Hodnocen\u00ed rizik hraje d\u016fle\u017eitou roli ve f\u00e1zi tvorby investi\u010dn\u00ed strategie, proto\u017ee od toho, jak moc je investor ochoten riskovat, do zna\u010dn\u00e9 m\u00edry z\u00e1vis\u00ed na rozpo\u010dtu, a o\u010dek\u00e1v\u00e1n\u00ed v\u00fdnos\u016f. Tak\u017ee, pokud investo\u0159i zva\u017euj\u00ed budouc\u00ed investice do nemovitosti jako \u043d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u0430\u043d\u043d\u044b\u0435, pak jsou ochotni zaplatit v\u00edce za ka\u017ed\u00fd dolar p\u0159edpokl\u00e1dan\u00fdch p\u0159\u00edjm\u016f, \u010d\u00edm\u017e se sn\u00ed\u017e\u00ed sazbu v\u00fdnosu. To znamen\u00e1, \u017ee \u010d\u00edm ni\u017e\u0161\u00ed riziko, t\u00edm ni\u017e\u0161\u00ed v\u00fdnos.<\/p>\n
Riziko \u2014 je pravd\u011bpodobnost ztr\u00e1t v d\u016fsledku jak\u00fdchkoli zm\u011bn. \u010c\u00edm v\u011bt\u0161\u00ed je \u0161ance, \u017ee se stane negativn\u00ed ud\u00e1lost, t\u00edm v\u011bt\u0161\u00ed je riziko. Pro investice do nemovitost\u00ed nejv\u00edce typick\u00e9 dv\u011b skupiny rizik \u2014 rizika zem\u011b a rizika spojen\u00e1 s konkr\u00e9tn\u00edm projektem.<\/p>\n
K \u0441\u0442\u0440\u0430\u043d\u043e\u0432\u044b\u043c rizik\u016fm p\u0159edt\u00edm, se odkazuje na pravd\u011bpodobnost v\u00fdskytu ekonomick\u00fdch, politick\u00fdch a soci\u00e1ln\u00edch ot\u0159es\u016f v zemi, kde se nach\u00e1z\u00ed nemovitost.<\/p>\n
\u00darove\u0148 rizika zem\u011b se m\u016f\u017eete dozv\u011bd\u011bt ze zpr\u00e1v ratingov\u00fdch agentur nebo poradensk\u00fdch firem. Nap\u0159\u00edklad, v \u017eeb\u0159\u00ed\u010dku The Economist Intelligence Unit nejmen\u0161\u00ed zemi rizika u Rakousku, velk\u00e9 Brit\u00e1nii, N\u011bmecku a USA, nejv\u011bt\u0161\u00ed \u2014 do Afgh\u00e1nist\u00e1nu, B\u011bloruska, Ukrajiny atd.<\/p>\n
Jeden z ekonomick\u00fdch faktor\u016f rizika zem\u011b \u2014 r\u016fst inflace<\/strong>. Z\u00e1vislost je takov\u00e1: \u010d\u00edm vy\u0161\u0161\u00ed je inflace, t\u00edm v\u011bt\u0161\u00ed je riziko. Nejmen\u0161\u00ed riziko p\u0159edstavuje inflace ni\u017e\u0161\u00ed ne\u017e 5 % ro\u010dn\u011b, nejv\u011bt\u0161\u00ed \u2014 v\u00edce ne\u017e 100 %. Trh s nemovitostmi v bezpe\u010d\u00ed z infla\u010dn\u00ed rizika t\u00edm, \u017ee n\u00e1klady na pron\u00e1jem vyhodnocov\u00e1n m\u011bs\u00ed\u010dn\u011b nebo ro\u010dn\u011b: pron\u00e1jem sazby jsou p\u0159ipojeny k indexu spot\u0159ebitelsk\u00fdch cen, jeho\u017e dynamika se odr\u00e1\u017e\u00ed inflaci. \u010c\u00edm \u010dast\u011bji p\u0159ezkoum\u00e1v\u00e1na sazby, t\u00edm vy\u0161\u0161\u00ed je citlivost objektu na inflaci a t\u00edm v\u011bt\u0161\u00ed p\u0159\u00edjmy