{"id":1779,"date":"2020-02-12T23:49:34","date_gmt":"2020-02-12T20:49:34","guid":{"rendered":"http:\/\/nalog.fr\/lvka-izveleties-strategiju-ieguldit-arvalstu-nekustamo-ipasumu\/"},"modified":"2020-02-12T23:49:34","modified_gmt":"2020-02-12T20:49:34","slug":"lvka-izveleties-strategiju-ieguldit-arvalstu-nekustamo-ipasumu","status":"publish","type":"post","link":"https:\/\/nalog.fr\/lv\/lvka-izveleties-strategiju-ieguldit-arvalstu-nekustamo-ipasumu\/","title":{"rendered":"K\u0101 izv\u0113l\u0113ties strat\u0113\u0123iju ieguld\u012bt \u0101rvalstu nekustamo \u012bpa\u0161umu"},"content":{"rendered":"

Daudzi investori, kas iegulda l\u012bdzek\u013cus \u0101rvalstu nekustamo \u012bpa\u0161umu, tiecas p\u0113c augsta ienes\u012bguma. Tom\u0113r ne visi saprot, ka liel\u0101k\u0101 s\u0101kuma ienes\u012bgums noz\u012bm\u0113 lielu risku, tas ir, varb\u016bt\u012bba ie\u0146\u0113mumu samazin\u0101\u0161anos ilgtermi\u0146\u0101.<\/p>\n

M\u0113s iesak\u0101m klientiem iepriek\u0161 nov\u0113rt\u0113t riskus un analiz\u0113t ieguld\u012bjumu strat\u0113\u0123ija ar optim\u0101lo l\u012bdzsvaru produktivit\u0101ti, uzticam\u012bbu, darba un citiem faktoriem ieguld\u012bjumus. Vairumam klientu Tranio piem\u0113rots vienk\u0101r\u0161u nomas bizness ir stabila vieta, ar ilgtermi\u0146a nomas l\u012bgumu un vad\u012bbu, izmantojot p\u0101rvald\u012bbas sabiedr\u012bba. \u0160aj\u0101 rakst\u0101 m\u0113s apskat\u012bsim, k\u0101 nodro\u0161in\u0101t vislab\u0101ko ienes\u012bgumu ar \u0161\u0101du strat\u0113\u0123iju.<\/p>\n

K\u0101p\u0113c vienk\u0101r\u0161a nomas uz\u0146\u0113mumu<\/h2>\n

Tipiski investori, kas izmanto pakalpojumus Tranio,\u2014 veiksm\u012bgu uz\u0146\u0113m\u0113ju no Krievijas, Braz\u012blij\u0101, Ir\u0101n\u0101 vai \u0136\u012bn\u0101. Parasti, m\u0101j\u0101s vi\u0146iem ir akt\u012bva bizness, kas nes liel\u0101ko pe\u013c\u0146u. No \u0101rvalstu nekustamo \u012bpa\u0161umu, vi\u0146i izv\u0113las sa\u0146emt pas\u012bvo ien\u0101kumu ar minim\u0101lu \u0432\u043e\u0432\u043b\u0435\u0447\u0435\u043d\u043d\u043e\u0441\u0442\u044c\u044e vad\u012bba. Tas ir ieguld\u012bjums ne tik daudz d\u0113\u013c pe\u013c\u0146as, cik daudz, lai saglab\u0101tu kapit\u0101lu un pasarg\u0101tu to no politiskajiem un ekonomiskajiem riskiem, savu valsti.<\/p>\n

Liel\u0101k\u0101 da\u013ca klientu nav pl\u0101nu p\u0101rdot savu ienes\u012bgu nekustamo \u012bpa\u0161umu \u012bstermi\u0146\u0101. \u0160is \u012bpa\u0161ums sniedz ieguld\u012bt\u0101jiem person\u012bgo pensiju fond\u0101 kalpo k\u0101 garantija finansi\u0101lo labkl\u0101j\u012bbu saviem b\u0113rniem. V\u0113l viens svar\u012bgs mot\u012bvs \u2014 uztur\u0113\u0161an\u0101s at\u013cauja ASV un Eiropas valst\u012bs, kas pied\u0101v\u0101 \u0161\u0101du iesp\u0113ju pirc\u0113jiem nekustamo \u012bpa\u0161umu.<\/p>\n

M\u016bsu investoriem parasti nav piem\u0113roti projekti pievienoto v\u0113rt\u012bbu \u2014 \u0113ku vai \u0440\u0435\u0434\u0435\u0432\u0435\u043b\u043e\u043f\u043c\u0435\u043d\u0442. Ieguld\u012bjumi ir saist\u012bti ar augstu risku, kuru vid\u016b p\u0101rsniedz t\u0101mes, gr\u016bt\u012bbas ar re\u0123istr\u0101cijas licenc\u0113\u0161anas dokumentus, paaugstin\u0101ta iepirkuma cena, un ilgi mekl\u0113 pirc\u0113ju. No investora prasa akt\u012bvu dal\u012bbu projekt\u0101 un noteikta kvalifik\u0101cija celtniec\u012bbas biznes\u0101. Projektu att\u012bst\u012b\u0161anas efekt\u012bvi k\u0101 galveno nodarbo\u0161anos, nevis k\u0101 instruments kapit\u0101la saglab\u0101\u0161ana.<\/p>\n

