Description et analyse de différentes formes d'investissements immobiliers et du passage à la société immobilière réglementée

Abstract

While real estate investment enjoys the privilege of constant coverage on the media, many investors are still tentative toward the idea of investing in real estate. They may wonder why their financial consultants, colleagues, and just about everyone else they know would advise them to invest in real estate instead of collecting antiques or keeping their money in savings accounts. Real estate is an outstanding choice for one to invest financial resources in for several reasons; the most straightforward one being that real estate is one of the most tangible, secure and relatively stable investments an individual can make. Not only does real estate appreciate, but it also generates steady profit from rent, bond and etc. Most importantly, investing in real estate is more affordable than what most people assume. This thesis discusses various options that an investor might encounter when considering making an investment in the real estate market in Belgium. In the first two chapters, it will give an overview of Belgium’s real estate market as well as examine how the pricing differs by region. Then, it presents different means to invest in the real estate market while analyzing the characteristics of each method. Chapter three introduces the Alternative Investment Fund Managers Directives (AIFMD), a regulation that was implemented by the European Union in 2011. In this chapter, I will discuss the initiative of the AIFMD and how this enforcement has affected investors’ decisions in the European real estate market. With the AIFMD imposed, new methods of investment toward Belgium’s real estate market have been proposed. SIRs (sociétés immobilières réglementées) are companies limited by shares that were founded to accommodate the new legislation. In the last few chapters, I will go into details about SIRs; how they differ from SICAFI and how they compete with foreign REITs. Finally, I will compare two SIRs on their markets and investment strategies while performing a financial analysis based on their financial records. Key Words: Real estate, AIFMD, SIR, SICAFI, REITs