,

while responses regard-

ing the Top-5 Malls oscillate

around a fairly stable level.

Retailsector

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

5-6

6-7

7-8

8-9

9-10

10-1

1

11-1

2

12-1

3

13-1

4

14-1

5

15-1

6

16-1

7

17-1

8

18-1

9

19-2

0

typical rent frequency (2013 H2) (MA) typical rent frequency (2013 H1) (MA)

1 2 3 4

How has the difference between headline and effective rents have changed in the last 12 months in the office sector?

Decreased:

16%

Unchanged:

46%

Increased

34%

No answer:

4%

Retail sector showed stabilization of yields, with continuous pressure on rental rates.

H2 2013 | Portfolio.hu–RICS–ELTINGA Market Sentiment Survey

8

Distribution of responses in 'Prime Non-CBD office rent' category

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

5-6

6-7

7-8

8-9

9-10

10-1

1

11-1

2

12-1

3

13-1

4

14-1

5

15-1

6

16-1

7

17-1

8

18-1

9

19-2

0


1 2 3 4

How has the difference between headline and effective rents have changed in the last 12 months in the office sector?

Decreased:

16%

Unchanged:

46%

Increased

34%

No answer:

4%


10 11

4.OneoftheTop5shoppingmalls

0%

4%

8%

12%

16%

20%

0–5

10–1

5

20–2

5

30–3

5

40–4

5

50–5

5

60–6

5

70–7

5

80–8

5

90–9

5

100–

105

median = 37

0%

5%

10%

15%

20%

25%

30%

5–5.

25

5.5–

5.75

6–

6.25

6.

5–6.

75

7–7.

25

7.5–

7.75

8–

8.25

8.

5–8.

75

9–9.

25

9.5–

9.75

10

–10.

25

10.5

–10.

75

11–1

1.25

median = 7.25

Prime shopping center located in Budapest,

at a metro station or central location:

– GLA is at least 40,000 sqm, no vacancy

– the property accommodates at least

2 major anchor tenants

– the average unexpired lease term is

at least 5 years



– 200 sqm retail unit

– 5-7 year lease term

– strong international brand

– well-positioned unit within the centre

0%

5%

10%

15%

20%

25%

30%

0–2

4–6

8–10

12–1

4

16–1

8

20–2

2

24–2

6

28–3

0

median=10

0%

5%

10%

15%

20%

25%

30%

5–5.

25

5.5–

5.75

6–6.

25

6.5–

6.75

7–7.

25

7.5–

7.75

8–8.

25

8.5–

8.75

9–9.

25

9.5–

9.75

10–1

0.25

10.5

–10.

75

11–1

1.25

median = 8.25

Retail park located in Budapest, in an

established location:

– GLA is approx. 12,000 sqm, no

vacancy

– the property accommodates at

least 1 major anchor tenant

– the average unexpired lease term is

at least 5 years



– 300-400 sqm


– local company / strong international

brand

5.Mall-typeretailparks

0% 2% 4% 6% 8%

10% 12% 14% 16%

5-5.

25

5.5-

5.75

6-

6.25

6.

5-6.

75

7-7.

25

7.5-

7.75

8-

8.25

8.

5-8.

75

9-9.

25

9.5-

9.75

10

-10.

25

10.5

-10.

75

11-1

1.25

median = 8.125

0%

5%

10%

15%

20%

25%

30%

0–1

2–3

4–5

6–7

8–9

10

–11

12

–13

14

–15

median = 7

Stand alone hypermarket located within

an established retail park:

– GLA is at least 5,000 sqm and

single let to a reliable and

financially stable tenant

– the remaining lease duration is at

least 10 years



– 5,000 sqm big-box, 10-year lease term


6.Bigboxretail

Yieldopinions(%)

Rentopinions(€/sqm/m)


Yieldopinions(%)


Yieldopinions(%)

Marketisstillslowwithlimitedinterestforassetsbycoreinves-tors,ifany.Purelylocalbuyersandprivateequityinvestorsarearound,thehigh-profileinvestorssuchasinsitutionalpropertyfunds,listedpropertyinvestorsandinsurancecompaniesarefullyrefrainingfrominvestinginHungarianrealestate.Thisismostlyduetounderlyingpropertyfundamentals(vacancy,pressureonrents,noliquidity,rentalvolatility)andeconomicindicators(creditrating,lackofsensiblerealGDPgrowth,levelofpublicdebt,increasingtaxlevelsacrosstheeconomy,etc.).Littlefinancingisavailable,andevenifitisavailable,itisveryexpensive.Thegovern-ment'sperceptionisalsoextremelyunfavourable.