T\u0101d\u0113j\u0101di, \u043d\u0435\u043f\u0440\u043e\u0444\u0438\u043b\u044c\u043d\u044b\u043c investoriem m\u0113s iesak\u0101m vienk\u0101r\u0161u \u012bres uz\u0146\u0113m\u0113jdarb\u012bbu: pirkt \u012bpa\u0161umu un iznom\u0101t to. Tas \u043d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u0430\u043d\u043d\u0430\u044f un viegla \u012bsteno\u0161anas strat\u0113\u0123ija.<\/p>\n

Bud\u017eetu veidi un objekti<\/h2>\n

M\u0113s iesak\u0101m apsv\u0113rt invest\u012bcijas ir \u0101rvalstu nekustamo \u012bpa\u0161umu, ja bud\u017eet\u0101 no 200 t\u016bkst. eiro. L\u0113t\u0101k, ar retiem iz\u0146\u0113mumiem, ir gr\u016bti nopirkt \u0161\u0137idrums objekts. \u0160aj\u0101 segment\u0101, m\u0113s iesak\u0101m ieg\u0101d\u0101ties dz\u012bvok\u013cu. Vi\u0146u vid\u016b ir priek\u0161roc\u012bbas \u2014 augsta likvidit\u0101te un stabils piepras\u012bjums.<\/p>\n

Ja bud\u017eet\u0101 ir vair\u0101k k\u0101 2,5 miljonus eiro v\u0113rts orient\u0113ties uz tirdzniec\u012bbas objektiem \u2014 galvenok\u0101rt tirdzniec\u012bbas, nekustam\u0101 \u012bpa\u0161uma un pansion\u0101tos.<\/p>\n

Neatkar\u012bgi no bud\u017eeta, 50-60 % no objekta v\u0113rt\u012bbas parasti var pa\u0146emt kred\u012btu, t\u0101 ka invest\u012bcijas ienes\u012bgu nekustamo \u012bpa\u0161umu var s\u0101kt ar 100 t\u016bkst. eiro pa\u0161u l\u012bdzek\u013cu.<\/p>\n<\/p>\n

Veidi ir komerci\u0101lo nekustamo \u012bpa\u0161umu un to iestat\u012bjumi
\nDati Tranio (vid\u0113jie ieteikts r\u0101d\u012bt\u0101ji)*<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Veidi
\napskates vietas<\/th>\n		Ienes\u012bgums,
\n% gad\u0101<\/th>\n		Termi\u0146\u0161
\nl\u012bguma
\nnoma<\/th>\n		Priek\u0161roc\u012bbas<\/th>\nTr\u016bkumi<\/th>\n<\/tr>\n
No 300 t\u016bkst. eiro<\/strong><\/th>\n<\/tr>\n
Dz\u012bvok\u013ca (\u012bstermi\u0146a \u012bre)<\/td>\n5-7<\/td>\nNo 1 dienas<\/td>\nAugsta likvidit\u0101te sal\u012bdzin\u0101jum\u0101 ar ilgtermi\u0146a nomu \u2014 virs ienes\u012bgums un nav probl\u0113mas ar izlik\u0161anu iedz\u012bvot\u0101ju, vair\u0101k izaugsmes potenci\u0101lu nomas likmes<\/td>\nRisku vad\u012bbas un d\u012bkst\u0101ves, sal\u012bdzinot ar ilgtermi\u0146a \u012bri \u2014 \u0101tr\u0101ku nodilumu<\/td>\n<\/tr>\n
Dz\u012bvok\u013ca (ilgtermi\u0146a noma)<\/td>\n2-3<\/td>\nNo 1 gada<\/td>\nAugsta likvidit\u0101te; augsts piepras\u012bjums no nomnieku puses, stabils pat kr\u012bzes laik\u0101<\/td>\nRisku vad\u012bbas un d\u012bkst\u0101ves; probl\u0113mas ar izlik\u0161anu iedz\u012bvot\u0101ju<\/td>\n<\/tr>\n
Studentu izmitin\u0101\u0161anas<\/td>\n4-6<\/td>\nNo 6 m\u0113ne\u0161iem<\/td>\nAugsts piepras\u012bjums no nomnieku puses<\/td>\nSal\u012bdzin\u0101jum\u0101 ar dz\u012bvok\u013ciem \u2014 zem\u0101ka likvidit\u0101te, ir gr\u016bti b\u016bt nepiecie\u0161ams repurpose<\/td>\n<\/tr>\n
No 2,5 miljoniem eiro<\/strong><\/th>\n<\/tr>\n
Ien\u0101kuma m\u0101j\u0101s<\/td>\n3-5<\/td>\nNo 1 gada<\/td>\nAugsta likvidit\u0101te, izaugsmes potenci\u0101ls kapitaliz\u0101cijas<\/td>\nZems ienes\u012bgums, daudz \u012brnieku probl\u0113mas ar izlik\u0161anu, ir nepiecie\u0161ama vad\u012bbas uz\u0146\u0113mums<\/td>\n<\/tr>\n
Ielu veikali<\/td>\n3-4<\/td>\n3-10 gadiem<\/td>\nAugsta likvidit\u0101te, izaugsmes potenci\u0101ls kapitaliz\u0101cijas<\/td>\nZems ienes\u012bgums<\/td>\n<\/tr>\n
Lielveikali<\/td>\n5-6,5<\/td>\n12-15 gadi<\/td>\nAugstas atdeves, ilgsto\u0161as l\u012bgumi<\/td>\nJo tuv\u0101k beigu termi\u0146\u0161 l\u012bguma, jo zem\u0101ka likvidit\u0101te<\/td>\n<\/tr>\n
No 10 miljoniem eiro<\/strong><\/th>\n<\/tr>\n
Veco \u013cau\u017eu pansion\u0101ti<\/td>\n5-6,5<\/td>\n20-25 gadi<\/td>\nSkaita pieaugums pension\u0101ri, ilgsto\u0161as l\u012bgumi<\/td>\nGr\u016bti b\u016bt nepiecie\u0161ams repurpose<\/td>\n<\/tr>\n
Tirdzniec\u012bbas centri<\/td>\n4-6<\/td>\n5-15 gadus<\/td>\nIenes\u012bgums<\/td>\nRisku vad\u012bbas, ja liel\u0101 daudzum\u0101 \u012brniekiem<\/td>\n<\/tr>\n
Viesn\u012bcas<\/td>\n4-6<\/td>\n10-20 gadiem<\/td>\nIenes\u012bgums<\/td>\nGr\u016bti b\u016bt nepiecie\u0161ams repurpose<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

