GLOBAL PROPERTY GUIDE

US : On the long road

to recovery

[RESIDENTIAL BUYER'S GUIDE]

Barbara Marchadesch

GLOBAL PROPERTY GUIDE

U.S. residential property guide

EDITOR'S FOREWORD

Foreign interest in buying U.S. residential property is greater than ever before. The recent housing crisis hasn't touched the perception that the US is a safe-haven, a place to send children to college, a place to get jobs. Residential housing in the U.S. is less costly than for nearly a decade. Price / Rent ratios are back to reasonable The US become more affordable. Whether you are European, Asian, Canadian, or Brazilian, you've probably got personally richer over the past decade, and in addition your currency has probably moved strongly up, compared with the US$. The U.S. economy is recovering. In the view of the Global Property Guide, given that U.S. interest rates are likely to rise, it will take a while yet for U.S. housing markets to move up. But the signs of recovery are there - so, all things considered, now is probably a good time to buy as any.

GLOBAL PROPERTY GUIDE

The U.S. residential property guide

Contents
INTRODUCTION Doing big things The state of the Union House price changes A problem of undersupply and underdemand? A small rise in GDP A slight dip in unemployment A small gain in wages International interest growing Hot spots Round-trip costs Choosing the U.S. Financing for foreigners Foreign buyer profiles The dollar's value matters Is the US market 'well valued'? U.S. tenant profile International renters Sq m price and rental yields Property taxes Rental income taxes Bush tax cuts remain Federal and state income taxes Inheritance and estate taxes Residents Capital gains taxes Residential landlord and tenant acts New York City Miami

CURRENT PROPERTY PRICE PERFORMANCE

TRANSACTION COSTS FOREIGN BUYER

MARKET PROFILE THE RENTAL MARKET

TAXATION

LANDLORD & TENANT WHERE TO BUY IN

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Introduction

The U.S.: Doing big things

"We do big things," said President Obama during his State of the Union speech on January 25, 2011, quoting one of the rescuers who dug out the trapped Chilean miners. The government is going to have some digging of its own to get the U.S. property market out of the hole it has fallen into: 2010 was the worst year for new home sales since 1963. House prices have dipped to record lows. Reversing the housing market's situation has to be one of the "big things" the U.S. should attend to as its economy slowly but gradually recovers. The state of the Union Federal Reserve Chairman Ben Bernanke recently issued an optimistic statement that there was "increased evidence" of this economic recovery, even if GDP growth falls slightly below economists' expectations. GDP rose 3.2% at the end of the 2010 - the sixth quarter of growth in a row, for a total growth of 2.9% for all of 2010. Personal consumption increased at a 2.6% annual rate. In September, inflation rose 1.2% year-on-year, the smallest hike since September 2001. Economists forecast that GDP will grow 2.2% in the first quarter of 2011 and 2.5% in the second quarter. However, unemployment is still high at 9.4%, and house prices are down across the country. More foreigners are buying in the U.S. The U.S. is a buyers' market for international investors right now; more foreigners are buying property in the U.S. this year than in the past two years for many reasons, including the anticipation that better days are ahead for the U.S. housing market. In its recently published report, the National Association of Realtors identified the four biggest U.S. markets for foreign investors: Florida, California, Arizona, and Texas. Purchases in these states make up a little over half of all the real estate sales to foreign buyers in the U.S.

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Current property price performance

House prices still heading down

According to the S&P/Case-Shiller Home Price Indices, using data through August 2010, house prices fell in 15 of the 20 cities in its study. The only cities in the study that saw some improvement in home prices were Chicago, Detroit, Las Vegas, New York and Washington D.C. According to the Federal Housing Finance Agency (FHFA), house prices fell by 1.6% in the third quarter from the second quarter. The states that experienced the biggest drop in prices (4%) were the Mountain States.

Demand still weak In December 2010, new home sales jumped by a surprising 17.5% from a month earlier, eclipsing the 3% that experts had predicted. It was quickly noted, though, that most of the sales were on the west coast, where a looming tax credit deadline in California may have spurred the wave of purchases.
New Single Family Houses Sold (1,000)
1,500 1,200 900 600 300 0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
Source: U.S. Census Bureau

Only 321,000 new homes were sold in all of 2010, 14.2% down from 2009's total, and the smallest number of homes bought since 1963. With house prices down across the board in 2010, it was a buyer's market in the U.S. - but few were actually buying.

