Download 1. - REBAC

Welcome
from the CIPS
Family
Please open your books and
read the Course Overview
before class begins
EUROPE
And International
Real Estate
Those Who Benefit
Experienced
International
Professionals
European
Real Estate
Financer’s
Getting Started
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Networking is a #1 priority
Stand up
Take out business cards
Circulate for 3 minutes
Meet as many people as you can
Exchange cards
Can you help one another?
READY?......GO!!!!
What 3 events
facilitated unification?
How many countries in
European Union?
Is Turkey an EU member?
Turkey’s major obstacle
to EU membership?
What is the population
of Turkey?
Who is the Global Real Estate
Business Facilitator?
What is the Major
Fear of Unification?
Course Objectives
Assess
market opportunities
Develop
a business network
Identify
promotion techniques
Course
Objectives
Discuss
social,
economic,
political and
geographical
characteristics
Discuss
history,
purpose,
and
economic impact
of EU
Identify
Important
market
characteristics
Class Notes
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Turn off cell phones
Scheduled breaks
Lunch break
Activities
Task groups
Final exam
Let’s get started!
Globalization
Globalization Impact
Investor movement
Globalization Impact
60% invest in countries
outside their own
Globalization Impact
A 12% increase in
global investment (2004)
Globalization Impact
• International investors expect real estate
professionals to have thorough
knowledge:
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Markets
Economies
Business and social cultures
How to successfully compete
Capital Flow
• Underlying forces
- Supply and demand
- Investment return
• German economy performing poorly
- Investors going outside Germany
- Until German economy improves, German
capital will continue moving elsewhere
Capital flow impacts international transactions
Currency
Exchange Rates
• Provide insights
– Country economic performance
– Country financial performance
• Influenced by trade deficits
– Higher deficit = negative impact
Strong and Weak
Currencies
Demonstration
As the Euro gets stronger
It’s exchange rate goes down
It takes LESS euros
to buy 1 US$
1 euro = 1 US$
Euro temperature
[exchange rate]
goes DOWN
1 euro costs 1.30US$
US$ temperature
[exchange rate]
goes UP
1 US$ = 1 euro
As the dollar gets weaker
It’s exchange rate goes up
It takes MORE US$
1 US$ costs .766 euro
to buy 1 euro.
Investors
• A WEAK dollar makes US real
estate more attractive.
• A STRONG dollar makes
foreign real estate more
attractive
Market Assessment
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Political stability
Population equilibrium
Free market philosophy
Social harmony
Democratic institutions
Adequate infrastructure
Underlying economic strength
Additional Points
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Cultural Influences
Core cultural values
Client expectations
Client needs
Conducting business
Experienced banks
International differences
Foreign
Currencies and
Measures
Three Conversion Steps
Currency
Area
Time
Reciprocals
• Exchange rates reported in two forms
– Foreign units equaling one domestic unit
– Domestic units equaling one foreign unit
• These numbers are reciprocals
• Reflect both sides of currency value
• Reciprocals are 1 ÷ conversion factor
[exchange rate]
Conversions
If you are converting: The exchange rate is:
US$ to euros
US$1 = €.81
Euros to US$
1€ = US$1.23
If you are converting:
The reciprocal is:
US$ to euros
1 ÷ €.81=US$1.23
Euros to US$
1 ÷ US$1.23 = €.81
Conversion #1
Convert 850 euros to US$
€850 X US$1.23 = _________
1045.50
Conversion #2
Convert US$15.30 to euros
US$15.30 X €.81 = __________
€12.39
Conversion #3
Two years ago the exchange rate was
US$1 = €.924 or 1€ = US$ 1.082
What would a $300,000 house cost in euros?
US$ 300,000 X _____
.924 = €_________
277,200
What would the same house cost in euros
today?
US$ 300,000 X ________
= € _________
.81
243,000
How much difference did the exchange rate
make?
€___________
or in US$ ___________
34,200
42,066
Conversion #4
Use same conversion rates for a
€650,000 office building.
What was the value in US$ 2 years ago?
€650,000 X __________
= US$ __________
1.082
703,300
What is the value in US$ today?
€650,000 X __________
= US$ __________
1.23
799,500
How much difference did the conversion
rate make in these examples?
US$__________
96,200
Converting Square Meters to
Square Feet
The Conversion Factors are:
1 square meter (m²) = 10.7639 square feet
1 square foot = .0929 square meters
Converting m² to ft² = MORE ft²
Converting ft² to m² = LESS m²
Square Meters to Square Feet
Formula:
Square meters X 10.7639
Mr. and Mrs. Schmidt want a 250 square
meter home.
