1 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, 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) and its implementations Organized by International Real Estate Federation USA Chapter

2 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM 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, "Report of the World Commission on Environment and Development." General Assembly Resolution 42/187, 11 December Retrieved: 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

3 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM Principle 1 Integrated Legal Framework Principle 2Efficient Land Register and Cadastre Principle 3Efficiency of Services Principle 4 Prerequisites for Development of Sound Real Estate Markets Principle 5Good Governance Principle 6Sustainable Financing Principle 7 Transparency and Advanced Financial Products Principle 8Property Valuation Principle 9Social Housing Principle 10Training and capacity Building The Framework's ten principles 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

4 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM 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. RATIONALE Norms 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 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

5 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM 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. 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

6 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM. z December 16, 2008 New York at UN 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 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

7 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM 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 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

8 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM 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 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

9 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM Framework has been considered in Kiev, in Ukraine on June 18, 2012 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

10 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM 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 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

11 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM Framework has been considered in Rome, in Italy on May 13, 2011 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

12 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM Framework has been considered in Moscow, Russia, on Jan 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

13 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM Framework has been presented worldwide to private RE sector at MIPIM in Cannes France on March 10, 2011 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

14 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter Rio + 20: side event June 21, 2012 Greening the Real Estate Market : The Development of a Sustainable R.E. Sector

15 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM 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. 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

16 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM 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. r 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

17 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM 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 Development Something 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. r 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

18 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM 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. r 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

19 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter 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.

20 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM UNECE REM Project on Real Estate Rating: Real Estate property and risk evaluation for RE backed financial products - 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. 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

21 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter 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.

22 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter 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

23 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM 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 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter

24 UNECE REAL ESTATE MARKET ADVISORY GROUP (REM) Real Estate Market Advisory Group UNECE – REM Thank you Dott. Ing. Enrico Campagnoli Vice Chair UNECE REM International Real Estate Federation (FIABCI) World President President of Istituto Italiano di Valutazione Immobiliare (IsIVI) 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, UN Millenium Plaza Hotel - New York - NY Organized by International Real Estate Federation USA Chapter