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AGENCY INVESTMENT MANAGEMENT CONSULTING 2

Quares Group

Quality Benelux > 80 7,0 Innovation in Real Estate Employees Million EUR

AGENCY INVESTMENT MANAGEMENT CONSULTING 3

Quares Group

AGENCY

(BE)

INVESTMENT

(BENELUX)

MANAGEMENT

(BENELUX)

CONSULTING

(BENELUX)

AGENCY INVESTMENT MANAGEMENT CONSULTING 4

Quares Group

AGENCY

(BE)

INVESTMENT

(BENELUX)

MANAGEMENT

(BENELUX)

CONSULTING

(BENELUX)

Offices

• Antwerp

• Mechelen

• St-Niklaas

AGENCY INVESTMENT MANAGEMENT CONSULTING 5

Quares Group

AGENCY

(BE)

INVESTMENT

(BENELUX)

MANAGEMENT

(BENELUX)

CONSULTING

(BENELUX)

Kapitaalstructu

ur

AGENCY INVESTMENT MANAGEMENT CONSULTING 6

Quares Group

AGENCY

(BE)

INVESTMENT

(BENELUX)

MANAGEMENT

(BENELUX)

CONSULTING

(BENELUX)

• 2nd largest

independant

Real Estate Manager

• 2 under

anageent

• 32 buildings

AGENCY INVESTMENT MANAGEMENT CONSULTING 7

Residential Market in Flanders – European perspective

10,4% of income related to housing

1. Available income

11,4% on European basis

GE / NL / UK > 15%

LUX < 7%

Available income Europe

AGENCY INVESTMENT MANAGEMENT CONSULTING 8

Residential Market in Flanders – European perspective

10,4% of income related to housing

1. Available income

11,4% on European basis

GE / NL / UK > 15%

LUX < 7%

Available income Europe

72 % Owner / 28% Tenant

2. Owner / Tenant

70 % Owner / 30% Tenant

GE > 45%

LUX < 28%

Owner / Tenant Europe

AGENCY INVESTMENT MANAGEMENT CONSULTING 9

Residential Market in Flanders – European perspective

10,4% of income related to housing

1. Available income

11,4% on European basis

GE / NL / UK > 15%

LUX < 7%

Available income Europe

72 % Owner / 28% Tenant

2. Owner / Tenant

70 % Owner / 30% Tenant

GE > 45%

LUX < 28%

Owner / Tenant Europe

124 m²

3. Average m²

94m² GE < 95m²

LUX > 130m²

Average m² Europe

AGENCY INVESTMENT MANAGEMENT CONSULTING 10

Economical situation in Belgium

• 261 blj. EUR on Belgian accounts De Belgische spaarboekjes dikken opnieuw aan. In december stond er

261,6 miljard euro op de boekjes. Dat blijkt uit de jongste statistieken van

de Nationale Bank.

• Return on saving account is historical low De grootbank KBC heeft de rente op spaarrekeningen gehalveerd van

0,10% naar 0,05%. De getrouwheidspremie van 0,10% blijft ongewijzigd

• Inflation today > 1,8%

• Decreasing buying power Er is een dalende koopkracht voor mensen die hun geld op de bank laten

staan.

• + 20% of mortgage credits for 2nd real estate

properties Van alle hypothecaire kredieten bij marktleider BNP Paribas Fortis is een

op de vijf bestemd voor de aankoop van een tweede pand. Barbara

Dewulf, projectmanager woonkredieten bij BNP Paribas Fortis.

AGENCY INVESTMENT MANAGEMENT CONSULTING 11

Residential Market in Belgium

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Evolutie prijzen tov inflatie

woningen app INFLATIE

AGENCY INVESTMENT MANAGEMENT CONSULTING 12

Residential Market in Flanders

2004 2014 %

Appr. / Flats / Studio’s 129K 214K +66%

Houses 110K 215K +95%

Villas / landhouses 302K 355K +18%

1. Evolution of prices

AGENCY INVESTMENT MANAGEMENT CONSULTING 13

Residential Market in Flanders

2004 2014 %

Appr. / Flats / Studio’s 129K 214K +66%

Houses 110K 215K +95%

Villas / landhouses 302K 355K +18%

1. Evolution of prices

• Increasing flow to A & B cities

• Distinction between Occupier for their own compared to Occupier

for investment Yield or Emotion

• Important additional trends

• Smaller (costs, time, etc…) – lower surface for app. & houses

• Starterflats / co-housing / student flats

• Development in cities: nearby public transport

• new appartments (2016/2010: + 18%)

2. Trends

AGENCY INVESTMENT MANAGEMENT CONSULTING 14

Residential Market in Flanders

2004 2014 %

Appr. / Flats / Studio’s 129K 214K +66%

Houses 110K 215K +95%

Villas / landhouses 302K 355K +18%

1. Evolution of prices

• Increasing flow to A & B cities

• Distinction between Occupier for their own compared to Occupier

for investment Yield or Emotion

• Important additional trends

• Smaller (costs, time, etc…) – lower surface for app. & Houses

• Starterflats / co-housing / student flats

• Development in cities: nearby public transport

• new appartments (2016/2010: + 18%)

2. Trends 2. Survey

AGENCY INVESTMENT MANAGEMENT CONSULTING 15

Residential Market in Flanders - Antwerp

• Very ambitious projects Real Estate Projects

• Transformation programs for parts of city (‘t

Eilandje / Zuid)

Antwerp

2015 2016

Nr. transactions 4.275 4.906

Price 201K 198K

AGENCY INVESTMENT MANAGEMENT CONSULTING 16

Residential Market in Flanders - Gent

• Very low city escape

• Lower activity on development

• Appartments very expensive, higher than avg. in

Brussels & Antwerp

Gent

2015 2016

Nr. transactions 726 1.061

Price 259K 250K

AGENCY INVESTMENT MANAGEMENT CONSULTING 17

Residential Market in Flanders - Trends

1. Location – Location - Location

AGENCY INVESTMENT MANAGEMENT CONSULTING 18

Residential Market in Flanders - Trends

1. Location – Location - Location

Kissing is like Real Estate

The most important thing is

Location

Location

LOCATION

AGENCY INVESTMENT MANAGEMENT CONSULTING 19

Residential Market in Flanders - Trends

1. Location – Location - Location

2. Yield compared to Emotion

AGENCY INVESTMENT MANAGEMENT CONSULTING 20

Residential Market in Flanders - Trends

1. Location – Location - Location

2. Yield compared to Emotion

3. Changing trends

• Starterflats – Co-Housing - Studenthousing

• Flexibility

• Escape to the city City Development

AGENCY INVESTMENT MANAGEMENT CONSULTING 21

Residential Market in Flanders - Trends

1. Location – Location - Location

2. Yield compared to Emotion

3. Changing trends

• Starterflats – Co-Housing - Studenthousing

• Flexibility

• Escape to the city City Development

AGENCY INVESTMENT MANAGEMENT CONSULTING 22

Residential Market in Flanders - Trends

1. Location – Location - Location

2. Yield compared to Emotion

3. Changing trends

• Starterflats – Co-Housing - Studenthousing

• Flexibility

• Escape to the city City Development

4. Investment in Yield Make thorough

calculation

AGENCY INVESTMENT MANAGEMENT CONSULTING 23

Residential Market in Flanders - Trends

1. Location – Location - Location

2. Yield compared to Emotion

3. Changing trends

• Starterflats – Co-Housing - Studenthousing

• Flexibility

• Escape to the city City Development

4. Investment in Yield Make thorough

calculation

5. Investment in paper <-> investment in bricks

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