investora. Nap\u0159\u00edklad, hotelov\u00e9 pokoje, obchody, pr\u016fmyslov\u00e9 skladovac\u00ed prostory a ubytov\u00e1n\u00ed, \u0441\u0434\u0430\u0432\u0430\u0435\u043c\u043e\u0435 na kr\u00e1tkodob\u00fd pron\u00e1jem, tradi\u010dn\u011b pova\u017eov\u00e1ny za objekty se zv\u00fd\u0161enou citlivost\u00ed k inflaci, kancel\u00e1\u0159e a REIT \u2014 st\u0159edn\u00ed a pozemky a byty, kter\u00e9 jsou rozd\u00e1ny v dlouhodob\u00e9m pron\u00e1jmu, \u2014 n\u00edzk\u00e1.<\/p>\n N\u011bmecko \u2014 celkov\u011b \u043d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u0430\u044f zem\u011b pro investice do nemovitost\u00ed, nicm\u00e9n\u011b zde se oblasti zv\u00fd\u0161en\u00e9ho rizika. Zejm\u00e9na k nim pat\u0159\u00ed v\u00fdchodn\u00ed zem\u011b <\/i><\/p>\n Dal\u0161\u00edm ekonomick\u00fdm faktorem zem\u011b rizika spojena s nestabilitou m\u011bny<\/strong>. Bez ohledu na to, roste jeho cena, nebo klesne, \u017e\u00e1dn\u00e9 v\u00fdrazn\u00e9 odchylky p\u0159edstavuje riziko. Nejv\u011bt\u0161\u00ed nebezpe\u010d\u00ed pro trhy se vyskytuje v tom p\u0159\u00edpad\u011b, kdy n\u00e1r\u016fst nebo pokles m\u011bny je v\u00edce ne\u017e 20 %.<\/p>\n Pro prim\u00e1rn\u00ed ekonomik tak\u00e9 charakterizuje takov\u00fd rizikov\u00fd faktor, jako je pokles cen ropy<\/strong>. \u010c\u00edm ni\u017e\u0161\u00ed je cena, t\u00edm v\u011bt\u0161\u00ed je hrozba hospod\u00e1\u0159stv\u00ed; nejv\u011bt\u0161\u00ed riziko \u2014 pokles cen uhlovod\u00edk\u016f v\u00edce ne\u017e 20 %. Tak, podle Savills, v pozad\u00ed \u0434\u0435\u0448\u0435\u0432\u0435\u044e\u0449\u0435\u0439 ropy od roku 2007 do roku 2009 bytu v rusk\u00e9m hlavn\u00edm m\u011bst\u011b se sn\u00ed\u017eil na 51 %. V lednu-\u00fanoru 2009 ceny ropy za\u010daly r\u016fst, a cena za metr \u010dtvere\u010dn\u00ed taky \u0161la nahoru. V roce 2015 ropy ukazuje negativn\u00ed dynamiku a ceny nemovitost\u00ed tak\u00e9 klesaj\u00ed.<\/p>\n Dal\u0161\u00ed ekonomick\u00e9 faktory \u2014 pokles HDP, pokles tempa v\u00fdroby, sn\u00ed\u017een\u00ed v\u00fdvozu a sn\u00ed\u017een\u00ed kupn\u00ed s\u00edly obyvatel. <\/strong> Nejv\u011bt\u0161\u00ed riziko \u2014 pokles v ka\u017ed\u00e9m z t\u011bchto ukazatel\u016f o v\u00edce ne\u017e 10 %.<\/p>\n K \u0441\u0442\u0440\u0430\u043d\u043e\u0432\u044b\u043c zahrnuj\u00ed tak\u00e9 soci\u00e1ln\u011b-politick\u00e9 riziko. Zejm\u00e9na na trhu nemovitost\u00ed m\u016f\u017ee m\u00edt negativn\u00ed dopad z\u00e1porn\u00e9ho popula\u010dn\u00edho r\u016fstu<\/strong>, a to plat\u00ed nejen pro zemi jako celek, ale i pro konkr\u00e9tn\u00ed obce, a tak\u00e9 jednotliv\u00e9 kraje. Nap\u0159\u00edklad po\u010det obyvatel V\u00fdchodn\u00edho N\u011bmecka se st\u011bhuje do v\u00edce rozvinut\u00fdch a prosperuj\u00edc\u00edch z\u00e1padn\u00edch zem\u00ed, se proto v posledn\u00edch pova\u017eov\u00e1ny za m\u00e9n\u011b rizikov\u00e9 trhy pro investice do nemovitost\u00ed (v\u00fdjimkou je mal\u00e9 m\u011bsto v por\u00fa\u0159\u00ed, kter\u00e1 se ztr\u00e1c\u00ed po\u010det obyvatel z d\u016fvodu nedostatku pracovn\u00edch m\u00edst).