(Undisclosed)

Themarketisshowingsignsofim-provementandinternationalinves-torsareagainconsideringinvestinginHungary.Thebanksarealsotalkingtotheirpotentialcustomerswhichisagoodfirststeptoaliquidmarket.However,marketrecoveryandgainingbackconfidencewilltakemorethan12months.Hungarywillseearecognizedpositionforgrowth,togetherwithstronginvestorandoccupierinterestin2015-2016.

(Undisclosed)


12 13

Distributionofresponsesin'rentalratesformalltyperetailparks'category

Distributionofresponsesin'rentalratesforthetop5malls'category

0%

2%

4%

6%

8%

10%

12%

14% 0-

5

5-10

10-1

5

15-2

0

20-2

5

25-3

0

30-3

5

35-4

0

40-4

5

45-5

0

50-5

5

55-6

0

60-6

5

65-7

0

70-7

5

Typical rent frequency (2013 H2) (MA) Typical rent frequency (2013 H1) (MA)

0%

5%

10%

15%

20%

25%

0-2

2-4

4-6

6-8

8-10

10-1

2

12-1

4

14-1

6

16-1

8

18-2

0

20-2

2

22-2

4

24-2

6

26-2

8

28-3

0

30-3

2


The low level of activity

on the industrial & logis-

tics market is reflected in its

fairly constant rental rates

and yield assessments.

Respondents estimated

these assets sell at a 9%

yield in all but one of the

surveys since the start.

Rental rates have shown

a moderate drop in terms

of out of town logistics

schemes, while the gap

between minimum and max-

imum rental rates has wid-

ened for both categories.

Small Business Units are one

of the most stable categories

overall. Compared to other

types of real estate, appe-

tite for industrial property

is considered low by both

investors and developers.

Industrialsector

Appetite for industrial property is consid-ered low by both investors and developers.


14 15

7.SmallBusinessUnits

median = 3.25

0%

10%

20%

30%

40%

50%

0–0.

5

1–1.

5

2–2.

5

3–3.

5

4–4.

5

5–5.

5

6–6.

5

7–7.

5


0%

10%

20%

30%

40%

50%

5.25

-5.5

5.

75-6

6.

25-6

.5

6.75

-7

7.25

-7.5

7.

75-8

8.

25-8

.5

8.75

-9

9.25

-9.5

9.

75-1

0 10

.25-

10.5

10

.75-

11

median = 9

Yieldopinions(%)

A-category industrial property located within

Budapest, close to main arterial road:

– GLA is at least 10,000 sqm (could be in

multiple buildings)

– the property is approx. 100% let to

multiple tenants


least 3 years

Market headline rental rates for a specific


– 500 sqm warehouse space



A-category industrial property located

approx 5 minutes from a motorway:

– GLA is at least 25,000 sqm (could be in

multiple buildings)

– The property is approx. 100% let to

multiple tenants


least 4 years

Market headline rental rates for a specific


– 3,000 sqm warehouse space



8.Primeout-of-townlogisticscenters

median = 4.125

0%

6%

12%

18%

24%

30%

0–0.

5

1–1.

5

2–2.

5

3–3.

5

4–4.

5

5–5.

5

6–6.

5

7–7.

5


0%

5%

10%

15%

20%

25%

30%

35%

5-5.

25

5.5-

5.75

6-

6.25

6.

5-6.

75

7-7.

25

7.5-

7.75

8-

8.25

8.

5-8.

75

9-9.

25

9.5-

9.75

10

-10.

25

10.5

-10.

75

11-1

1.25

median = 9

Yieldopinions(%)

Distributionofresponsesincategory'rentofout-of-townlogisticsbuildings'

0%

5%

10%

15%

20%

25%

0-0.

5

0.5-

1

1-1.

5

1.5-

2

2-2.

5

2.5-

3

3-3.

5

3.5-

4

4-4.

5

4.5-

5

5-5.

5

5.5-

6

6-6.

5

6.5-

7


How has the difference between headline and effective rents have changed in the last 12 months in the industrial / logistics sector?

Decreased:

8%

Unchanged:

38% Increased:

24%

No answer:

30%


16 17

Which commercial segment do you think currently offers the best conditions for an Investor?

How do you think investment appetite for property will change over the next six months?

Which commercial segment do you think currently offers the best conditions for a Developer?

Office 34%

Retail 34%

Industrial 17%

Other 12%

I don't know 3%

Office 38%

Retail 16%

Industrial 20%

Other 22%

I don't know 4%

Improve 40%

Same 58%

I don't know 2%

Generalsentiment

Compared to earlier surveys, the most significant change isthe cautious optimism now expressed in regards to mar-ket trends, particularly towards investment activity. This lat-est survey was the first one in which not a single respondent answered “worse” to the ques-tion about future investment appetite.