* Vid\u0113jie r\u0101d\u012bt\u0101ji par objektu:<\/p>\n

    \n
  • uz labv\u0113l\u012bgos apvidos liel\u0101kaj\u0101s eiropas pils\u0113t\u0101s;<\/li>\n
  • jauni objekti vai p\u0113c kapit\u0101l\u0101 remonta;<\/li>\n
  • nomas l\u012bgumi s\u0101kum\u0101 termi\u0146a beig\u0101m.<\/li>\n<\/ul>\n

    Vieta<\/h2>\n

    No objekta atra\u0161an\u0101s vietas ir tie\u0161i atkar\u012bgi riskus un atdevi no ieguld\u012bjumiem. M\u0113s iesak\u0101m ieguld\u012bt valsti ar att\u012bst\u012btu ekonomiku un stabilu politisko sist\u0113mu. Vismaz\u0101ko risku ir at\u0161\u0137ir\u012bgi Austrija, Lielbrit\u0101nija, V\u0101cija, ASV, Francija un \u0160veice: \u0161aj\u0101s valst\u012bs vismaz\u0101k varb\u016bt\u012bba hiperinfl\u0101cijas, kas nacion\u0101lo val\u016btu un samazin\u0101t IKP.<\/p>\n

    Liel\u0101k\u0101 da\u013ca krievijas klientu izv\u0113las V\u0101ciju sakar\u0101 ar \u0123eogr\u0101fisko tuvumu, k\u0101 ar\u012b t\u0101p\u0113c, ka sal\u012bdzin\u0101jum\u0101 ar cit\u0101m valst\u012bm, kas uzskait\u012btas ienes\u012bgums V\u0101cij\u0101 nedaudz vair\u0101k, kredit\u0113\u0161anas nosac\u012bjumi ir lab\u0101k, bet nodok\u013ci ir nedaudz zem\u0101k. Bet citas valstis no \u0161\u0101 saraksta ir ar\u012b interese: piem\u0113ram, da\u017ei investori izv\u0113las ASV, jo tur sagaida liel\u0101ku labumu, citi baid\u0101s v\u0101jin\u0101\u0161an\u0101s v\u0101cijas ekonomiku sakar\u0101 ar politiskajiem notikumiem, bet tre\u0161ie ieg\u016bst ienes\u012bgu nekustamo \u012bpa\u0161umu valst\u012bs, kur koncentr\u0113tas t\u0101s uz\u0146\u0113m\u0113jdarb\u012bbas vai personas intereses.<\/p>\n

    M\u0113s iesak\u0101m ar\u012b j\u0101\u0146em v\u0113r\u0101, k\u0101d\u0101 val\u016bt\u0101 tiks nomin\u0113ti izdevumi investora \u0123imenes p\u0113c 5-10 gadiem. Piem\u0113ram, ja jums ir dz\u012bvojamo \u012bpa\u0161umu Uk un tur ar\u012b m\u0101c\u0101s j\u016bsu b\u0113rni, tad ir v\u0113rts iepaz\u012bties ar objektiem, \u012bres ien\u0101kumiem, no kuriem tiek \u0123ener\u0113ta lielbrit\u0101nijas sterli\u0146u m\u0101rci\u0146\u0101s.<\/p>\n

    Starp apdz\u012bvot\u0101m viet\u0101m ir lab\u0101k izv\u0113l\u0113ties vai nu metropo\u013cu un to labajos priek\u0161pils\u0113tas, pils\u0113tas vai vid\u0113ja lieluma ar pieaugo\u0161o iedz\u012bvot\u0101ju skaitu, att\u012bst\u012bts darba tirgus un ekonomikas izaugsmes potenci\u0101lu. M\u0113s iesak\u0101m koncentr\u0113ties uz p\u0101rbaud\u012btas vietas, kur\u0101s jau ir veiksm\u012bga pieredze invest\u012bciju tautie\u0161iem. Piem\u0113ram, der\u012bgie varianti \u2014 rietumeiropas galvaspils\u0113tas un liel\u0101k\u0101s pils\u0113tas Rietumu V\u0101cij\u0101.<\/p>\n