<\/p>\n Politick\u00e1 situace<\/strong> tak\u00e9 m\u00e1 v\u00fdznamn\u00fd dopad na chov\u00e1n\u00ed investor\u016f a na jejich vn\u00edm\u00e1n\u00ed rizika. Podle studie „\u0422\u0440\u0430\u043d\u0438\u043e“, 17 % dot\u00e1zan\u00fdch realitn\u00edch kancel\u00e1\u0159\u00ed se domn\u00edvaj\u00ed, \u017ee politick\u00e1 situace (spolu s ekonomickou stabilitou) \u2014 jeden z hlavn\u00edch d\u016fvod\u016f, pro\u010d je rusky kupuj\u00edc\u00ed zvolit tu \u010di onu zemi pro n\u00e1kup nemovitosti. Tento faktor je zvl\u00e1\u0161t\u011b jasn\u011b vyj\u00e1d\u0159eno v takov\u00fdch zem\u00edch, jako je velk\u00e1 Brit\u00e1nie, N\u011bmecko, USA a Francie.<\/p>\n Soci\u00e1ln\u011b-politick\u00e9 a ekonomick\u00e9 ot\u0159esy v zemi m\u016f\u017ee trvale odradit investory od m\u00edstn\u00edho trhu s nemovitostmi <\/i><\/p>\n Dal\u0161\u00edm d\u016fle\u017eit\u00fdm riziko zem\u011b \u2014 potenci\u00e1ln\u00ed zm\u011bny v pr\u00e1vn\u00edch p\u0159edpisech<\/strong>, kter\u00e9 mohou m\u00edt vliv na trh s nemovitostmi. To mohou b\u00fdt zm\u011bny v da\u0148ov\u00fdch z\u00e1konech (zvy\u0161ov\u00e1n\u00ed st\u00e1vaj\u00edc\u00edch dan\u00ed a zaveden\u00ed nov\u00fdch), zaveden\u00ed omezuj\u00edc\u00edch pr\u00e1vn\u00edch p\u0159edpis\u016f t\u00fdkaj\u00edc\u00edch se v\u00fdstavby a investic, a tak\u00e9 zaveden\u00ed omezen\u00ed na pohyb kapit\u00e1lu.<\/p>\n Rizika spojen\u00e1 s projektem, lze rozd\u011blit na dv\u011b kategorie:<\/p>\n 1. Projekty Added Value<\/strong><\/p>\n K projektu Added Value („p\u0159idan\u00e1 hodnota“), pat\u0159\u00ed v\u00fdstavba a \u0440\u0435\u0434\u0435\u0432\u0435\u043b\u043e\u043f\u043c\u0435\u043d\u0442. Riziko t\u011bchto projekt\u016f je pom\u011brn\u011b vysok\u00e1, ale v\u00fdnos je p\u0159\u00edli\u0161 vysok\u00fd, 14-25 %.<\/p>\n Hlavn\u00ed rizika spojen\u00e1 s v\u00fdstavbou:<\/p>\n V\u0161echna tato rizika mohou „j\u00edst“ v\u00fdnos, \u010d\u00edm\u017e se investor z\u016fstane bez zisku nebo dokonce se ztr\u00e1tou.