Bosnia-Herzegovina Real Estate Report Q4 2011

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Bosnia-Herzegovina Real Estate Report Q4 2011 Published on August 2011

Report Summary Bosnia & Herzegovina has a positive period ahead as it rebounds from the recession from which it emerged at the end of 2010. It has a renewed enthusiasm for business ' following neighbour Croatia's accession into the EU ' and a strengthening market for exports which will drive the manufacturing sector, as well as utilities and tourism. The country's real estate market is more locally influenced that many other Central and Easter European (CEE) countries, and Bosnia needs input and investment from outside to help boost the sector. With that in mind, rental costs for property range across the cities and sub-sectors we monitor, and are currently wavering between growth and decline. Key opportunities in the real estate market: * Revisions of land ownership and construction laws are under way, which will provide the industry with a more comparable legal base from which to operate. * Projects to improve local welfare and quality of life include the construction of sewage networks, modernisation of various school and local government premises, and numerous planning ideas. * Improvement of legislation related to foreign investment, including tax incentives and a reduction in bureaucracy. Included are attempts to strengthen the protection of assets, and to encourage freedom in their management and disposal. * New developments under way include a new shopping centre under construction in an area adjacent to Sarajevo's airport. The company building it is Airport Centre Sarajevo (ACS LLC), which is owned by the airport (with a 20% share), and by Viennese companies IPD Group and Karimpol Group (with 40% each). The project had stalled throughout the global financial crisis but is now back online and groundwork is under way. Key risks to the real estate market: * Political issues remain the hottest topic for Bosnia. Even if a new power-sharing agreement is reached, we warn that political reforms will remain piecemeal, given that the presidential and parliamentary elections left the political landscape still divided along ethnic lines. The biggest risk from this is that foreign investment ' which is needed in the real estate sector ' will be put off.

Table of Content Executive Summary 5 SWOT Analysis 6 Bosnia & Herzegovina Real Estate/Construction SWOT ...... 6 Bosnia & Herzegovina Economic SWOT ...... 7 Bosnia & Herzegovina Business Environment SWOT ... 8 Real Estate Market Overview .. 9 Real Estate Market Analysis . 10 Table: Bosnia & Herzegovina's Real Estate Market ' Rentals, 2010 And 2011 (per m²/month, EUR) 10 Table: Bosnia & Herzegovina's Real Estate Market ' Net Yields, 2011 And 2012 (%) ....... 11 Table: Bosnia & Herzegovina's Real Estate Market ' Terms Of Contract/Lease 11 Industry Forecast Scenario ... 12 Real Estate Outlook .... 12 Table: Bosnia & Herzegovina's Real Estate Market ' Rentals, 2010-2012 (per m²/month, EUR) ....... 13

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>> Get this Report Now by email! Table: Bosnia & Herzegovina's Real Estate Market ' Forecast Net Yield (%), 2008-2015 14 Construction And Infrastructure Outlook ... 14 Table: Bosnia's Construction Industry Data And Forecasts, 2007-2015 ..... 14 Table: Bosnia's Construction Industry Data And Forecasts, 2012-2020 ..... 15 Bosnia's Macroeconomic Outlook ...... 16 Table: Bosnia-Herzegovina ' Economic Activity, 2008-2015 ...... 18 Business Environment . 19 Table: BMI Business And Operation Risk Ratings ...... 19 Table: BMI Legal Framework Rating . 21 Table: Labour Force Quality ...... 25 Table: Emerging Europe ' Annual FDI Inflows . 27 Table: Trade And Investment Ratings . 29 Table: Top Export Destinations .. 30 Competitive Landscape 31 Company Profiles .. 32 BBI Real Estate ... 32 Delta M Group/Delta Real Estate ....... 33 GP Put d.d. Sarajevo .. 35 STRABAG SE ...... 36 Vranica d.d. Sarajevo . 37 BMI Methodology .. 38 How We Generate Our Industry Forecasts . 38 Construction Industry . 39 Bank Lending ...... 40 Sources ....... 40

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