LOCAL CONDITIONS: Value extraction is becoming difficult given economic and political challenges. FINDING VALUE: Emerging markets, like those in Africa, often offer the growth that funds seek but require strategic flexibility due to the inherent risks and changing scenarios in these regions. INVESTOR FLIGHT: “In November 2015, the property sector’s international share register accounted for 22%,” says “Nenegate reduced that to 18%.” COST OF FUNDING: Local funding costs becoming higher than yield extraction. ACCESS TO CAPITAL: Banks are likely to adopt a more conservative attitude that could make future access to capital difficult, especially if gearing is high. OFFSHORE: Currency woes require deep pockets for the acquisition of offshore property, especially in developed markets.