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Current property price performance

Some now claim there's undersupply There was a construction boom during the property bubble of the mid-2000s, and when the housing market went into decline after 2005, construction declined-to the extent that some parts of the market may actually be underbuilt, according to the National Association of Home Builders (NAHB), whose perspective may not of course be entirely objective. In 2009, there was a single-family housing deficit of 2.17 million units, again according to the NAHB, which estimates that by the end of 2010, the deficit will grow to 3.28 million units. The locations which rose the most, have fallen the most There's a strong contrast between Dallas, Denver, and New York (relatively unaffected by the boom and bust) and places which caught the boom (like Phoenix and Miami).

House Price Change by Region (%)

50 40 30 20 10 0 -10 -20 -30 -40 Dallas

'00

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

Phoenix

Los Angeles

Denver

Miami

New York

Source: S & P Case - Shiller

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Current property price performance

Price / Rent ratio returning to normal A very optimistic signal for the US market is that Price / Rent ratios are returning to their long-term normal levels. This suggests that after a period of overvaluation, the US housing market is returning to 'fairly valued' House Price vs. Rent
300 250 200 150 100 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Median rent Median house price Source: U.S. Census Bureau 50

Economic recovery in the US There's been a recovery in GDP, which grew 2.6% in the third quarter of 2010 (and 3.1% year-on-year) and 3.2% in the fourth quarter-marking six quarters of growth in a year, but less than the average quarterly 3.31% growth the U.S. has enjoyed since 1947. Overall, GDP grew by 2.9% in 2010 as exports of goods and services grew by 8.5% in the fourth quarter and imports shrank by 13.6%. Jobs returning But despite GDP's slight growth, unemployment continues high. Beginning at 5.0% in January 2008, it rose steadily until it hit 10.10% in October 2009 (close to the all-time post-war high of 10.80% in November 1982). Since the beginning of 2010, unemployment has hovered just below 10%, settling down to 8.90% at the beginning of 2010. But this still means a lot of people are under financial strain - not good for the housing market. Wages gains have been minimal The average weekly salary in the third quarter of 2010 was up 0.3% over the same period the year before, at $740. In the fourth quarter of 2010, both wages and benefits rose by 0.40%. Women had median weekly earnings of $662, men $813. There are 101.4 million full-time wage earners in the U.S.

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Current property price performance

International interest growing
There was one sector that actually increased its property purchases in 2010: foreign buyers. Realtors reported an increase in international interest in the U.S. market and a rise in home sales to foreigners as well. Foreign buyers have become the driving force in hot spots like Miami, where they have been investing in real estate to rent out until house prices rise high enough that they can profit from the sale of their property. Hot spots Sales in four states - accounted for 53% total sales to foreigners: Florida (22%) California (12%) Arizona (11%) Texas (7%)

Other states with sizeable international buyer purchases are: Georgia (5%) New York (4%) Nevada (3%).

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Transaction costs

Transaction costs
When buying a house, the buying process is itself a major expense. Look at the total cost of both buying and selling a property - what we call the 'round-trip transaction cost', which includes all costs of buying and then re-selling a property, including lawyers' fees, notaries' fees, registration fees, agents' fees and taxes. The current average round-trip transaction cost in the U.S. is approximately 9.07% of the property's value, which is rather high for a developed country, principally due to high realtors' fees, supported in the US by a system of restrictive practices at odds with the US ideology of free markets and competition.

"9.07% rountrip transaction costs is typical when buying property in the U.S."
Global Property Guide calculates the round-trip transaction costs by following the following assumptions: The property is purchased by a non-resident foreigner in the country where he/she is buying The property is worth US$250,000 The property is paid in cash The property is a condominium located in a major city The property is not newly built The property is bought from an individual and not a developer or real estate holding company.

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Transaction costs

Transaction costs (cont.)

Transaction costs can be broken down into four major cost areas: Registration costs - the fees and taxes incurred in registering the property with the competent land cadastre or registry. These include registration fees, stamp duties, and notary fees. Real estate broker's fee - commissions are negotiable. Lawyer's fee - the national average hourly billing rate is $284, though it tends to be much lower in small towns and rural areas. Sales and transfer taxes - imposed by local and national governments on the sale and purchase of real estate. They include deed taxes and transfer taxes. Other incidental costs (survey fees, residency permit cost, or company setup costs), are not included in our calculations. Costs paid by buyers and sellers vary widely. Agents and lawyers costs are often negotiable. Buyers of expensive properties often pay proportionately lower agents fees.