How many square feet will it be?
250 meters X 10.7639 = ______
2690 sq. ft.
Square Feet to Square Meters
Formula:
Square feet X .0929 (1÷ 10.7639)
How many meters in 20,000 square feet?
1858 m²
20,000 sq. ft. X .0929 = __________m²
Convert Price Per Unit of Area
Formula:
Price/Unit of Area X Area Conversion
Factor
Apartment rents for €1000/m²/month
Calculate rent in square feet
€1000 X .0929 = €92.9/sq.ft./mo.
[Price/m² X Meter to Sq.ft. Conversion Factor(.0929)=
Price per sq.ft./mo.]
Convert the Time Period
Price Per Month X 12 =
Price Per Year
Price Per Year ÷ 12 =
Price Per Month
Putting it Together
Exchange Rates
Conversion Rates
US$ = €.81
€1 = US$1.23
1 sq. ft. = .0929 m²
1 m² = 10.7639 sq. ft.
Currency:
€70.83 X 1.23 = US$87.12/m²/mo.
Area:
US$87.12 ÷ 10.7639 = US$8.09/sq.ft./mo.
Time:
US$8.09/sq.ft./mo X 12 = US$97.13/sq.ft./yr.
Key Point Review
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Economic affects of globalization
How culture influences transactions
Expertise in market assessment
Currency and area conversion skills
Strengthening and weakening of
currencies.
The
European
Union
Europe as an
Economic Region
Europe
Four Significant Events
Integration of the EU
German Unification
Democratization
Monetary Union
Maastricht Treaty--1992
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Common foreign and security policy
Cooperation on immigration and asylum
European police intelligence agency
EU citizenship and a central bank
Development of poorer EU countries
One currency European market
Copenhagen Criteria
1. Democracy, rule of law, human
rights and protection of minorities
2. Functioning market economy
3. Accept obligations of membership
EU Constitution Concerns
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Dwindling national identity
Rapidly expanding EU
Integration
Shrinking economies
Islamic radicalism
Distrust of powerful bureaucrats
Euro Issue Requirements
• Price stability
• Sustainable
government finances
• Stable exchange rate
• Convergence in long
term interest rates
EURO Coins
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Common side
• Germany has five
mints
National side
Must have 12 EU stars • Mint Codes
– A Berlin
Greek coins may be
– D Munich
made outside Greece
– E—Spain
– F—France
– S---Finland
– F Stuttgart
– G Karlsruhe
– J Hamburg
European Union Goals
Support democracy
Rule of law
Human rights
Individual liberty
Promote prosperity and social
progress
European Union Goals
Safeguard peace
Promote international security
Reinforce role of UN
European Union Goals
Sound world economic policies
Sustained growth
Low inflation
High employment
Equitable social conditions
Stability
European Union Goals
Promote market principles
Reject protectionism
Expand and open multilateral
trading system
European Union Goals
Help developing countries
toward economic reforms
European Union Goals
Support nations of Eastern and
Central Europe
Encourage participation in
international trade and finance
EU
Institutional System
Commission
Council of
Ministers
[Executive Branch]
[Senate]
Executive
European
Parliament
[House of Representatives]
Court of Justice
[Supreme Court]
Areas of Concern
Terrorist attacks
Weakening of Executive Commission
Admission of former communist countries
Passage of EU Constitution
The EU and Eastern Europe
• Established programs to accelerate the
reform process to EU membership
• These agreements provide:
– Preferential trade treatment
– Guidelines for adaptation of local laws to EU
legislation
– Free movement of capital
EU, Mediterranean and
Middle East
• Allow one-way duty-free exports of
Industrial products
• Agricultural concessions
• Grants and loans to EU markets
Euro-Arab Dialogue
• 20-year economic contact
• Topics under discussion:
– Technology transfer
– Investment incentives
– Trade
– Labor problems
– Establishment of free-trade area
– Cultural exchange
Cotonou Agreement
• Replaced Lome Convention June 2000
• 20 year agreement with 77 ACP states
• Poverty reduction is principal objective
– Political dialog
– Development aid
– Closer economic and trade cooperation
Impact on
International Real Estate
New Regulations
On International
Transactions
Competition
Domestic
employment
Trade
Increased use and
understanding of
International standards
and regulations
Creation of
International
Investment Rules
Integration Concerns
Increased worker and industry mobility
New real estate opportunities due to supply
and demand
Increased international investment
opportunities
Decrease of exchange rate fluctuations
Country of Origin Principle
• Encourages reciprocity
• Problematic due to:
– Some states protect property title, access to
and work within real estate profession
– Some control only access to profession
– Some regulate access but not practice of real
estate
– Some member countries control nothing