    Izv\u0113le rajona atkar\u012bga no veida nekustamo \u012bpa\u0161umu. Piem\u0113ram, ielas, veikali, tas ir lab\u0101k pirkt centr\u0101laj\u0101s iel\u0101s ar intens\u012bvu satiksmi, un, tirdzniec\u012bbas un noliktavu telpas \u2014 izbraucot no lielas pils\u0113tas, kas atrodas blakus trasi.<\/p>\n

    \u012arniekiem un \u012bres l\u012bgums<\/h2>\n

    Ja j\u016bs \u012br\u0113t dz\u012bvojamo nekustamo \u012bpa\u0161umu, k\u0101 \u012brnieki priek\u0161roku vidussl\u0101\u0146a p\u0101rst\u0101vji ar labu kred\u012btv\u0113sturi un stabiliem ien\u0101kumiem. K\u0101 segment\u0101 komerci\u0101lo nekustamo \u012bpa\u0161umu ir maz\u0101k riskanti objekti, kas ir iznom\u0101tas liel\u0101k\u0101 korporat\u012bv\u0101 \u012brniekiem, kas darbojas tirg\u016b desmitiem vai simtiem gadu. Varb\u016bt\u012bba bankrota \u0161\u0101diem nomniekiem maz\u0101k, nek\u0101 mazajiem priv\u0101tajiem uz\u0146\u0113mumiem. Inform\u0101cija par bankas finan\u0161u st\u0101vokli nomniekiem var piepras\u012bt no advok\u0101tiem proces\u0101 ekspert\u012bzes objektu (Due Diligence).<\/p>\n

    Objekti ar lielu nomnieku (piem\u0113ram, ien\u0101kuma m\u0101jas vai tirdzniec\u012bbas centri) nav piem\u0113roti \u0101rvalstu \u043d\u0435\u043f\u0440\u043e\u0444\u0438\u043b\u044c\u043d\u044b\u043c investoriem. P\u0113c m\u016bsu pieredzes, ja \u012brnieki ir vair\u0101k par pieciem, tas b\u016btiski palielina risku vad\u012bbas un paaugstina pras\u012bbas profesionalit\u0101tei p\u0101rvald\u012bbas sabiedr\u012bba. Vislab\u0101k ieg\u0101d\u0101ties \u012bpa\u0161umu ar vien\u012bgo nomnieku.<\/p>\n

    Svar\u012bgs nosac\u012bjums \u012bres l\u012bguma sadal\u012bjumu uztur\u0113\u0161anas izdevumu objekta starp \u012bpa\u0161nieku un \u012brnieku: kur\u0161 apmaks\u0101 nekustam\u0101 \u012bpa\u0161uma nodoklis, komun\u0101lie pakalpojumi, apdro\u0161in\u0101\u0161ana un citu izdevumu poste\u0146us. M\u0113s iesak\u0101m samazin\u0101t riskus, p\u0113rkot objektus, kuros maksim\u0101lais ekspluat\u0101cijas izmaksas uzlikts uz nomnieku. L\u012bguma \u0161\u0101da veida sauc par NN Noma (Double Net Noma) vai NNN Noma (Triple Net Noma), to at\u0161\u0137ir\u012bbas no citiem variantiem par\u0101d\u012bti tabul\u0101:<\/p>\n<\/p>\n\n\n\n\n\n\n\n\n\n
    Tips noma<\/th>\nIzdevumi \u012bpa\u0161nieka<\/th>\n<\/tr>\n
    Fas\u0101des remonts
    \nun b\u016bvniec\u012bbas
    \ndizainu<\/td>\n    		Saturs
    \nun apkalpo\u0161ana<\/td>\n    		Apdro\u0161in\u0101\u0161ana<\/td>\nNodoklis
    \nuz nekustamais \u012bpa\u0161ums<\/td>\n<\/tr>\n
    Gross Rent Noma<\/th>\n\u2713<\/td>\n\u2713<\/td>\n\u2713<\/td>\n\u2713<\/td>\n<\/tr>\n
    N Noma
    \n(Single Net Noma)<\/th>\n    		\u2713<\/td>\n\u2713<\/td>\n\u2713<\/td>\n\u00b7<\/td>\n<\/tr>\n
    NN Noma
    \n(Double Net Noma)<\/th>\n    		\u2713<\/td>\n\u2713<\/td>\n\u00b7<\/td>\n\u00b7<\/td>\n<\/tr>\n
    NNN Noma
    \n(Triple Net Noma,
    \nanalogs V\u0101cij\u0101 \u2014Dach & Fach)<\/th>\n    		\u2713<\/td>\n\u00b7<\/td>\n\u00b7<\/td>\n\u00b7<\/td>\n<\/tr>\n
    Absolute NNN Noma<\/th>\n\u00b7<\/td>\n\u00b7<\/td>\n\u00b7<\/td>\n\u00b7<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Ieteicams ieg\u0101d\u0101ties objektus c ilgsto\u0161\u0101m (10-20 gadi) \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u043c\u0438 l\u012bgumiem, bez ties\u012bb\u0101m izbeig\u0161anas, turkl\u0101t ar sp\u0113c\u012bgu \u012bres likmi bez piesaistes operacion\u0101l\u0101 r\u0101d\u012bt\u0101jiem biznesa nomnieks. Paturiet pr\u0101t\u0101, ka \u0161is l\u012bgums uzliek saist\u012bbas uz ab\u0101m pus\u0113m: runa ir ne tikai par to, ka nomnieks garant\u0113 stabilu \u012bres maksu uz visu \u0161o laiku, bet un par to, ka nekustam\u0101 \u012bpa\u0161uma \u012bpa\u0161nieks nav ties\u012bbas izlikt \u012brnieku pirms l\u012bguma termi\u0146a beig\u0101m.<\/p>\n