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Foreign buyers

Choosing the U.S. The biggest reasons international clients choose the U.S. are its desirability as a location, and a U.S. property's being a profitable and secure investment. The median price paid by international buyers was $219,400, higher than the overall median price of $173,000 for existing homes. (April 2009 to April 2010). About 50% bought their homes for use as their primary residences, 22% bought them as vacation homes, 14% were buy-to-let purchases, the rest were a combination of the latter two. Two-thirds of foreign purchases consisted of detached single-family homes. A quarter purchased a condominium or apartment, 8% purchased a townhouse or row house, and 3% bought commercial property. Fifty percent bought their homes in a suburban area. As for the rest, about a quarter bought homes in the city/urban areas, 14% in resort areas, and 9% in small towns and rural areas. Forty-five percent of home purchases by foreign buyers were in the South, particularly Florida and Texas, followed by the West (32%), particularly in California and Arizona. Financing for foreigners There are no restrictions on foreigners' buying property in the United States. However, foreign buyers do find it harder than residents to obtain loans with which to purchase property. Thirty-four percent of the realtors' international clients were not able to buy homes because they could not get financing. As a result, 55% of foreign buyers paid for their purchases with cash, and only 44% had mortgage financing - a sharp contrast to U.S. buyers, 92% of whom financed their homes with a mortgage.

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Foreign buyers

Foreign buyer profiles The National Association of Realtors recently published its 2010 NAR Profile of International Home Buying Activity, based on a survey of realtors' experiences with international buyers. Canadians. Mexicans and Chinese are big buyers Canadians comprise a quarter of all foreign buyers; they, along with Mexicans and Chinese, account for more than 40% of international buyers in the US. International buyers come from all over the world: North America (35%), Asia (28%), Europe (26%), Latin America (6%), Africa (4%) and Oceania (1%). The NAR's Existing Home Sales information estimates that total residential sales in the U.S. in the 12 months ending March 2010 amounted to $907 billion. The NAR classifies foreign buyers into two types: Type A - foreign investors with permanent residences outside the U.S. but interested in purchasing property in the U.S. 41% of all international clients fall into this category, or about 4.5% of all home sales. Type B - clients who are recent immigrants or temporary visa holders in the U.S. looking for a permanent residence. 38% of all international clients fall into this category. Type B buyers accounted for $25 billion, or about 3% of all home sales. The remaining 21% of international clients are a combination of both types.

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Foreign buyers

The dollar's value matters The report also noted a correlation between the value of the U.S. dollar and U.S. house prices. When the dollar decreases in value, house prices go down as well. However the decline of the dollar generally makes U.S. property more affordable for buyers in the Eurozone. Realtors are divided, however, on the impact of the dollar's value on sales. About 40% said that it has a moderate effect on sales, while 38% believe that the effect is very significant. Twenty-one percent believe that sales are not much affected by the dollar's value relative to other currencies.

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Market valuation

Is the U.S. market 'well valued?'

The US housing boom was accompanied by increases in prices and by decreases in rental returns (yields). The gross rental yield - the percentage return to a typical landlord on rented housing - can be a powerful indicator of whether properties are well-valued or are too expensive. It's like the price/earnings indicator for stocks. Buyers, of course, often don't see it that way: they tend to feel there's little connection between the rental market and the buying market. In fact there is a constant process of arbitrage between the two markets, and affordability tends to become strained as prices rise. Generally, the Global Property Guide is skeptical about markets where gross rental yields are below 5% or 4%, and whose prices are high by historical standards. Yields in the crisis hit areas are high Two of the biggest property markets in the U.S. - both popular with foreign buyers - are Manhattan and Miami. In both the Florida and New York City's smallest and busiest borough, small apartments continue to be the most lucrative: Comparing Miami and New York: Miami yields now high. 80 sq.m. condominiums and townhouses in Miami (Aventura) have average gross rental yields of 9.84%, a noticeable jump from the yield of 7.60% a similar-sized apartment in that area had in 2009, while New York yields still moderate. 60 sq.m. apartments in Lower Manhattan have a more moderate yield of 5.44%-only a small change from 5.48%, the yield a similar-sized apartment in that area had last year. This reflects the fact that prices have fallen much more in Miami than in New York - as they have in all the crisis-hit areas of the US.