• National planning and policies unlikely
Ownership Attitudes
Common Law
Civil Law
Nature of
Commercial
Leases
Ownership
Motivation
Land Registration
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Comprehensive title registration is rare
Some countries have full cadastral system
Land registry in others is proof of title
Former Communist countries claims are
problematic
VAT Taxes
• VAT
reductions
and low
interest
rates have
kept
European
housing
market
robust
Financing
• Integration is:
– Liberalizing capital movement and financial
services
– Should increase money supply for property
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Sources are varied
Some builders provide own funding
Equity financing common in UK
Debt financing common on continent
International Professional
Networks
Key Point Review
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Four significant European developments
Present state of unification
Understanding the European market
Challenges ahead for EU
A. United Kingdom
B. June 23, 2000
1. Transparency
C. Twenty-five
2. Land Registry System
D. Registration
considered proof of
ownership
3. VAT
4. Balloon Mortgages
5. Contonou Agreement
6. Zero Coupon Bonds
7. Country of Origin
E. Laid groundwork for
single EU currency
F. Encourages real
estate reciprocity
among EU countries.
8. Countries in EU
G. Ability to understand
and apply
9. Maastricht Treaty
H. Value-Added-Tax
I. Germany
Exercise #2
Economic and Real
Estate Trends
Objectives
Analyze European real estate trends
Discuss FDI investment by
European countries
Review status of REITs
in Germany
Assess economic trends and markets in
Eastern European countries
Germany
2002
Population
2003
2005
83.3
82.42
82.43
2,174.0
2,271.0
2,446.0
26,200.0
27,600
29,700
.06
-0.10
.80
Inflation
2.40
1.10
2.0
Unemployme
nt
9.40
10.5
11.6
GDP [billion]
GDP/Capita
GDP Growth
Germany
• Europe’s largest, most populous
economy
– Slow growth expected through 2006
– Budget deficit above 3% EU Stability Pact
limit
• 4th consecutive year
– Inflation around 2%
France
• Third quarter 2004:
– GDP fell
– End user consumption fell
– Investment fell
• Modest growth of 1.75% expected in
2005
• Inflation above 2%
• Budget deficit around 3% for 2005-2006
United Kingdom
• Slower consumer spending in 2004
• UK reduced growth to 3.1%
• Expected to continue through 20051006
• Inflation expected to rise to 2%
• Interest rates should be at their peak
• Tax increase may be necessary
Italy
• Slow, steady growth in 2004
• Projected increases in 2005 and 2006
• Growth aided by low inflation/interest
rates
• Exports expected to improve
– Provided no further appreciation of the
euro against the dollar
Spain
• Best performer of larger Euroland
economies
• Growth of 2.75% in 2005-2006
• Steady consumer spending
• Increased investment
• Increased exports
• Inflation above average
• Strong euro hurts their competitive
position
Netherlands
• Slow growth due to:
– Strong euro
– Weakening external demand for goods
– Tighter fiscal policy
• Expected increase in 2006 to 2.25%
Sweden
• Strong investment is growing the GDP
• Growth to 3% in 2005 and 2.75% in 2006
• Increased consumer spending good
sign
• Labor market improvements aid growth
• Low inflation helps maintain low
interest rates
Switzerland
• Hard hit by:
– Decline in world trade
– Turmoil in financial services sector
• Decline reflected in low GDP growth
– .2% 2002
– 1.8% 2004
– 1.75 in 2005 and 2006 expected
Belgium
• Slow domestic demand kept inflation
low
• Increased exports
• Improved competitive position
• Concerns:
– Weakness in trading partners
– Large appreciation of the euro
• GDP for 2005-2006 expected at 2.5%
Austria
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Strong economy during 2004
Robust export growth
Domestic demand remained weak
GDP for 2005 expected to be 2.25%
GDP for 2006 expected to be 2.5%
Investment expected to increase as
exports moderate
Ireland
• 5% GDP expected for 2005
• 4.75% GDP in 2006
• Irish economy exposed to any renewed
downturn in international economic activity
Greece
• Economy expected to grow to 2.75% in 2005
• 2006 growth expected at 3%
• Strength of economy could bring inflationary
pressures
Future Growth of EU
• Depends upon:
– Stability of global economies
– Controlling inflation
– Restructuring market and welfare
programs
– Consumer spending
– Demand from the USA and Asia
• Strong euro
– Buy foreign goods for less
– Make euro-based exports cost more
Changes in Real Estate Markets
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Global debt crash in 1998
Global credit crunch in early 1900s
Introduction of euro and its strength
Radical changes in currency exchange
rates
• New national tax laws
• Global reforms in private property
rights
Europe as
Attractive Investment Market
• Huge market with potentially high
yields