<\/p>\n Stavebn\u00ed projekty v\u00edce riskantn\u00ed ve srovn\u00e1n\u00ed s \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u043c podniku <\/i><\/p>\n V\u0161echny v\u00fd\u0161e uveden\u00e9 rizika rostou v progresi pom\u011bru \u0437\u0430\u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432\u0430\u043d\u043d\u043e\u0441\u0442\u0438 v\u00fdvoj\u00e1\u0159e, to znamen\u00e1, \u017ee \u010d\u00edm v\u00edce \u00fav\u011brov\u00fdch pen\u011bz, kter\u00e9 on pou\u017e\u00edv\u00e1, t\u00edm vy\u0161\u0161\u00ed je ka\u017ed\u00fd z uveden\u00fdch rizik. P\u0159i \u043d\u0430\u0438\u0445\u0443\u0434\u0448\u0435\u043c skripty, nap\u0159\u00edklad p\u0159i vysok\u00e9 \u0437\u0430\u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432\u0430\u043d\u043d\u043e\u0441\u0442\u0438 stavby a v\u00fdznamn\u00e9 opravy n\u00e1klad\u016f m\u016f\u017ee b\u00fdt i tak, \u017ee developer nebo investor z\u016fstanou ven. Zku\u0161en\u00ed develope\u0159i se v\u017edy v\u00fdpo\u010det na r\u016fzn\u00e9 sc\u00e9n\u00e1\u0159e v\u00fdvoje ud\u00e1lost\u00ed, a p\u0159ijateln\u00e9 jsou pova\u017eov\u00e1ny za takov\u00e9, p\u0159i kter\u00fdch investor vych\u00e1z\u00ed z projektu, vyd\u011bl\u00e1v\u00e1 15-20 % (klasick\u00fd sc\u00e9n\u00e1\u0159) nebo 20-25 % (optimistick\u00fd sc\u00e9n\u00e1\u0159).<\/p>\n Rizika projektu jsou patrn\u00e9 je\u0161t\u011b p\u0159ed zapo\u010det\u00edm prac\u00ed. Zejm\u00e9na, je riziko non-stavebn\u00ed povolen\u00ed (Permit Risk<\/strong>). Jeho podstata je v tom, \u017ee v p\u0159\u00edpad\u011b investice do \u0440\u0435\u0434\u0435\u0432\u0435\u043b\u043e\u043f\u043c\u0435\u043d\u0442, oprava nebo budov\u00e1n\u00ed od nuly, aby po realizaci n\u00e1kupu pozemku nebo objektu mus\u00edte proj\u00edt sladit a z\u00edskat povolen\u00ed. Obvykle v cen\u011b je ulo\u017een riziko selh\u00e1n\u00ed k z\u00edsk\u00e1n\u00ed p\u0159\u00edslu\u0161n\u00e9ho opr\u00e1vn\u011bn\u00ed, nebo toho, \u017ee to bude trvat dlouhou dobu. V n\u011bkter\u00fdch zem\u00edch develope\u0159i ochotni vz\u00edt na sebe riziko selh\u00e1n\u00ed k z\u00edsk\u00e1n\u00ed povolen\u00ed.<\/p>\n Ur\u010dit rizika spojen\u00e1 s konkr\u00e9tn\u00edm objektem, pom\u00e1h\u00e1 komplexn\u00ed kontrola \u2014 Due Diligence, \u2014 kter\u00e1 obsahuje \u010dty\u0159i typy vy\u0161et\u0159en\u00ed:<\/p>\n 2. N\u00e1jemn\u00ed podnik\u00e1n\u00ed<\/strong><\/p>\n Nejm\u00e9n\u011b rizikov\u00e9 objekty, \u0441\u0434\u0430\u044e\u0449\u0438\u0435\u0441\u044f v pron\u00e1jmu, maj\u00ed tyto vlastnosti:<\/p>\n Um\u00edst\u011bn\u00ed je z\u00e1sadn\u00ed vlastnost: je-li nemovitost se nach\u00e1z\u00ed v dobr\u00e9 lokalit\u011b, pak rizika budou minim\u00e1ln\u00ed, a objekt \u2014 likvidn\u00ed. Nicm\u00e9n\u011b s rizikem, \u017ee m\u016f\u017ee b\u00fdt p\u0159ipojen dal\u0161\u00ed rozvoj jm\u00e9no<\/strong>, tak\u017ee p\u0159i v\u00fdb\u011bru p\u0159\u00edjm\u016f objektu by zaj\u00edmalo pl\u00e1nem budovy a zjistit, zda budouc\u00ed a ji\u017e