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Market valuation

USA: Rental yields

COST () TO BUY MONTHLY RENT PRICE/SQ.M. () TO BUY MONTHLY RENT

YIELD (p.a.)

NEW YORK UPPER MANHATTAN - Apartments

40 60 90 120 200 60 120 200 400 sq. sq. sq. sq. sq. sq. sq. sq. sq. m. m. m. m. m. m. m. m. m. 395,640 669,360 1,075,590 1,443,480 3,474,200 712,260 1,583,280 3,079,600 7,138,800 n.a. 2,804 4,320 6,131 12,466 3,229 6,564 11,286 25,964 n.a. 5.03% 4.82% 5.10% 4.31% 5.44% 4.97% 4.40% 4.36% 9,891 11,156 11,951 12,029 17,371 11,871 13,194 15,398 17,847 n.a. 46.73 48.00 51.09 62.33 53.81 54.70 56.43 64.91

New York Lower Manhattan apartments

Source: Global Property Guide

June 29 2010

MIAMI - Condominiums/townhomes
60 90 120 150 180 250 400 80 120 160 200 300 500 sq. sq. sq. sq. sq. sq. sq. sq. sq. sq. sq. sq. sq. m. m. m. m. m. m. m. m. m. m. m. m. m. 167,580 272,880 567,960 730,650 904,500 1,542,250 3,494,800 150,400 269,640 516,640 648,400 1,092,300 2,078,000 1,234 1,871 2,683 3,585 4,365 7,115 11,356 1,234 1,922 2,680 3,362 5,169 n.a. .
Source: Global Property Guide

8.83% 8.23% 5.67% 5.89% 5.79% 5.54% 3.90% 9.84% 8.56% 6.22% 6.22% 5.68% n.a.

2,793 3,032 4,733 4,871 5,025 6,169 8,737 1,880 2,247 3,229 3,242 3,641 4,156

20.56 20.79 22.36 23.90 24.25 28.46 28.39 15.42 16.02 16.75 16.81 17.23 n.a.

Miami condominiums/townhomes (Aventura)

June 29 2010

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Rental market

Many Americans rent Roughly one-third of households in the United States live in rental housing. Most Americans, in fact, will have rented their homes at some point in their lives. A disproportionate number of renters are lower-income households. This may be partly explained by the fact that as of 2004, more than 80% of households whose heads are 25 and under were renters, as well as two -thirds of those aged 25 to 29. The number of households renting instead of owning their homes declines with the advance in age, but there are still over 4 million households whose heads are 65 and older that rent. People who go through major changes in their life-such as a divorce or separation, or a job transfer-usually choose to rent at least temporarily after they move. As of 2010, more than 61% of Americans aged 18 to 39 rented rather than owned their homes, up from 57% in 2005. Immigrants and foreigners living in the U.S. add to the number of renters, as a large percentage of them across all age groups rent. International renters Foreign renters who do not have a rental history or a credit history in the U.S. may be evaluated differently than prospective tenants, using criteria such as references and bank statements. Some international renters use guarantors or are asked to provide a larger security, sometimes as much as six to 12 months' advance rent .

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Taxation

Property taxes
Most property taxes in the U.S. are levied on the combined value of land and capital. Property tax is levied at the municipal or county level by the local government, and the rates usually range from 0.2% to 2% of the property value. As of 2009, the state with the highest rate is New Jersey, at 1.89%, for a median value of $6,579. The state with the lowest rate is Louisiana, 0.18% of land value, or a median amount of $243. Rental income tax Cash or fair market value of property that the taxpayer receives as payment for the use of real estate is taxable by the IRS as rental income. In general, expenses from renting out property can be deducted . Non-residents with rental income are taxed at the federal and, generally, at the state levels. At the federal level, rental income is considered as investment income, and non-residents may opt to have their rental income classified as Fixed Determinable Annual Periodical (FDAP) income or as Effectively Connected Income (ECI). What's the difference? Under the FDAP classification, rental income is subject to a 30% withholding tax, levied on the gross amount, without offset for deductions, personal allowances or credits. If the taxpayer chooses to have rental income classified as ECI, the ordinary progressive tax rates are imposed after allowable deductions have been applied. Non-residents are only given this choice when it pertains to income from real estate property. Generally, when a non-resident is engaged in a trade or business in the U.S., income from such activities falls under ECI. When a non-resident earns income from sources that are fixed or regular, or when income is determinable before it is earned, such income is treated as FDAP income.

