Ejendomsforeningen Danmark The Danish Property Market

Building Stock 2008 Source: Statistics Denmark and Danish Property Federation

Property Investment Market 2008 Source: IPD Danish Property Index Note: Measured by capital value

Vacancy for Residential and Commercial Property Source: Oline-Lokalebørs Statistikken and Statistics Denmark

Dwelling Stock divided into types of ownership in 1981 and 2007 Source: Statistics Denmark and own calculations (see Huset march 2008)

Dwellings without Person Registration Source: Statistics Denmark

Total Construction Source: Statistics Denmark – statbank.dk Note: Measured as started construction

Sold Investment Properties Source: Statistics Denmark – statistikbanken.dk Note: Commercial: Excluding factories

Prices on Investment Properties Source: Statistics Denmark – statistikbanken.dk Note: Commercial: Excluding factories

Real Price Index for One-family Houses Source: Statistics Denmark – statbank.dk, Danmarks Nationalbank

Rent and Residential Property Prices relative to the Wage Rate developments Source: Realkreditrådet and Statistics Denmark

Rent Levels for Commercial Property, Greater Copenhagen 4. Quarter 2008 Source: Sadolin & Albæk Note: Rate of exchange is 750

Vacancy and Rent Level for Offices Source: Sadolin & Albæk and Oline-Lokalebørs Statistikken

Total office occupancy costs, 2008 Source: DTZ Research

Rent Level for High Street Retail 2005 Source: CEPI

Rent Levels for Residential Property 2008 Source: Danish Property Federation Note: The Rent level is based on new Residential Property, radically renewed Property and Property regulated by the rental value. The Rente level is exclusive Rent for the cost driven tenancies. Minimum Rent (euro/sq.m.) Average Rent (euro/sq.m.) Maximum Rent (euro/sq.m.) Copenhagen Bridges and Frederiksberg Copenhagen CBD North of Copenhagen Southwest of Copenhagen Aarhus The Triangle Region

Rent in private rental housing, 1995 and 2007 Rent Rent movements percentage Average annual m 2 -rent (euro) 2007 Average annual m 2 -rent (euro) ”Identical property” Average annual increase Copenhagen53,181,33,1 Frederiksberg50,877,53,3 Odense50,790,93,1 Esbjerg50,778,93,5 Aarhus61,7103,63,8 Aalborg57,287,13,3 Source: Ministry of Social Welfare Note: The Rent level is inclusive Rent for the cost driven tenancies.

Average Monthly Rent for a 2 bedroom Apartment 2005 Source: CEPI

Gross Return on Residential 2005 Source: CEPI and Danish Property Federation

Market Rental Growth (%) Source: IPD Danish Property Index

Real Total Return Source: IPD, Sadolin & Albæk, and Danish Property Federation

Income Return and Capital Growth 2008 Source: IPD Danish Property Index

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