implementov\u00e1ny zm\u011bny (roz\u0161\u00ed\u0159en\u00ed dopravn\u00ed s\u00edt\u011b, vznik nov\u00fdch instituc\u00ed, atd.) s \u010dasem zv\u00fd\u0161it kapitalizaci objektu investice, nebo naopak, sn\u00ed\u017eit jeho ziskovost. Nap\u0159\u00edklad, pokud \u010dlov\u011bk koupil byt v New Yorku s v\u00fdhledem na Central park, pak je to a priori zajistil si veden\u00ed p\u0159\u00edlohy, tak jak byty s t\u00edmto v\u00fdhledem je m\u00e1lo, a nov\u00e9 bude v\u00edce.<\/p>\n Riziko p\u0159edstavuj\u00ed tak\u00e9 \u0161patn\u00fd stav objektu<\/strong> a nedostate\u010dn\u00e1 technick\u00e1 vybavenost<\/strong>. \u010c\u00edm hor\u0161\u00ed t\u011blo-\u043f\u043b\u0430\u043d\u0438\u0440\u043e\u0432\u043e\u0447\u043d\u044b\u0435 \u0159e\u0161en\u00ed uvnit\u0159 budovy, bezpe\u010dnost, modern\u00ed in\u017een\u00fdrsk\u00fdch syst\u00e9m\u016f a kvalitu nosn\u00e9 konstrukce, ni\u017e\u0161\u00ed ne\u017e konkuren\u010dn\u00ed za\u0159\u00edzen\u00ed na trhu, t\u00edm ni\u017e\u0161\u00ed je jeho cena a popt\u00e1vka ze strany n\u00e1jemc\u016f, a rizika jsou vy\u0161\u0161\u00ed. I p\u0159es to, \u017ee star\u00e9 a opot\u0159ebovan\u00e9 za\u0159\u00edzen\u00ed mohou poskytnout dobr\u00e9 v\u00fdnosy v tomto okam\u017eiku, oni jsou v\u017edy v\u00edce riskantn\u00ed investice, ne\u017e budovy v dobr\u00e9m stavu.<\/p>\n Kvalitu n\u00e1jemn\u00edk\u016f a typ n\u00e1jemn\u00ed smlouvy<\/strong> , taky se m\u016f\u017ee zv\u00fd\u0161it nebo sn\u00ed\u017eit rizika. Investor, kter\u00fd nen\u00ed ochoten podstoupit riziko ztr\u00e1ty n\u00e1jemce, s nejv\u011bt\u0161\u00ed pravd\u011bpodobnost\u00ed, \u0432\u043b\u043e\u0436\u0438\u0442\u0441\u044f v objektu s dlouhodob\u00fdmi \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u043c\u0438 smluv. A naopak, kdy\u017e je toto riziko pro investora p\u0159ijateln\u00fd, bude se pova\u017eovat, jako mo\u017enosti nemovitosti s vhodnou do konce, nebo kr\u00e1tkodob\u011b \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u043c smlouvou.<\/p>\n P\u0159i v\u00fdb\u011bru v\u00fdnosn\u00e9 nemovitosti stoj\u00ed za to v\u011bnovat pozornost na to, jak je spolehliv\u00fd n\u00e1jemn\u00edk <\/i><\/p>\n Dal\u0161\u00ed riziko je spojeno s v\u00fdb\u011brem zp\u016fsobu financov\u00e1n\u00ed<\/strong> a dal\u0161\u00edm ovl\u00e1d\u00e1n\u00edm vyp\u016fj\u010den\u00fdmi pen\u011bzi. Obecn\u011b plat\u00ed, \u017ee \u010d\u00edm vy\u0161\u0161\u00ed je pod\u00edl dluhu, vlastn\u00edho kapit\u00e1lu, t\u00edm vy\u0161\u0161\u00ed je riziko.