We all know that “It is impossible to be sure of anything but debt and taxes” – and yet very often in real estate investment we find that those making definite predictions of the future take too little or too late a regard of the impact of these two certainties.


In this report, we use our data on the cost of debt and the impact of variable tax regimes to enhance our market forecasts above the standard ungeared, gross of tax industry standard – that is probably applicable only to a minority of real-life investors.

The resultant ungeared, net of tax and geared, net of tax forecasts are not only a more realistic estimate of future market performance, they can also be used as the basis of more accurate portfolio allocation.