• Broad range of investment
opportunities
• Diverse range of categories
• Governments privatizing municipal
facilities
• Easing tax barriers encourage foreign
investment
2005 European
Housing Market Reviews
Austria
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Static 2003-2004
Renewed activity expected for 2005
High owner occupied rate [50%]
Low taxes
Capital gains exempt after 3 years
Belgium
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Housing boom continues
80% higher than 8 years ago
Low interest rates
Favorable tax system
High exchange costs
Mortgage interest relief on taxes
Commercial lease terms 3, 6, 9 years
Denmark
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Optimistic housing market
Price increases of 14.8%
Low interest rates
Building incentives
4.9% growth in residential investment
Owner-occupied mortgage interest
relief
• 25+ year loan terms
Finland
• Favorable mortgage rates
• Tax deductible mortgage interest
• Capital gains tax free after 2 years as
principal residence
• Loan periods 17-18 years
• 7.6% housing growth expected in 2004
• Housing prices decreasing
France
• Housing boom strengthened in 2004
• Prices up 16% for existing and 10% new
construction
• Housing “price bubble” of concern to
lenders
• Low interest rates
• Market shifting to ownership
• No mortgage interest tax relief
• Capital gains exempt
Germany
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Housing market flat in 2004
East Germany has an oversupply
Prices falling for a decade
Low level of ownership [40%]
No mortgage interest tax relief
Israel and USA strong commercial
investors
• Germans may now invest more outside
EU
Greece
• Housing prices remain low
• New housing investment remains
strong
• Low interest rates
• Strong economy
• High ownership rate [74%]
• 1.75 million second homes [highest in
Europe]
• Heavy migration from rural to urban
living
Hungary
• Highest home ownership in Europe
[90%]
• Average dwelling size 75m²
• Quality housing is hard to find
• Only 71% meet official comfort
standards
• Maintenance is a major issue
• High interest rates
• No more state subsidy
Ireland
• Rise in housing prices is subsiding
• High level of investing in rental
property
• Housing prices near peak
• Mortgage interest tax relief with caps
• New housing units down from 2004
• New construction tripled in 10 years
from 1994-2004
Italy
• Smallest EU housing stock at 30%
• Financial and economic conditions
shifted to ownership
• Tax breaks favor ownership
• New rental laws make private renting a
poor investment
• Low interest rates
• Mortgage interest tax relief
Netherlands
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Economy at a standstill
Low interest rate sustains high demand
Long-term, fixed rate mortgages
Housing supply is tight
Home ownership at 54%
Income tax deducible mortgage interest
No capital gains tax, high transaction
costs
Poland
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Private ownership at 55%
1.5 million unit housing shortage
Average floor area 67m²
Poor building quality
7.5 million homes need extensive
repairs
• Interest rate caps imposed in 2002
• Mortgage market is small
Portugal
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Low interest rates
Growing consumer confidence
Property tax of 0-6%
Average size of new dwelling is 83m²
Mortgage interest tax relief is small
No capital gains exemption
Spain
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Housing boom beginning to slow
Price growth 15.7% from 17.1%
100,000 mortgage transactions/month
Easy borrowing, low interest rates
Loan terms 25-30 years
Mortgage interest tax relief with
exceptions
• Capital gains exemption
Sweden
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Strong economy
Low interest rates
Affordability becoming a problem
Huge decline in housing subsidies
Land supply at a premium
30% mortgage interest tax relief
15% capital gains tax
25% VAT tax on new housing
Switzerland
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Interest rate increases expected
Home ownership as increased to 35%
Few owner benefits
Fixed mortgage rates fixed for 5 years
or less
• Possible loss of mortgage interest
deductibility by 2008
• Partial capital gains exemption
United Kingdom
• Interest rate hikes have slowed market
• House purchase takes 3-6 months
• Variable rate mortgages have no cap on
rate
• Interest rate changes can be made at
any time
• Housing quality is high, supply is low
• 69% of Britons are homeowners
Proposed REIT Regimes
• Germany
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Expected January 2006
REIT would be fully tax exempt
Individual investors taxed at individual rates
Non-resident investors subject to German
withholding tax of 25% on dividends
• Issues remaining unclear
– Publicly traded corporate REITs and private?