<\/p>\n Efekt p\u00e1ky \u2014 to je, kdy\u017e n\u00e1klady na financov\u00e1n\u00ed dluhu, jsou levn\u011bj\u0161\u00ed, ne\u017e ziskovost projektu. Investor m\u016f\u017ee dohodnout s bankou tak, aby platit \u00farok z \u00fav\u011bru, ale platit minim\u00e1ln\u011b od t\u011bla \u00fav\u011bru. Touto metodou je mo\u017en\u00e9 zv\u00fd\u0161it opera\u010dn\u00ed v\u00fdnos z investice. Ale tento zp\u016fsob zv\u00fd\u0161en\u00ed ziskovosti vede k dal\u0161\u00edmu riziku. Pokud cena p\u0159edm\u011btu klesne, kdy\u017e bude t\u0159eba prodlou\u017eit \u00fav\u011brov\u00e9 smlouvy, pak banka bude vy\u017eadovat \u00fam\u011brn\u011b \u0434\u043e\u043a\u0430\u043f\u0438\u0442\u0430\u043b\u0438\u0437\u0438\u0440\u043e\u0432\u0430\u0442\u044c \u00fav\u011br a poskytnout dal\u0161\u00ed z\u00e1ruky zaji\u0161t\u011bn\u00ed (margin call). Proto je d\u016fle\u017eit\u00e9 naj\u00edt spr\u00e1vnou rovnov\u00e1hu p\u00e1ky v\u00fdnosu a rizika, je to dovednost profesion\u00e1ln\u00edch investor\u016f.<\/p>\n Kapit\u00e1l, je posuzov\u00e1n dluh, investice, by m\u011bl v\u00fdnos zisk, p\u0159esahuj\u00edc\u00ed poplatek za jeho pou\u017eit\u00ed. Pokud zisk z nemovitosti ni\u017e\u0161\u00ed poplatky za \u00fav\u011br, investor nese ztr\u00e1ty, kter\u00e9 jsou t\u00edm v\u011bt\u0161\u00ed, \u010d\u00edm v\u011bt\u0161\u00ed je hodnota vyp\u016fj\u010den\u00fdch prost\u0159edk\u016f.<\/p>\n Podle odborn\u00edka na trhu s nemovitostmi se objevil je\u0161t\u011b dal\u0161\u00ed riziko: vzhledem k tomu, \u00farokov\u00e9 sazby z \u00fav\u011br\u016f v letech 2014-2015 v mnoha zem\u00edch dos\u00e1hly nejni\u017e\u0161\u00ed \u00farovn\u011b v historii a prakticky p\u0159ibl\u00ed\u017eit k nule, pak po 3-5 letech mohou v\u00fdrazn\u011b r\u016fst, a kdy\u017e se to stane, hodnoty nemovitost\u00ed klesat.<\/p>\n Riziko p\u0159edstavuje tak\u00e9 vzd\u00e1len\u00e1 spr\u00e1va objektu: <\/strong>vzd\u00e1lenost nemovitosti oslabuje kontrolu nad n\u00ed, tak\u017ee se sna\u017e\u00edm zapojit v ruk\u00e1ch zahrani\u010dn\u00edho projektu z Ruska je spojena s velk\u00fdmi riziky. M\u00edsto sebe vzd\u00e1len\u00e9 \u0159\u00edzen\u00ed se doporu\u010duje najmout specializovanou spole\u010dnost.<\/p>\n Ne m\u00e9n\u011b d\u016fle\u017eit\u00e9, a riziko spojen\u00e9 s \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435\u043c transakce<\/strong>. Existuj\u00ed r\u016fzn\u00e9 programy, kter\u00e9 v\u00e1m umo\u017en\u00ed optimalizovat va\u0161e dan\u011b \u2014 nap\u0159\u00edklad, vlastn\u00edho \u00fav\u011bru, nebo zpracov\u00e1n\u00ed prost\u0159ednictv\u00edm \u0159ady spole\u010dnost\u00ed. T\u00edm se zvy\u0161uje v\u00fdnos, ale sni\u017euje pr\u016fhlednost a zvy\u0161uje riziko vlastnictv\u00ed. Finan\u010dn\u00ed \u00fa\u0159ad nemus\u00ed p\u0159ijmout strukturu optimalizace a m\u011bly dodate\u010dn\u00e9 dan\u011b a