Colliers Copenhagen Property Market Report 2019

15

Copenhagen Property Market Report 2019

Danish unemployment rate at structural low

Danish inflation edging up

10% 12% 14%

4%

3%

2%

0% 2% 4% 6% 8%

1%

0%

-1%

10

13 12 11

14

15

16

17

E18

E19

10

13 12 11

14

15

16

17

E18

E19

Denmark

Eurozone

Denmark

Eurozone

Sources: Statistics Denmark, Eurostat and Danske Bank

Sources: Eurostat and Danske Bank

Historically low interest rates

2% 3% 4% 5% 6%

-2% -1% 0% 1%

10 09

13 12 11

14

15

16

17

18

Eurozone (3M) Denmark (3M)

Eurozone (10-year gov. bond) Denmark (10-year gov. bond)

Note: Short-term interest rates (3M) and 10-year government bonds. Sources: Eurostat, ECB and Nasdaqomxnordic

Falck-Huset, CBD

Macroeconomic key indicators: Continued upturn in Danish economy

Consumer spending 1

Public debt 3

10-year swap yield 4

Year

GDP 1 Unemployment 2

Exports 1

Inflation 1

Denmark 2018

1.0

4.0 3.9 3.8 8.2 7.8 7.5

2.4

0.2 2.7 2.0

0.8

33.5

0.90

2019 2020

2.0

1.9

1.3 1.6

33.1

1.55

1.6

2.3

33.2

na

Eurozone 2018

1.9 1.6 1.5

1.3 1.7 1.6

2.7 2.5 2.7

1.8 1.8 1.6

86.9 84.9 82.8

0.75 1.00

2019 2020

na

1 Growth (% y/y), 2 % of workforce, 3 % of GDP, 4 End-year. Sources: Danske Bank and Eurostat