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UNECE REAL ESTATE MARKET ADVISORY GROUP (REM)

Real Estate Market Advisory Group UNECE – REM

Presentation of Policy Framework for Sustainable Real Estate Markets by Enrico Campagnoli , vice Chair of UNECE REM

UN Symposium: Raising the Standard of Real Estate Development around the World

October 19, 2012 - UN Millenium Plaza Hotel - New York - NY

Presentation of

Policy Framework for Sustainable Real Estate Markets

of UNECE- Real Estate Market Advisory Group (UNECE/REM)

http://www.unece.org/housing-and-land-management/about-us/real-estate-market-advisory-group-rem.html

and its implementations

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International Real Estate Federation USA Chapter

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The application of the Framework's principles should be based on widely accepted key concepts:

1.Sustainable development: as development that “meets the needs of the present without compromising the ability of future generations to meet their own needs”;(*)2. Good governance: which should prevent decision-making based on self- interest and favor decision-making to the benefit of common good; 3. Transparency: the degree of clarity and openness through which decisions are taken;4. Accountability: the extent to which political actors are responsible to society for their actions; 5. Fairness: the degree to which rules are equally applied to everybody; 6. Efficiency: the extent to which limited human and financial resources are applied without waste, delay or corruption or without compromising the well-being of future generations.

(*) United Nations, 1987. "Report of the World Commission on Environment and Development." General Assembly Resolution 42/187, 11 December 1987. Retrieved: 2007-04-12




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Principle 1 Integrated Legal Framework

Principle 2 Efficient Land Register and Cadastre

Principle 3 Efficiency of Services

Principle 4 Prerequisites for Development of Sound Real Estate Markets

Principle 5 Good Governance

Principle 6 Sustainable Financing

Principle 7 Transparency and Advanced Financial Products

Principle 8 Property Valuation

Principle 9 Social Housing

Principle 10 Training and capacity Building

The Framework's ten principles




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INTEGRATED LEGAL FRAMEWORK

An integrated national legal system should be established and harmonized with the existing regional and international norms for the real estate sector. Technical reference frameworks should be set for the application of regulations in order to promote the proper functioning of the real estate market. In addition, a legal framework for land and land use should be available at the national level.

RATIONALENorms and regulations, together with the systems set up by every country to control and legally protect the rights of possession and use of real estate, provide the necessary foundations on which to create and develop efficient and integrated markets. Without an integrated national legal system, all activities that involve management of and investment in the value of a property—and which in turn contribute to increase employment opportunities and the overall economic development of a nation—are considerably jeopardized.

KEY INDICATORS

In Principle 1 there are 12 Indicators

Example: principle 1




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The UNECE Policy Framework

for Sustainable Real Estate Markets is a kind of “tool” offered to the

attention of the UNECE member States.

It is the result of the cooperation among UNECE & Governments

and private RE sector.




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.

z

December 16, 2008New York atUN Headquarters

Reply to the Financial crisis

Rose Migiro, UN Deputy Secretary General, indicates the opportunity to prepare some guidelines for Sustainable Development of RE Markets




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and after it has been translated in different languages and has been disseminated

On April 2010 the Framework has been approved by UNECE...

From the UNECE approval of the Framework to its dissemination




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The Framework has been considered by Governments

in Ukraine, on June 18, 2010 in Portugal, on January 27, 2011

in Italy, on May 12, 2010 and in Russia, on January 27, 2012

in UNECE REM round tables supported by private RE sector




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Framework has been considered in Kiev, in Ukraine on June 18, 2012




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Framework has been considered in Lisbon, Portugal on Jan 27, 2011

Opening speech of Paolo Campos, Secretary of State of Public Constructions of Portugal

Closing remarks Joao Tiago Silveire, Secretary of State of Council of Ministers of Presidency of Portugal




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Framework has been considered in Rome, in Italy on May 13, 2011




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Framework has been considered in Moscow, Russia, on Jan. 27 2012




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Framework has been presented worldwide to private RE sector

at MIPIM in Cannes France on March 10, 2011




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Rio + 20: side event June 21, 2012 Greening the Real Estate Market : The Development of a Sustainable R.E. Sector

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The presentation of this “tool”, the Framework,

in this Rio +20 side event in some way underlined

the relevance of

the Development of a Sustainable RE Market for

the Global Sustainable Development .