pen\u00e1le. Ve sv\u011bt\u011b se zvy\u0161uje transparentnost bankovn\u00edho syst\u00e9mu, OECD zav\u00e1d\u00ed opat\u0159en\u00ed proti erozi dani z\u00e1kladn\u00ed a Rusko vy\u017eaduje od sv\u00fdch rezident\u016f platit dan\u011b na p\u0159\u00edjmy za zahrani\u010d\u00ed. V\u0161echny tyto zm\u011bny zvy\u0161uj\u00ed riziko nadm\u011brn\u00e9 strukturov\u00e1n\u00ed objekt\u016f s c\u00edlem optimalizace dan\u00ed. Na\u0161e doporu\u010den\u00ed pro klienty: za prv\u00e9, poradit se s da\u0148ov\u00fdmi poradci, a za druh\u00e9, nep\u0159eh\u00e1n\u011bjte to s optimalizac\u00ed, proto\u017ee to s sebou nese probl\u00e9my s da\u0148ov\u00fdmi slu\u017ebami v dohledn\u00e9 budoucnosti.<\/p>\n V\u00fd\u0161e uveden\u00e9 body ur\u010duj\u00ed hlavn\u00ed riziko \u2014 riziko sn\u00ed\u017een\u00ed likvidity, tj. sn\u00ed\u017een\u00ed kapacity rychl\u00fd prodej bez ztr\u00e1ty hodnoty a sn\u00ed\u017een\u00ed potenci\u00e1ln\u00edho r\u016fstu kapitalizace p\u0159i pozitivn\u00edm sc\u00e9n\u00e1\u0159i v\u00fdvoje trhu. Respektive, \u010d\u00edm je ni\u017e\u0161\u00ed rizika podle v\u00fd\u0161e uveden\u00fdch bod\u016f, t\u00edm vy\u0161\u0161\u00ed je likvidita, a, jako v\u00fdsledek, ni\u017e\u0161\u00ed po\u010d\u00e1te\u010dn\u00ed v\u00fdnos z objektu.<\/p>\n Hlavn\u00ed rizika p\u0159i investov\u00e1n\u00ed do nemovitost\u00ed, jsou:<\/p>\n<\/p>\n Co si vybrat \u2014 vy\u0161\u0161\u00ed v\u00fdnos nebo ni\u017e\u0161\u00ed riziko \u2014 z\u00e1vis\u00ed na samotn\u00e9ho investora a jeho vztahu k riziku. Hlavn\u00ed probl\u00e9m mnoha kupuj\u00edc\u00edch \u2014 je v tom, \u017ee za\u010d\u00edt konverzaci ot\u00e1zkou: „Jak\u00fd v\u00fdnos?“, a prvn\u00ed ot\u00e1zka, ve skute\u010dnosti by m\u011bl b\u00fdt „Jak\u00e9 jsou rizika a jak jsem schopen prodat tento objekt v budoucnu?“. Pokud investor chce z\u00edskat v\u011bt\u0161\u00ed v\u00fdnos, mus\u00ed b\u00fdt p\u0159ipraven p\u0159ijmout v\u011bt\u0161\u00ed riziko.<\/p>\n Julia \u041a\u043e\u0436\u0435\u0432\u043d\u0438\u043a\u043e\u0432\u0430, „\u0422\u0440\u0430\u043d\u0438\u043e“<\/p>\n","protected":false},"excerpt":{"rendered":" Hodnocen\u00ed rizik hraje d\u016fle\u017eitou roli ve f\u00e1zi tvorby investi\u010dn\u00ed strategie, proto\u017ee od toho, jak moc je investor ochoten riskovat, do<\/p>\n","protected":false},"author":1,"featured_media":468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[133],"tags":[],"class_list":["post-946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-danove-informace-ve-francii"],"translation":{"provider":"WPGlobus","version":"3.0.0","language":"cs","enabled_languages":["ru","uk","en","de","fr","it","es","pl","pt","bg","cs","da","et","fi