Change in rent opinions (euro/sqm/month)

Change in rent opinions (euro/sqm/month)

0 5 10 15 20

Top CBD office building

Prime non-CBD office building

Good quality non-central office building

Prime out-of-town logistics center

Small business unit

2013 H1

2013 H2

2013 H1

2013 H2

0 5 10 15 20 25 30 35 40 45

Top 5 mall

Mall-type retail park

Big Box Retail


18 19

Change in yield opinions (euro/sqm/month)

Change in yield opinions (euro/sqm/month)

2013 H1

2013 H2

0 1 2 3 4 5 6 7 8 9 10

Top CBD office building

Prime non-CBD office building

Good quality non-central office building

Prime out-of-town logistics center

Small business unit

2013 H1

2013 H2

0 1 2 3 4 5 6 7 8 9 10

Top 5 mall

Mall-type retail park

Big Box Retail

A biannual publication, the Market Sentiment Survey is a collaboration between the Eltinga

Centre of Real Estate Research, Portfolio.hu and RICS Hungary. It has been designed to pro-

vide a clear picture of how Hungary’s senior real estate professionals see current yield and

rental rates, as well as general market expectations. The purpose of the Market Sentiment

Survey is to improve transparency on the Hungarian real estate market by establishing a

benchmark for sentiment drawing on a wide professional basis. All Hungarian RICS mem-

bers (both full members and candidates for membership) were invited to fill in a question-

naire prepared by RICS and Portfolio.hu. They were asked for their opinions on current mar-

ket yields and rental rates, as well as on future market expectations. A total of 51 real estate

professionals, nearly a third of RICS Hungary’s membership, participated actively in the cur-

rent Market Sentiment Survey. Of the respondents, 70% were full RICS members and more

than 70% have over 10 years of professional experience. The completed surveys indicate

that around 55% of respondents work for international companies.

Respondents were asked to provide information on their industry and their personal spe-

cialty within their organization. Around 45% of respondents work for consultancy firms.

However, developers and asset management professionals also weighed in heavily within

the survey. The respondents’ fields of specialization were fairly diverse: valuation, invest-

ment, development and asset management were the best represented categories in the sur-

vey.

Aboutthesurvey

Ratioofrespondentsownworkspecialism

0

5

10

15

20

25

30

35

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2013 H2 2013 H1 2012 H2

H2 2013 | Portfolio.hu–RICS–ELTINGA Market Sentiment Survey

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Definitions

Market Yield: The current net annual income divided by the purchase price received by the

Vendor in a transaction where the asset has been traded at Market Value as of today. Mar-

ket Value is the estimated amount for which a property should exchange on a certain date;

between a willing buyer and a willing seller; in an arm’s length transaction; after proper mar-

keting; when both parties had each acted knowledgeably, prudently and without compulsion.

Market Headline Rent: The estimated amount for which a property, or part of a property

should lease on appropriate lease terms between a willing landlord and a willing tenant; on

a certain date; in an arm’s length transaction; after proper marketing; when both parties had

each acted knowledgeably, prudently and without compulsion.

Category ‘A’: A building that either conforms to all the „hard criteria“ and at least 6 of the

„soft criteria“ or certified by Breeam / LEED. Hard criteria: modern cable management, a mod-

ern air handling system, adequate provision of secure dedicated parking (at least parking ratio

of 1/75 not applying to refurbishments and periphery sub-market), a high quality standard

finish, 24-hour access and security. Soft criteria: high speed modern lifts, clear ceiling

height of at least 2.70 m, prestige/quality reception area, flexible partitioning, high quality

architectural design, services in the building / immediate vicinity, power-supply back-up, dou-

ble-glazed windows / anti-glare glass, restaurant/canteen, quality finish to working areas.

Budapest Research Forum (BRF): It was established in 2000 and currently include the fol-

lowing members: CB Richard Ellis, Colliers, Cushman & Wakefield, DTZ, Eston, GVA Robertson,

Jones Lang LaSalle. The aim of BRF is to represent a regulated framework where the leading

property advisors can discuss the problems related to the Budapest property market, share

and analyse market information.

RICS – the Royal Institution of Chartered Surveyors – was created in 1868 in the United Kingdom. It received a royal charter in 1881.

RICS members are known as chartered surveyors, and are recognised by the designation after their name – FRICS (for Fellow of RICS) or MRICS (for Member of RICS).

Today RICS is a global property professional body with 100,000 qualified members in over 100 countries. The key roles of RICS are to regulate and promote the profession, maintain the highest edu-cational and professional standards, protect clients and consumers through a strict code of ethics and provide impartial advice, analysis and guidance

Chartered surveyors help to sustain the use of land and unlock the long term value of property. They are key to efficient markets in land, property and the environment without which important world economies would not be able to function effectively.

Anna Orcsik, Regional Manager – RICS Central & Eastern EuropeE: [email protected] W: www.rics.org/europe

référence pantone = 269

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