– Included in investment tax law of 2003?
– German corporate tax law or specific REIT tax
law?
Rental Rates
• High front-end expense
– VAT taxes
– Government taxes on every level
– “Keymoney” may be significant
• Past 5 years increases in rents and
values
• Increases mark gains from unification
• Strict planning and regulation of new
construction
Housing Costs
• European home ownership very expensive
• Modest 4 or 5 room single-family home in
Europe exceeds $345,000
• Average home price in US $218,000
• Apartments expensive at $300+ per sq. ft.
• Modest 2 bedroom unit would cost $300,000
• Prices are increasing at slower pace
• Investors should consider cross-border
taxes and interest deductibility, not just
mortgage rate
Space Availability
• Major market space hard to find
• “New” space virtually impossible
• High concern for tradition, environment
and preservation
• Users locating in outer business parks
and non-center high-rises
• As prices rise, marginal users moving
voluntarily
Use of Agents
• Northern Europeans use agents more
• Southern Europeans use agents less
• UK, Ireland, Scandanavia agentassisted transactions
• More mobile economies use agent
services
• As economies modernize, demand will
increase
Eastern European Economies
• Goals since fall of the Berlin Wall
• Decentralize and privatize industry and
agriculture
• Move from heavy industry to other
productive sectors
• Repair the environment
• Re-capitalize and modernize factories and
infrastructure
• Introduce free market supply and demand
• Restore individual freedoms
Eastern Europe
Real Estate Markets
• Regional developments
– Democracy and free-market economics
– Renewed awareness of land value
– Struggle for identity and power
– Guidelines for competition
– Need for retail space
• Continued growth and expansion of
free market economies
Globalization of Real Estate Trade
Organizations
• International Real Property Foundation
– NAR and US Agency for International
Development
– Conduct training
– Help create real estate professional
associations
• NAR Cooperating Agreements
– 50+ nations
– www.realtor.org/international
– Listed in Appendix
Key Point Review
• Europe major source of international
real estate investment
• Most economies have increase in value
and sales
• European economy affects FDI in other
countries
• Eastern Europe great opportunities and
high risk
• Trend to increased trade group
interaction
Discussion Questions
How To
Look
At a
Country
Objectives
• Identify social, economic and political
characteristics of a country that shape its
potential for investment
• Discuss business culture characteristics
• Analyze a sample country
International Market
• Market knowledge helps get the listing or buyer
• International transactions yield long-term business
• Travel and exposure to different cultures
• Knowledge necessary to:
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Advise outbound investors
Advise outbound users
Work with inbound foreign investors
Network effectively
In-Depth Information
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Sources of capital
Government structure and attitudes
The economy
Market landmarks
Local business and social culture
Do Your Homework!
