Pick of the bunch: W/E 1st March 2024
GKR International - Real Estate Talent Specialists
global property recruitment specialists / career advisors / love coffee, cakes & phone calls so call us on 0207 048 3304
Highlighting some of our latest opportunities across each of our disciplines, market news, survey insights, and top tips for real estate professionals.
Our weekly 'Pick of the Bunch' has been redesigned with your feedback in mind; click the images to read more about our latest jobs and industry news.
Residential Real Estate
This week, the residential real estate market underwent significant developments.
In Hong Kong, the government, led by Financial Secretary Paul Chan, unveiled the 2024-25 Budget against a backdrop of global geopolitical tensions. Chan stressed the importance of careful financial management and announced substantial reforms which included the immediate abolition of certain taxes associated with buying residential properties, such as the Special Stamp Duty (SSD), Buyer’s Stamp Duty (BSD), and the New Residential Stamp Duty (NRSD). These changes are expected to facilitate home purchases and encourage growth in the real estate market.
Globally, the ultra-high-end segment exhibited resilience, experiencing a modest uptick in sales of properties priced over $50 million in the U.S. Despite the possibility of declining interest rates, indications suggest a potential increase in luxury property supply, particularly in the U.S. Miami is forecasted to lead in luxury price growth, followed by New York and Los Angeles. Internationally, Auckland, New Zealand, is expected to witness the highest growth in luxury real estate prices, followed by Mumbai, Dubai, Madrid, Sydney, and Stockholm.
In the UK, Chancellor Jeremy Hunt is expected to announce further adjustments that could impact the residential real estate market ahead of the upcoming general election. These policy changes may influence the dynamics of buying and selling homes in the country. The real estate market remains dynamic and responsive to economic conditions, governmental policies, and global trends.
Contact: James Isaac, Recruitment Consultant
Contact: Michael Woda, Partner
Property Management
The Property Management Market is set for substantial growth, projected to reach USD 43.21 billion by 2030 from USD 19.87 billion in 2022, according to SNS Insider. This growth, driven by a solid Compound Annual Growth Rate (CAGR) of 10.2% from 2023 to 2030, stems from the increasing use of Property Management Software, which improves efficiency and communication among stakeholders.
Smart building projects, with IoT devices providing real-time data for automation and energy efficiency, are key drivers of this growth. The market is divided into residential and commercial sectors, tailoring management to owners' specific needs. The market's resilience lies in stable demand, diverse revenue streams, and technology integration. Property managers' expertise in legal compliance, maintenance, and financial management adds value.
North America leads revenue, with Europe and Asia Pacific showing rapid growth. Economic downturns pose challenges, but property management firms can optimise operations and maintain property values, showcasing the industry's resilience.
Contact: Emma Smith, Recruitment Consultant
Business Support
Across the hospitality sector, there's a noticeable trend towards adopting AI-enhanced processes, particularly in financial management. Companies like Aptech are partnering with technology firms such as Ottimate (formerly PlateIQ) to improve hotel accounting practices. Similarly, The National Hotel Miami Beach has embraced software solutions from Aptech to enhance its financial operations.
These integrations introduce features like invoice automation, expense tracking, streamlined approval workflows, and vendor management, providing hotel accounting teams with advanced tools for financial management.
In Saudi Arabia, Knight Frank, a global professional services firm, has launched an academy to develop talent in the real estate sector. Graduates undergo a 2.5-year program, working while obtaining a Master of Science in Real Estate from Oxford Brookes University and a qualification from the Royal Institution of Chartered Surveyors (RICS). Talal Raqaban, Partner at Knight Frank, highlighted the program's aim to cultivate future leaders and provide career opportunities in real estate consulting, retail advisory, valuations, transactions, and capital markets.
Contact: Emma Smith, Recruitment Consultant
As an employer, would you consider hiring a "job hopper" (someone who has left employment within 12 months)? ??
Commercial Real Estate
In 2024, the commercial real estate market is showing signs of resilience amidst challenges. Executives acknowledge potential opportunities ahead, with the prospect of interest rate cuts generating cautious optimism. These anticipated reductions are expected to impact transaction volumes and deal velocity, though asset pricing remains a critical factor for investors. Institutional and private investors continue to drive capital flow, underscoring market stability.
While sentiments towards distressed property investment vary, conversion projects face financing hurdles, particularly in construction. Overall, the market outlook reflects a balanced perspective, acknowledging both opportunities and challenges in the year ahead.
领英推荐
Contact: Andy Irvine, Associate Director
Built Environment
The global movement towards achieving net-zero emissions is reshaping career opportunities within the built environment sector. Professionals are increasingly drawn to roles that contribute to sustainability and environmental conservation. As industries transition to greener practices, a variety of career paths emerge, ranging from clean energy engineering to eco-friendly construction practices.
The emphasis on recycling, upcycling, and waste management in the circular economy also opens avenues for innovative roles in sustainable design and resource management. Urban farming and sustainability consulting are among the emerging fields that align with the growing demand for environmentally conscious solutions. As businesses and industries adapt to sustainability principles, professionals across various sectors find opportunities to contribute to a more eco-friendly future.
Contact: Michael Woda, Partner
Contact: Lee Riley, Senior Director
Investment, Finance & Accountancy
The UK is poised to lead a resurgence in European real estate investment in 2024. International investors are attracted by anticipated falls in interest rates and a modest economic revival, driving a 20% rebound in investment activity. The UK, Germany, Spain, and the Netherlands are key destinations, with London being the top city for investment. Despite a tough year in 2023, with a 40% decrease in cross-border investment, Europe is expected to regain its position as the leading destination for international investment in the next 12 to 18 months.
The UK's discounted rates and high return potential make it a top choice for cross-border investment, followed closely by Germany, Poland, Spain, and the Netherlands. London, known for its resilience amidst economic challenges, remains a major focus for global capital. With the European Central Bank and the Bank of England indicating potential rate cuts, international institutions and individual investors are expected to re-enter the market, further fueling the revival of European real estate investment.
Contact: Grant Kaveney, Founding Director
Placement of the Week:
GKR News:
As the budget speech approaches, the prime property sector remains poised for potential transformations.
The global real estate landscape offers boundless opportunities for career growth, professional development, and personal fulfilment.
Read our latest feedback via our Google Reviews:
Apply to work at GKR International:
Contact our team at 0207 048 3304 or email us at [email protected] to find out what other opportunities we are recruiting for.
If you are looking for talent for your team, we would love to hear from you.
GKR International offers up to ￡250* cash per successful referral if you know any friends/colleagues/family looking for a new career opportunity within the property sector.