    Ilgtermi\u0146a l\u012bgumi dod ieguld\u012bt\u0101jam papildu apdro\u0161in\u0101\u0161anu no cenu korekcijas, pret kur\u0101m nav pasarg\u0101ti pat visdro\u0161\u0101kos nekustam\u0101 \u012bpa\u0161uma tirgu. Ja jums ir ieguld\u012bti objekts ar 15-20 gadu l\u012bgumu, tad ar lielu varb\u016bt\u012bbu period\u0101 samazin\u0101t cenas b\u016bs uz pirmajiem 10 gadiem \u012bpa\u0161umties\u012bbas, jo cikli nekustam\u0101 \u012bpa\u0161uma tirgus nomaina viens otru ik p\u0113c 7-10 gadiem. Ja cieto l\u012bgumus par 15-20 gadu cenu sv\u0101rst\u012bbas neietekm\u0113s uz j\u016bsu ien\u0101kumiem, jo nevar pirms termi\u0146a lauzt l\u012bgumu vai samazin\u0101t nomas maksu. T\u0101d\u0101 veid\u0101, j\u016bs varat pagaid\u012bt, l\u012bdz br\u012bdim, kad tirgus atkopsies, un iziet no projekta veiksm\u012bgs konjukt\u016brai.<\/p>\n

    Pat pie ilgsto\u0161\u0101m l\u012bgumos parasti var indeks\u0113t, nomas likmes saska\u0146\u0101 ar infl\u0101ciju, tas ir, ik gadu palielin\u0101t to ir aptuveni 1-2 %. Ja tirgus pozit\u012bvu att\u012bst\u012bbu \u0161aj\u0101 ir savi m\u012bnusi. Piem\u0113ram, ja nekustamo \u012bpa\u0161umu tirgus katru gadu pieaug par 4 %, un p\u0113c 10 gadiem j\u016bs v\u0113l\u0113tos nodot objektu iev\u0113rojami d\u0101rg\u0101ka infl\u0101ciju \u2014 j\u016bs var\u0113siet to dar\u012bt, jo jums ierobe\u017eo l\u012bgums. T\u0101d\u0113\u013c investoriem, kas tic tirgus pieaugums ilgtermi\u0146\u0101, tas ir lab\u0101k pirkt objektus ar \u043f\u044f\u0442\u0438\u043b\u0435\u0442\u043d\u0438\u043c\u0438 l\u012bgumiem (piem\u0113ram, tirdzniec\u012bbas nekustamo \u012bpa\u0161umu uz g\u0101j\u0113ju iel\u0101s) un indeks\u0113t \u012bres maksa p\u0113c l\u012bguma.<\/p>\n

    Izaugsmes potenci\u0101ls v\u0113rt\u012bbas<\/h2>\n

    \u041d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u0430\u043d\u043d\u044b\u0435 akt\u012bvi rietumu tirgos tiek p\u0101rdotas ar s\u0101kotn\u0113jo nomas ien\u0101kumiem no 3 l\u012bdz 7 %. Pirkt objektus ar s\u0101kotn\u0113jo ienes\u012bgumu vair\u0101k nek\u0101 7 %, m\u0113s uzskat\u0101m par nepamatotu un neizdev\u012bga, lai \u0101rvalstu investora: t\u0101dos projektos ir liela varb\u016bt\u012bba, ka pie horizonta 5-10 gadus tiek \u012bstenots k\u0101ds risks, izmaksu likvid\u0101cijas kura b\u016bs liel\u0101ka, nek\u0101 riska pr\u0113mija pie ieejas.<\/p>\n

    Turkl\u0101t tirgi ir ar zemu risku un ienes\u012bgumu (parasti tie ir centri un presti\u017e\u0101s jom\u0101s lielaj\u0101m pils\u0113t\u0101m) k\u013c\u016bst d\u0101rg\u0101ka \u0101tr\u0101k, nek\u0101 tie, kas ir rakstur\u012bga augsta s\u0101kuma ien\u0101kumiem un to pavado\u0161\u0101m augstu risku.<\/p>\n

    Piem\u0113ram, k\u0101 liecina veikt\u0101 Tranio retrospekt\u012bva anal\u012bze nekustam\u0101 \u012bpa\u0161uma cenas ASV, no 2001. l\u012bdz 2015. gadam objekti ar s\u0101kotn\u0113jo ienes\u012bgumu 3 % pieauga cenas vid\u0113ji par 5 % gad\u0101, ar ienes\u012bgumu 5 % \u2014 par 4,7 %, ar ienes\u012bgumu 7 % \u2014 tikai par 3,5 % gad\u0101, bet objektiem ar ienes\u012bgumu 9 % var\u0113tu samazin\u0101ties cenu. Turkl\u0101t, starp \u0434\u0435\u0448\u0435\u0432\u0435\u044e\u0449\u0438\u0445 objektu vismaz\u0101k zaud\u0113 v\u0113rt\u012bbu, tie, kas bija zem\u0101ku ienes\u012bgumu. Kritumu cenas iepriek\u0161 pie objektiem ar augst\u0101ku s\u0101kotn\u0113j\u0101s ienes\u012bgumu, t\u0101p\u0113c, ka \u0146emot v\u0113r\u0101 iesp\u0113jam\u012bbu, ka, lai \u012bstenotu \u0161o riska objekti ar s\u0101kotn\u0113jo ienes\u012bgumu 3-7 % dod gal\u0101 liel\u0101ku kop\u0113jo ienes\u012bgumu.<\/p>\n