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Presentation of the Framework at Rio+20 was usefull:

A- to represent the opportunity to consider the extention of the benefits of the Framework's principles also outside UNECE region's States.

B- to represent the opportunity to consider the implementations of the principles, with prospective UNECE REM Projects, for a stronger Sustainable RE Development.

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A- Extension of the benefits of the Framework's principles also outside UNECE region's States.

The extension of the benefits of the Framework's principles also outside UNECE region's States, in Africa, in Central and South America, in Middle East, in Asia and Pacific could be relevant to improve the contribution of RE Sustainable Development to the Global Sustainable DevelopmentSomething informally has been done with contacts with Arab League, China, etc., but much more remain to be done and it could be part of “The future we want”.Rio+20 was a starting point of a cooperation of the private RE sector with other ECOSOC regions and UN Habitat, that could be the key of the success, as it has been in UNECE region, to promote the benefits of the Framework's principles also outside UNECE region's States.

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B- the implementations of some Framework principles

- Greening the Real Estate Market: implementation of the Framework principles underlining the importance to listen to the inputs coming from the RE market for the development of a green the RE market itself.

- Other possible implementations: implementation of the principles with other inputs that could come from everywhere, also from private RE Sector, from investors, experts, managers and other professionals. One of them: on RE consumer protection.

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This was for the past

What in the immediate next?

It is ready the first implementation of the Framework.The consideration on the first UNECE REM project on a crucial aspect of the financial crisis:

“Real Estate property and risk evaluation for RE backed financial products”

could contribute to restore confidence of the market in financial products backed by RE assets and allow to RE private sector to exit from the crisis stronger. It is under public consultation and it could be presented in January in an UNECE REM event.

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UNECE REM Project on Real Estate Rating:

Real Estate property and risk evaluation for RE backed financial products

http://www.unece.org/fileadmin/DAM/hlm/sessions/docs2012/real_estate_property_and_market_risk.pdf

- has been presented on June 26, 2012 Palais des Nations , Geneva, Switzerland during the UNECE REM event on: Recovery, Sustainability and Evolution: perspectives on the Real Estate Economy- has been endorsed on September 24, 2012 by the UNECE Committee on Housing and Land management

- the 28 pages document is under public consultation.

-Next speaker, Prof. Michael Malloy, will speak especially on this matter.




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What next?

- The Greening Real Estate Market project is starting now:the concept note, the definition of a possible survey with a large FIABCI and private sector involvement, etc., are on the way.- UNECE REM Round Table in Greece - The round table in Athens is under preparation as an UNECE REM event with Greece Government and all RE actors, organized by FIABCI Greece, to consider the Framework in the National RE legal set of laws, to contribute to improve the RE market and foreign RE investments. The event scheduled on December 10 next has been recently postponed to February next for Governmental reasons .

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What next? “Dulcis in fundo” and more

- A possible UNECE REM Round Table in USA in Washington DC on January 15 next- The round table in Washington DC on February 15 next should involve as an UNECE REM event the USA Government and all RE actors and be organized by FIABCI USA, not only to consider the Framework in the National RE legal set of laws as usual, but also to consider ( or reconsider ) the risk in the RE assets backing financial products, in view globally to contribute to restore confidence in the Market and improve the RE market and foreign RE investments. .

not

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A sound regulated RE Market, based on general common principles as those indicated by the Framework and in its implementations, with the Development of a Sustainable RE Market, promoted and supported by private sector, could strongly contribute to a Global Sustainable Development and play an important role in the recovery and in the exit from financial crisis having a strong RE sector.

You are a representative of RE private sector. RE future depends also on you!r




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Thank you

E-mail: [email protected]

Dott. Ing. Enrico CampagnoliVice Chair UNECE REMInternational Real Estate Federation (FIABCI) World President 2010-2011President of Istituto Italiano di Valutazione Immobiliare (IsIVI)




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