I deliver to your sagacity's editorial Micheaud Christian, released today at www.pierrepapier.fr . Of course, the pessimists will say that he preaches to his chapel. But both read before judging.
"Not to mention real estate as a" bunker anti-globalization "in the words of Emmanuel Todd at the last conference of the Institut de l'Epargne Immobilière et Foncière, one wonders if in the years to come, the best ally of the stone will not fear ... "The fear of economic uncertainty, volatile stock market and it creates even more inflation .
Real estate is a haven against inflation, said the doxa, not least because rents are indexed to prices. It's true, provided that the vacancy does not impair the rental income. And that is the whole point of rock paper! It allows the investor to invest in a diversified portfolio: a multitude of buildings spread over different geographical areas and occupied by many tenants in multiple economic activities.
Whether or not there will have an inflationary impact in the coming years, economists argue bitterly about the subject. Rather than forcing investors to take sides, the best service to make them is to offer them protection from this risk. The fear of higher prices is now sufficiently widespread among small investors as among the major investors, so that it is reasonable to require the managers performance net of inflation.
here is that real estate has a role to play. What better "real asset" that the stone to provide a net performance of inflation? Some pension funds, as the Norwegian Government Pension Fund Global, but also to a lesser extent, the Pension Reserve Fund French announced they would increase their exposure to real estate. It is not unreasonable to expect investors to do likewise. In a world worried about future values, the rock-paper has formidable strengths to win. "
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