    Prognozes cenu pieaugums svar\u012bgi ir ar\u012b att\u012bst\u012bbas perspekt\u012bvas rajona. Vis\u0101tr\u0101k k\u013c\u016bst d\u0101rg\u0101ka nekustamo \u012bpa\u0161umu tur, kur notiek \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f \u2014 process, kur\u0101 r\u016bpnieciskie rajoni p\u0101rv\u0113r\u0161as presti\u017eas dz\u012bvojam\u0101s, \u043e\u0431\u043b\u0430\u0433\u043e\u0440\u0430\u0436\u0438\u0432\u0430\u0435\u0442\u0441\u044f teritorija, att\u012bst\u012bta infrastrukt\u016bra, k\u0101 ar\u012b iedz\u012bvot\u0101ju ar zemiem ien\u0101kumiem to, aizvietojusi vair\u0101k nek\u0101 tur\u012bg\u0101m. \u0160aj\u0101 gad\u012bjum\u0101 visvair\u0101k \u0432\u044b\u0438\u0433\u0440\u044b\u0448\u043d\u044b teritorijas, kuras atrodas net\u0101lu no pils\u0113tas centra, vai ir \u0113rta satiksme ar centru.<\/p>\n

    Optim\u0101l\u0101 ienes\u012bgums ir atkar\u012bgs ne tikai no riska, bet ar\u012b no laika ieguld\u012bjumu. Jo maz\u0101ks laiks, jo liel\u0101k\u0101 s\u0101kuma ienes\u012bgums ir j\u0113ga robe\u017e\u0101s 3-7 %. Piem\u0113ram, ne\u0146emot v\u0113r\u0101 kred\u012bta pie 20 gadu termi\u0146a invest\u012bcij\u0101m liel\u0101k\u0101 kop\u0113j\u0101 ra\u017ea (\u0146emot v\u0113r\u0101 kapitaliz\u0101cijas) ir sasniegts, kad s\u0101kotn\u0113j\u0101 ienes\u012bguma 3,8\u20135,8 %; un, ja ieguld\u012bjumu termi\u0146\u0161 \u2014 10 gadi, tad optim\u0101lais s\u0101kuma ienes\u012bgums \u2014 4,5\u20136,5 %. \u0160\u0101da secin\u0101juma anal\u012bti\u0137i Tranio sa\u0146\u0113ma izp\u0113tes rezult\u0101t\u0101 100 p\u0101ri atdeves pieaugums kapitaliz\u0101cijas” dz\u012bvojamo un nedz\u012bvojamo nekustamo \u012bpa\u0161umu V\u0101cij\u0101.<\/p>\n

    <\/i><\/p>\n

    Kred\u012bts<\/h2>\n

    Var palielin\u0101t ienes\u012bgumu, izmantojot hipot\u0113ku.<\/p>\n

    Naudu aiz\u0146emas r\u0113\u0137ina hipot\u0113kas, izmaks\u0101 l\u0113t\u0101k, nek\u0101 nomnieks maks\u0101 par \u012bri. Piem\u0113ram, p\u0113rkot ieguld\u012bjuma \u012bpa\u0161umu V\u0101cij\u0101 var pa\u013cauties uz kred\u012btu par summu l\u012bdz 60 % no objekta v\u0113rt\u012bbas saska\u0146\u0101 ar 2-3 % gad\u0101. Ja nomas ienes\u012bguma 6,5 % atdevi uz ieguld\u012bto kapit\u0101lu, \u0146emot v\u0113r\u0101 aizdevumu, var sasniegt 8-10 %.<\/p>\n

    Visp\u0101r\u0113j\u0101 gad\u012bjum\u0101 l\u0113t\u0101kie kred\u012bti ar main\u012bgo procentu likmi, bez iesp\u0113jas pirmstermi\u0146a dz\u0113\u0161anai, bet d\u0101rg\u0101k\u0101 \u2014 ar fiks\u0113tu procentu likmi, kas atbalsta pirmstermi\u0146a atmaksu.<\/p>\n

    Lab\u0101k ir \u0146emt kred\u012btu uz ilg\u0101ku termi\u0146u (10-15 gadi): jo liel\u0101ks termi\u0146\u0161, jo d\u0101rg\u0101ka naudu, bet ar\u012b maz\u0101ks risks, ka negat\u012bv\u0101 situ\u0101cija tirg\u016b ietekm\u0113s apst\u0101k\u013ci refinans\u0113t. Gad\u012bjum\u0101, komerci\u0101lo nekustamo \u012bpa\u0161umu, ir ieteicams noform\u0113t hipotek\u0101ro kred\u012btu sh\u0113ma, kur\u0101 galvenok\u0101rt tiek maks\u0101ti procenti, un \u0137ermenis kred\u012bta \u2014 tuv\u0101k beig\u0101m, kred\u012bta termi\u0146a. \u0160aj\u0101 gad\u012bjum\u0101 ir ieteicams, ka termi\u0146a beig\u0101s tika atmaks\u0101ti vismaz 40-50 % \u0137erme\u0146a.<\/p>\n