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Taxation

Bush tax cuts remain There are four categories of income: wages and salaries, business income, investment income, and capital gains. All except capital gains, are generally aggregated and taxed at the same rates. Taxable income is generally computed as gross income less certain statutory deductions to arrive at adjusted gross income (AGI), less the standard deduction amount or the amount of itemized deductions, less personal exemption amounts. For non-residents, the tax liability depends on the type of income that is being taxed. Income is taxed at the federal level and at the state level, both at progressive rates. In December 2010, Congress voted to extend the Bush tax cuts for two more years, by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Signed into law by President Obama, this ensures that through 2012 the top Federal tax rate stays at 35%. Federal income tax The federal tax rates for 2011 are as follows:
Married filing jointly Marginal tax rate 10.0 % 15.0 % 25.0 % 28.0 % 33.0 % 35.0 % Tax brackets Over But not over $0 $17,000 $69,000 $139,350 $212,300 $379,150 $17,000 $69,000 $139,350 $212,300 $379,150 Married filing seperately Marginal tax rate 10.0 % 15.0 % 25.0 % 28.0 % 33.0 % 35.0 % Tax brackets Over But not over $0 $8,500 $34,500 $69,675 $106,150 $189,575 $8,500 $34,500 $69,675 $106,150 $189,575 -

Single Marginal tax rate 10.0 % 15.0 % 25.0 % 28.0 % 33.0 % 35.0 % Tax brackets Over But not over $0 $8,500 $34,500 $83,6000 $174,400 $379,150 $8,500 $34,500 $83,6000 $174,400 $379,150 -

Head of household Marginal tax rate 10.0 % 15.0 % 25.0 % 28.0 % 33.0 % 35.0 % Tax brackets Over But not over $0 $12,150 $46,250 $119,400 $193,350 $379,150 $12,150 $46,250 $119,400 $193,350 $379,150 -

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Taxation

State income tax Forty-one states impose a state income tax. Of these, 35 base the taxes on federal returns.In addition, nine of the 41 allow taxpayers to deduct some or all of their federal income taxes: Alabama, Iowa, Louisiana, Missouri, Montana, North Dakota, Oklahoma, Oregon and Utah. Two other states, New Hampshire and Tennessee, limit their state income taxes to dividends and interest income. Only seven states do not impose income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. In place of income tax, some of these states raise revenue by levying higher sales taxes. Inheritance and estate taxes An estate tax is a tax on the deceased's estate as a whole. The federal estate tax is levied by the government. For 2011 and 2012 the top tax rate is 35%, with estates below $5 million exempt, or $10 million for married couples. In the majority of states, the estate tax either no longer applies to deaths after a certain date, or is limited to federal estate tax collection. An inheritance tax is a tax imposed on beneficiaries who receive property from the deceased. In the U.S., it is levied by the states. Only nine presently have an inheritance tax: Indiana, Iowa, Kentucky, Maryland, Nebraska, New Jersey, Pennsylvania and Tennessee. Residents U.S. citizens and resident aliens are required by the IRS to report their worldwide income on their tax return.

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Taxation

Capital gains taxes The maximum long-term capital gains tax rate is 15%, except for taxpayers in the lowest two tax brackets, who will pay 5%. These rates had been set to expire at the end of 2010, but were extended along with the rest of the Bush tax cuts for two more years. Gains on assets held for less than a year are taxed at the ordinary income tax rate. When a nonresident alien sells property, the buyer is required to withhold 10% of the selling amount as tax. The withholding tax is later credited as advance payment for capital gains tax. In addition, most states tax capital gains as part of income. State income tax rates apply