","hr","hu","lt","lv","mk","no","ro","sk","sl","sq","sr","tr","nl","am","ca","sv"],"languages":{"ru":{"title":false,"content":false,"excerpt":false},"uk":{"title":false,"content":false,"excerpt":false},"en":{"title":false,"content":false,"excerpt":false},"de":{"title":false,"content":false,"excerpt":false},"fr":{"title":false,"content":false,"excerpt":false},"it":{"title":false,"content":false,"excerpt":false},"es":{"title":false,"content":false,"excerpt":false},"pl":{"title":false,"content":false,"excerpt":false},"pt":{"title":false,"content":false,"excerpt":false},"bg":{"title":false,"content":false,"excerpt":false},"cs":{"title":true,"content":true,"excerpt":false},"da":{"title":false,"content":false,"excerpt":false},"et":{"title":false,"content":false,"excerpt":false},"fi":{"title":false,"content":false,"excerpt":false},"hr":{"title":false,"content":false,"excerpt":false},"hu":{"title":false,"content":false,"excerpt":false},"lt":{"title":false,"content":false,"excerpt":false},"lv":{"title":false,"content":false,"excerpt":false},"mk":{"title":false,"content":false,"excerpt":false},"no":{"title":false,"content":false,"excerpt":false},"ro":{"title":false,"content":false,"excerpt":false},"sk":{"title":false,"content":false,"excerpt":false},"sl":{"title":false,"content":false,"excerpt":false},"sq":{"title":false,"content":false,"excerpt":false},"sr":{"title":false,"content":false,"excerpt":false},"tr":{"title":false,"content":false,"excerpt":false},"nl":{"title":false,"content":false,"excerpt":false},"am":{"title":false,"content":false,"excerpt":false},"ca":{"title":false,"content":false,"excerpt":false},"sv":{"title":false,"content":false,"excerpt":false}}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/posts\/946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/comments?post=946"}],"version-history":[{"count":0,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/posts\/946\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/media\/468"}],"wp:attachment":[{"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/media?parent=946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/categories?post=946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/tags?post=946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Rizika projektu<\/h2>\n
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Nakonec<\/h2>\n
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\n Country rizika<\/strong><\/td>\n<\/tr>\n \n Ekonomick\u00e9<\/strong><\/td>\n \n \n
\n Soci\u00e1ln\u011b-politick\u00e9<\/strong><\/td>\n \n \n
\n Rizika projektu<\/strong><\/td>\n<\/tr>\n \n Added Value<\/strong><\/td>\n \n \n
\n N\u00e1jemn\u00ed podnik\u00e1n\u00ed<\/strong><\/td>\n \n \n