    Nav v\u0113rts \u043f\u0435\u0440\u0435\u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432\u044b\u0432\u0430\u0442\u044c objektu un aiz\u0146emties p\u0101r\u0101k daudz. Bet nevajadz\u0113tu aiz\u0146emt p\u0101r\u0101k maz, lai cik d\u012bvaini neb\u016btu j\u0101izmanto iesp\u0113ja \u0146emt kred\u012btu ir l\u0113t\u0101k, nek\u0101 maks\u0101 nomnieks.<\/p>\n

    Nodok\u013cu optimiz\u0101cija<\/h2>\n

    Attiec\u012bb\u0101 uz optimiz\u0101cijas nodok\u013ca ie\u0146\u0113mumi, tad fiziskas personas, Eirop\u0101 un ASV maks\u0101 to proporcion\u0101li ien\u0101kumu lieluma, un nekustam\u0101 \u012bpa\u0161uma v\u0113rt\u012bba l\u012bdz 1 miljonam eiro vienk\u0101r\u0161\u0101k noform\u0113t fiziska persona. D\u0101rg\u0101ks objekts ir izdev\u012bg\u0101k re\u0123istr\u0113t uz\u0146\u0113mumu, jo no juridisk\u0101m person\u0101m parasti ir plakana un vair\u0101k zem\u0101k\u0101 ien\u0101kuma nodok\u013ca likme. Ar\u012b uz\u0146\u0113mumiem ir viegl\u0101k samazin\u0101t ar nodokli apliekamo b\u0101zi, sakar\u0101 ar nolietojuma un atskait\u012bjumiem aiz\u0146\u0113mumu no bankas un dibin\u0101t\u0101ja.<\/p>\n

    Vislab\u0101k, ja dar\u012bjumu iesp\u0113jams organiz\u0113t t\u0101, lai maks\u0101t nodok\u013cus tikai \u0161aj\u0101 valst\u012b atrast nekustam\u0101 \u012bpa\u0161uma objektu. \u0160\u0101da iesp\u0113ja ir atkar\u012bga no nodok\u013cu \u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0441\u0442\u0432\u0430 investors, starpvalstu vieno\u0161an\u0101s par dubulto nodok\u013cu neaplik\u0161anu, \u012bpa\u0161uma formas un citiem faktoriem. Konsultanti Tranio, izmantojot nodok\u013cu konsultanti pal\u012bdz katram klientam individu\u0101li struktur\u0113t dar\u012bjumu un noform\u0113t kred\u012btu ar vislab\u0101kajiem nosac\u012bjumiem.<\/p>\n

    Izeja no projekta<\/h2>\n

    Parastais termi\u0146\u0161 ir \u012bpa\u0161umties\u012bbas ie\u0146\u0113mumu nekustamo \u012bpa\u0161umu pirms p\u0101rdo\u0161anas \u2014 5-20 gadi. Parasti ir nepiecie\u0161ams vismaz 13-14 gadi, lai objekts ir samaks\u0101jis off un s\u0101ka nest pe\u013c\u0146u. Da\u017e\u0101s valst\u012bs investori orient\u0113jas uz termi\u0146u, p\u0101rdodot p\u0113c kuru netiek maks\u0101ts nodoklis par kapit\u0101la pieaugumu (piem\u0113ram, V\u0101cij\u0101 ir 10 gadi).<\/p>\n

    Vai b\u016bs iesp\u0113jams izdev\u012bgi p\u0101rdot nekustamo \u012bpa\u0161umu p\u0113c daudziem gadiem \u2014 viens no galvenajiem riska invest\u012bcijas, kas bie\u017ei vien ne\u0146em v\u0113r\u0101 klienti interes\u0113jas par augstu ienes\u012bgumu. Vi\u0146us piesaista pied\u0101v\u0101jumus no s\u0101kuma ienes\u012bgumu 8 % un liel\u0101ks; tipiski piem\u0113ri \u2014 autost\u0101vvietu, vai m\u0101jokli, lai studentiem perif\u0113rij\u0101. Galvenais tr\u016bkums ir \u0161\u0101das apskates vietas \u2014 zema likvidit\u0101te, tas ir mazs piepras\u012bjums p\u0113c pirkuma. Ja dodies tos p\u0101rdot, n\u0101ksies b\u016btiski samazin\u0101t cenu, kas galu gal\u0101 samazina augstu s\u0101kotn\u0113jo ienes\u012bgumu.<\/p>\n

    Pie horizonta pl\u0101no\u0161anas 10-20 gadiem m\u0113s iesak\u0101m apsv\u0113rt komerci\u0101lo nekustamo \u012bpa\u0161umu ar s\u0101kotn\u0113jo ienes\u012bgumu 5 % (iev\u0113rojot p\u0101r\u0113jos ieteikumus no \u0161\u012b raksta). Visbie\u017e\u0101k t\u0101s ir izmaksas pieaug par 2-3% gad\u0101 kop\u0101 ar tirgu vai pat \u0101tr\u0101k to. Tas ir uzticams objekti, kas var izdev\u012bgi p\u0101rdot un pirms noteikt\u0101 termi\u0146a, ja j\u016bsu pl\u0101ni main\u012bsies. Un, ja stresa scen\u0101rij\u0101 \u0161\u0101da nekustam\u0101 \u012bpa\u0161uma maz\u0101k zaud\u0113 cenu, nek\u0101 riskant\u0101ka objekti ar augstu s\u0101kotn\u0113jo ienes\u012bgumu.<\/p>\n