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Landlord & tenant

Landlord & tenant laws

The U.S.' landlord and tenant laws try to be as fair to both parties as possible. Most state landlord and tenant laws are based on the Uniform Residential Landlord and Tenant Act (URLTA) of 1972. According to the act, the landlord and tenant may craft their own terms in the rental agreement as long as they are not prohibited by URLTA. But the rental amount and term of agreement can be freely negotiated. Some requiremets under URLTA . Rent is to be paid, without demand or notice, at a time and place agreed upon by both parties. The rental agreement should specify the period when the rent is to be paid-usually monthly, sometimes weekly, and sometimes the landlord and tenant come to their own agreement. Some landlord obligations under URLTA: The landlord may not demand security in excess of 1 month's rent The landlord shall comply with health and safety building codes The landlord shall make repairs and maintain the premises in a fit and habitable condition The landlord shall maintain the electrical, plumbing and other facilities in good and safe condition. Some tenant obligations under URLTA: The tenant shall comply with health and safety building codes, keep the premises clean and safe, and properly dispose of garbage and other waste The tenant shall use the electrical, plumbing and other facilities in a reasonable manner The tenant shall not deliberately destroy or damage any part of the premises or allow anyone else to do so, and conduct himself properly in a way that will not disturb his neighbors. The tenant shall not forbid the landlord to enter the premises to inspect it, make necessary repairs, supply necessary services, exhibit the premises to prospective tenants or buyers, or in the case of emergency. However, the landlord may not abuse this privilege and use it to harass the tenant, or enter at unreasonable times. Except in the case of emergency, the landlord must provide the tenant at least two days' notice.

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Landlord & tenant

Landlord & tenant laws (cont.)

If the landlord does not comply with his obligations, the tenant may deliver a written notice to the landlord specifying the acts and omissions that constitute the breach, and demand that the rental agreement will terminate in no less than 30 days if the breach is not remedied in 14 days. Similarly, if the tenant does not comply with his obligations, the landlord may deliver a written notice to the tenant specifying the acts and omissions that constitute the breach, and demand that the rental agreement will terminate in no less than 30 days if the breach is not remedied in 14 days. The landlord-tenant laws of several states also specify that the landlord may not refuse to rent to a tenant on the basis of the tenant's race, color, religion, sex, sexual orientation, marital status, national origin, ancestry, familial status, source of income or disability, or those of someone who is associated or perceived to be associated with the tenant. Rent control laws still exist: Some cities have rent stabilization and rent control laws, adopted in the U.S. to deal with wartime shortages. Rent control is not without its critics, since it adds to housing shortages. Perhaps the most famous example of a city with rent control laws is New York City, where over one million apartments are rent-controlled or rent-regulated.

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Where to buy

New York City

The Big Apple continues to be one of the most favored locations by international buyers. New York City at a glance Population: 8.5 million (city), 19 million (metropolitan area) Where to buy: Manhattan is the busy heart of New York City. In 2010, the median prices of mainly high - end properties in the borough rose- those of townhouses by 13.2% and condominiums and co - ops by 3.5% in 2010. Apartment sales were up 35.4% from the year before. Typical Manhattan price for 120 sq m apartments: $1,443,480 (Upper Manhattan), $1,583,280 (Lower Manhattan). Typical Manhattan yield for 120 sq m apartments: 5.10% (Upper Manhattan), 4.97% (Lower Manhattan).

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Where to buy

Miami
Foreign buyers are the driving force behind the success of the South Florida property market. Miami at a glance Population: 433,136 (city), 5.6 million (metropolitan area) Where to buy: The city of Aventura in Miami - Dade County is one of the nicer areas in the Miami metropolitan area. It is quite well-off, with a sub - stantial retirement community. One of its biggest attractions is Aventura Mall, a high - end shopping mall and the largest in Florida. Typical Aventura price for a 120 sq m condominium or townhome: $269,640. Typical Aventura yield for a 120 sq m condominium or townhome: 8.56%.

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Global Property Guide Reports

What is the Global Property Guide? Launched in 2004, the Global Property Guide provides in-house research to help buyers of residential property abroad. We look at Valuation (whether property is expensive by standards such as the Price/Rent ratio) Rates of taxation Total costs of buying and selling property Landlord and tenant law' Inheritance law and inheritance taxation Economic trends Our statistics on national house - price changes sell to the World Bank, IMF, and similar institutions (educational institutions should apply for special consideration to publisher@globalpropertyguide.com ). Our research is widely quoted by leading media such as The Economist, Forbes, the Wall Street Journal, the BBC, as well as by industry publications. Our ratings of landlord-friendly landlord and tenant law has since been emulated by OECD policy papers.

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