According to Emerging Trends in Real Estate Asia Pacific 2008, just published by the Urban Land Institute (ULI) and PricewaterhouseCoopers LLP. The three cities also received high ratings for development potential, reaffirming their status as leading global gateways. ULI, based in Washington, D.C., is a global education and research institute committed to responsible land use; its ULI Asia district council support the institute'sgrowing membership in countries throughout Asia.
The report, provides an overview of Asia Pacific real estate investment and development trends, real estate finance and capital markets, trends by property sector and metropolitan area, and other real estate issues relevant to the countries in Asia.
Twenty markets are taken into account for the report. Emerging Trends is centered on the opinions of internationally renowned real estate professionals. The Asia Pacific version comprises interviews with and surveys of more than 190 professionals, including investors, developers, property company representatives, lenders, brokers and consultants.
One change amplified in Emerging Trends is the increasing number of individuals and firms in more than one Asia Pacific market, pointing at a progressing comfort level by the business community with functioning in several cities offering diverse conditions.
According to the report there is no doubt that the Asia Pacific property market is still as diverse today as it was a year ago, considering opportunities, risks, capital markets, economics, demographics and business cycles. The fact that more businesses learn and recognize the diversity and variations is clearly another step toward market maturity.
It is anticipated that even greater amounts of capital will be flowing into Asia Pacific real estate markets in 2008. The real barrier for investors to overcome will lie in locating the right assets against the backdrop of yield compression and scrutiny by regional governments and tax authorities. Sentiment was intense among survey participants to either buy or hold all types of properties in Shanghai, Singapore and Tokyo, rather than sell properties, demonstrating the cities strong acceptance with the investment community.
Shanghai, which is dominating the list for investment prospects, edged up from its second-place ranking last year. Still, despite its portrayal as an elite city for the real estate industry, some concern was expressed about a growing oversupply of some properties in Shanghai.
The biggest number of buy recommendations in Shanghai arrived at the industrial/distribution sector, 67 percent of the respondents advised buying those properties; at the same time 22 percent advised holding. Fifty two percent recommended buying office space, 35 percent advised holding, and 13 percent, selling. In the retail market, 45 percent of the participants advised buying; 41 percent, holding; and 13 percent, selling. In the apartment residential/rental, 48 percent recommended buying; 35 percent, holding; and 17percent, selling.
As the years go by, Asia Pacific property markets will integrate more completely with the global economy, and, just as significantly, global property capital markets, the report explains. If the quality and quantity of research, business intelligence, and transparency goes ahead, then the atypical puzzles and learning curves of the marketplace will be substituted with maturity. Keeping all these things in mind, emerging trends in real estate investments in Asia in 2008 clearly indicates at a brighter future for the global economy itself.
Switzerland, in particular, has long since been attracting the rich and famous to its beautiful surroundings, for innovative procedures and a relaxing vacation. There are many sources that site Switzerland as the pioneer of medical tourism.
Medical tourism is not just for the rich and famous anymore, and Switzerland is not the only destination. About ten years ago, countries in Asia realized that the opportunity exists to fill the unmet needs of millions worldwide.
For nearly a decade, the concept of medical tourism has been misunderstood and received bad media coverage in developed countries. Today not only has that trend reversed, but medical tourism is being embraced as a viable option for people in need of affordable medical care. Well known newspapers and television networks are doing pieces medical tourism as a whole and are spotlighting individuals who have taken advantage of the cost saving option.
What is driving the expansion of the medical tourism industry? Countries such as India have been quick to recognize that the Western world is not providing timely medical care to its citizens. In both the United States and Canada, it is not uncommon to wait for more than 4 months to be seen after a referral is made. Then, there is more waiting time while tests are scheduled. Additional time passes waiting for the test results. If the result is that there is a need for a procedure, it could be several more weeks before surgery is scheduled. Non emergency medical attention may be extended for up to two years. There is basically no wait time in foreign countries such as India and Thailand.
Another driving force is the outrageous and ever rising costs of medical insurance. It is not uncommon for a family to be quoted $1,000 or more for monthly insurance premiums, which only covers a portion of the bill, AFTER the $5,000 annual deductible is met! That equates to $17,000 in out of pocket payments before the insurance coverage kicks in. The average worker cannot afford $17,000 and in many instances, that figure far supercedes the annual income! In the United States, there are 43.3 million uninsured people.
What happens then, to the average person who is uninsured and in need of a heart bypass? If not aware of the option of medical tourism, the uninsured worker will face the choice of going without the surgery, or of withdrawing his life savings, or taking out a loan in order to pay for the surgery.
The same worker can obtain the surgery in another country for $10,000 vs. $70,000 in the US. He can get a knee replacement for $6,000 vs. $50,000! Although still a large amount of money, it is much more attainable abroad than in the home country.
Those in the medical tourism industry recognize that time is a precious commodity. Another aspect to the trends of medical tourism is to market to those who have little vacation or sick leave available to them. Multitasking is not new in the business world, and countries desiring to attract the medical tourist are appealing to those who would like to have an exotic and affordable vacation, but may feel they need to forgo it, in light of the upcoming surgery in the spring. Many countries are marketing their accredited, resort type facilities, and the amenities of the surrounding countryside to those in need of medical services.
We are truly living in a global medical community that knows no borders. With the Internet readily at the fingertips of anyone desiring to use it, information about various facilities, services, and destinations can be searched out. An emerging trend is for the facility to offer "inclusive" packages. That is right! You and a companion can now surf the internet and find an exotic location to have your serious surgeries, or one of a more cosmetic nature. On site travel agents are standing by, offering a package that includes discounted airfare, ground transportation, all meals and accommodations in a resort type facility, with internationally trained doctors and medical staff who will be extremely attentive before, during and after your procedure. The price will undoubtedly be about 1/6 of the cost of just the medical procedure in a developed country.
The bottom line is that medical tourism is here to stay. India has a goal of becoming the number one destination in the world. Other countries are setting similar goals. As they begin to compete with each other, vying for our business, services and options are increasing while the costs remain low. Most countries are seeing a growth of 20-30% in medical tourism, as medical services in the Western countries are being outsourced.
Both Gregory Smyth & Jay Siva are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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