• Learn necessary data
• Each culture different
– Business
– Social
• Don’t try to transplant current
business model to international
• History, economy, customs
Business Culture
Overviews
Austria
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Punctual
Great sense of humor
Direct approach to negotiations
Slow decision-making
Classical music, opera, art and winter
sport good conversation topics
• Avoid money, religion, anti-Semitism,
WWII
Belgium
• Want to know you first
• Appreciate hard facts
• Business cards
– One side English
– Other side French or Dutch
• Assure client you will meet deadlines
• Safe topics: cycling, soccer, food, beer, art
• Avoid: Belgium history, politics, Germans
Czech Republic
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Don’t use first names
Maintain eye contact
Speaking loudly considered impolite
Remove shoes entering a home
Joined NATO in 1999 and EU in 2004
2.7 million internet users in 2003
Denmark
• Punctuality extremely important
• Write day, month, year [27.05.05]
• Freely express opinions, very tolerant
and pro environment
• Consider compliments inappropriate
• Business stability important
• July/August vacation months
Finland
• 76% of Finland is forests and
woodlands
• Population is 93.4% Finns
• Excel in high tech exports
• Don’t talk with hands in pockets
• Punctuality important
• Less than 60% own primary residence
France
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Make appointments
Spirited debates common
Avoid politics or personal inquiries
Learn basic French phrases
Want firm personal relationship
Logical, analytical, don’t like hard sell
Will examine every detail
Reluctant to take risks
Germany
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Make appointments and be punctual
Informal dress unless in banking
Avoid conspicuous wealth
Compliments not used
Avoid: personal questions
Avoid: WWII
Good: Soccer, travel, beer
Greece
• Often expressive in greetings
• Indicate ‘no’ by tilting head backward or
side to side
• Indicate ‘yes’ by nodding head
forward slightly
• Impolite to leave table before
everyone is finished
• Capitalistic economy
• Tourism provides 15% of GDP
Hungary
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Greet with firm handshake
Woman extends her hand first
Hands kept above table when eating
Impolite to leave food on plate
Ireland
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Family top priority
Casual attitude about time
Prefer direct eye contact
Proud of their history
Like to haggle/negotiate
Transactions move slowly
Avoid: Catholic church
Italy
• Need well-connected contact for
introductions
• Punctuality not high priority
• May need translator, translate business card
• Use titles and degrees, slow decision-making
Netherlands
 Punctuality essential
Value efficiency
Contacts vital
Avoid boasting
• No need to translate business card
• Like concrete facts, statistics, hard data
• Respect honesty and straightforwardness
Norway
• Joined NATO in 1949
• Rejected joining EU in 1972
and 1994
• $0 external debt
• Water pollution/acid rain damaging forests and lakes
• Oil and gas production account for 1/3 of exports
• Government is privatizing
Poland
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Proud home of John Paul II and Lech Walesa
Very rich culture and history
Member of NATO and EU
Democratic, fast developing
Population 96.7% Polish
8.9 million internet users in 2003
Punctuality important
Be patient. Decision making is slow
Portugal
• Lunch is key business
activity
• Punctuality not high priority
• Do no like confrontation
• Good: home, family, soccer
• Avoid: religion, money
• Short term outcome more
important than long term
benefits
• No respect for deadlines
• Signed document 1st
step in negotiation
• Don’t put all cards on
table
• Truthfulness flexible in
negotiations
Russia
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Appointments hard to get
Be punctual
Client may be late
Affection for children
Titles are important
Translate business card
Do not use plastic cups
Slovakia
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Joined NATO and EU in 2004
Air pollution presents human health risks
Acid rain is damaging forests
Landlocked country
Population is 85.8% Slovak
Business-friendly 19% flat tax
Privatization nearly complete
Internet users in 2003 were 1,375,800
Spain
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One of least punctual countries in Europe
Modesty valued above assertiveness
Good: travel, Spanish wines, traditions
Avoid: Franco, religion, Gibraltar, WWII
Business cards English/Spanish
Personal contacts important
Be patient/decision-making slow
Feelings more important than
objective facts
Sweden
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Never be late
Observe vacation times
Accept silence with ease
Signed contract, that’s it
Avoid: compliments, high cost of living
Good: travel, hockey and nature
Do not send mums, white lilies, red roses, orchids
No need to translate business card
Short, concise, easy to understand information
Switzerland
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Meetings by appointment
No pretentious displays
Polite conversationalists
Good: world affairs and
winter sports
• Avoid: neutrality, money,
banks, WWI, WWII
• Business serious, no humor
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Extremely punctual
Very private
Good listeners
Be clear and concise
Keep accurate records
for negotiating… they
will!
United Kingdom
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Common law legal system
Punctuality appreciated
Quality, conservative dress
Tolerant, open-minded, reserved
Multi-cultural, multi-racial society
Avoid: Northern Ireland, monarch, EU,
euro. Middle East, personal questions
• Blunt/direct, masters of understatement
Country Assessment
Model
Geography
Culture
Real
Estate
Model
Components
Government
People
Other
Factors
Infrastructure
Economy
Sample Analysis
of a Country Profile
Netherlands
Group Exercise
Conversion Exercise
4-39
Convert 150 m² to square feet
10.7639 = __________
1614.59
150 X __________
Conversion Exercises4-39
Convert euros to US$
Conversion factor 1€ = 1.19 US$
€14 X __________
1.19 = __________
16.66 US$
1.19 = __________
17.26 US$
€14.5 X __________
1.19
19.64 US$
€16.5 X __________=
__________
1.19 = __________
15.47 US$
€13 X __________
1.19 = __________
29.75 US$
€25 X __________
1.19 = __________
119.00 US$
€100 X __________