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学生住宿能否成为英国房地产开发新热点?

房地产一直被认为是一项不错的投资选择。投资者可以直接购买房产,或者通过投资信托公司进行间接投资。

购买房地产不仅可以为投资者带来一份有形资产,有些时候还能带来不菲的租金收入,这样的投资收益对投资者具有相当大的吸引力,而在伦敦这样的全球一级市场来说更是如此。

然而,随着英国去年年中宣布"脱欧",伦敦房地产市场也开始悄然变化。

研究公司LonRes的数据显示,2017年上半年,伦敦房地产市场中有58%的项目是被动撤出而非成功销售。而且,过去一年撤出市场的项目总量远超销售总量,这样的"成绩"也是7年以来头一次。总体来看,2017年上半年房地产市场交易总量较去年同期下降11%。

但是,就在伦敦房地产市场总体走向低迷的同时,特制学生住宿(PBSA)市场却开始逆势上扬。

全球房地产服务商Cushman & Wakefield的数据显示,由于英镑兑外币贬值,大量海外资金借势进入特制学生住宿市场,导致该市场租金水平较上年同期水平上涨2.9%。因此,仅2017年上半年,该市场成交量就高达24亿英镑,较去年同期上涨24%。市场预计,2017年下半年这一增长势头还将继续,2017年总体成交量有望达到48亿英镑,较2016年上涨39亿英镑。

这样的市场表现对投资者来说是个不错的消息。因为相比于其他资产类别来说,学生住宿市场在英国房地产行业中的表现的确非常突出。相比于伦敦办公房地产基金2%的收益来说,学生住宿投资基金5%的收益显然更让人满意。

不过,由于大学申请率下降3.7%,特制学生住宿市场也随之受到一定影响。因为学生住宿是以年单位进行申请,相比于其他房产租售类别来说,租用时间相对较短。不过就目前来看,学生住宿市场很有可能免受或很少受到英国"脱欧"的影响,进而成为英国房地产投资市场的一个不错的投资选择。

Property has long been renowned as one of the best sources of income for investors, be they direct buyers or those accessing the asset class via some form of investment vehicle such as an investment trust.

The security of owning a tangible asset, coupled with the rents that can be achieved, have proved to be an attractive combination, especially in London which has developed into one of the best performing markets anywhere in the world.

However, since the UK’s decision to exit the EU in the middle of last year, the outlook for London’s property market has changed significantly.

Data from research firm LonRes found that 58% of properties taken off the market in the first half of the year were withdrawn rather than being sold. Properties removed from the market also exceeded those which achieved a sale over the last year — the first time this has happened for seven years.

Overall, transactions in the first six months of 2017 are down 11% from a year earlier, and by 37% compared with the same period in 2013.

However, some areas are bucking this trend, none more so than student accommodation. While the broader London market has struggled, the Purpose Built Student Accommodation (PBSA) market has powered ahead.

According to statistics from global real estate services provider Cushman & Wakefield, the PBSA has seen year-on-year rental growth of 2.9%, buoyed by overseas capital entering the market to take advantage of the reduced value of sterling against foreign currencies.

As a result, in the first half of 2017 alone £2.4bn of deals have been transacted across the sector, up 24% compared to the same period in 2016.

Estimates are for this to be repeated in the second half, with a final projection of £4.8bn of transactions for the whole of 2017, up from £3.9bn in 2016.

For income hunters this is great news. Student accommodation provides an attractive yield well above the paltry rates being offered from other asset classes, as well as other parts of the UK property market.

With yields around the 5% mark, student accommodation funds (as measured by MSCI) were markedly above the 2% yields being paid by London office funds, for example.

Transactions in the PBSA market have also shrugged off a 3.7% drop in university applications year-on-year, primarily because the yearly rental cycle (with students typically moving on from one house to another) supports ongoing rental growth, unlike other types of property where rents can be agreed for longer periods.

It is a dynamic that is showing no signs of abating, enabling the PBSA sector to shrug-off Brexit concerns.


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