    Tom\u0113r, ja j\u016bs gatavojas p\u0101rdot objektu p\u0113c 1-3 gadiem, tad vislab\u0101k ir pirkt visvair\u0101k ienes\u012bgu nekustamo \u012bpa\u0161umu \u0161aj\u0101 re\u0123ion\u0101 ar izaugsmes potenci\u0101lu. \u0160odien viena no t\u0101d\u0101m viet\u0101m Eirop\u0101 tiek uzskat\u012bta Sp\u0101nija no t\u0101s centr\u0101laj\u0101m tirgiem Madrides un Barselonas. Tom\u0113r, nevar pateikt, vai saglab\u0101sies pieaugums \u0161ajos tirgos tuv\u0101kajos 10-20 gados, t\u0101p\u0113c ilgtermi\u0146a ieguld\u012bjumiem ir v\u0113rsta uz kapit\u0101la saglab\u0101\u0161anu lab\u0101k izv\u0113l\u0113ties vair\u0101k paredzamu vietas.<\/p>\n

    Ja j\u016bs pl\u0101nojat p\u0101rdot nekustamo \u012bpa\u0161umu, bet atst\u0101t vi\u0146u mantiniekiem, tad ir svar\u012bgi izv\u0113l\u0113ties pareizo form\u0101tu \u012bpa\u0161umties\u012bbas, lai optimiz\u0113tu nodok\u013cus mantojumu. Piem\u0113ram, Francij\u0101 nav nodok\u013cu par mantojuma un d\u0101vin\u0101juma nodoklis, ja objekts ir re\u0123istr\u0113ts uz pilsonisko sabiedr\u012bbu dar\u012bjumiem ar nekustamo \u012bpa\u0161umu (SCI). Bet Lielbrit\u0101nij\u0101 nodoklis, mantojuma nav apliekama nekustam\u0101 \u012bpa\u0161uma, kas iek\u0101rtota uz \u043e\u0444\u0448\u043e\u0440\u043d\u0443\u044e uz\u0146\u0113mumu.<\/p>\n

    \u2022<\/p>\n

    \u0160eit ir kopsavilkums par galvenajiem ieteikumiem, Tranio, lai investoriem aizj\u016bras \u012bpa\u0161umu:<\/p>\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/th>\nDz\u012bvojamais nekustamais \u012bpa\u0161ums<\/th>\nViena neapdz\u012bvojama nekustamais \u012bpa\u0161ums<\/th>\n<\/tr>\n
    Minim\u0101lais bud\u017eets<\/td>\n300 t\u016bkst. eiro<\/td>\n2,5 miljoni eiro<\/td>\n<\/tr>\n
    Objektu tipi<\/td>\nNaktsm\u0101jas, naktsm\u0101jas studentiem<\/td>\nPre\u010du \u012bpa\u0161uma p\u0101rpild\u012bti iel\u0101m, lielveikalos, veco \u013cau\u017eu pansion\u0101ti<\/td>\n<\/tr>\n
    Valsts<\/td>\nAustrija, Lielbrit\u0101nija, V\u0101cija, ASV, Francija, \u0160veice<\/td>\n<\/tr>\n
    Pils\u0113tas<\/td>\nApdz\u012bvotas vietas ar labu demogr\u0101fiju un ekonomikas izaugsmes potenci\u0101lu<\/td>\n<\/tr>\n
    Jomas<\/td>\nViet\u0101m ar labu ekolo\u0123iju un infrastrukt\u016bru, tautas pie vid\u0113j\u0101s klases; apk\u0101rtni augstskolu, medic\u012bnas centriem, un biznesa kvart\u0101liem<\/td>\nPie transporta art\u0113riju un sabiedrisk\u0101 transporta, sabiedrisk\u0101s viet\u0101s citiem l\u012bdz\u012bga profila apskates vietas<\/td>\n<\/tr>\n
    Izaugsmes potenci\u0101ls
    \nkapitaliz\u0101cija<\/td>\n    		Augsts<\/td>\nVid\u0113j\u0101<\/td>\n<\/tr>\n
    Ieguld\u012bjumu termi\u0146\u0161<\/td>\nNo 10 gadiem<\/td>\n<\/tr>\n
    Optim\u0101lais s\u0101kuma
    \nienes\u012bgums<\/td>\n    		4-6 %
    \n(var uzlabot credit score)<\/td>\n<\/tr>\n
    LTV (da\u013ca aiz\u0146emto l\u012bdzek\u013cu
    \nno objekta v\u0113rt\u012bbas)<\/td>\n    		60 %<\/td>\n<\/tr>\n
    Kred\u012bts<\/td>\nL\u0113t\u0101kie kred\u012bti ar main\u012bgo procentu likmi, bez iesp\u0113jas pirmstermi\u0146a dz\u0113\u0161anai; ieteicams izv\u0113l\u0113ties pl\u0101nu, kur\u0101 vispirms sedz procentus, bet \u0137ermenis \u2014 tuv\u0101k termi\u0146a beig\u0101m<\/td>\n<\/tr>\n
    Kredit\u0113\u0161anas termi\u0146\u0161<\/td>\n10-15 gadi<\/td>\n<\/tr>\n
    \u012arnieki<\/td>\nVidussl\u0101\u0146a p\u0101rst\u0101vji, \u0123imenes ar b\u0113rniem, studenti, biroju darbinieki, pension\u0101ri<\/td>\nLielie tirdzniec\u012bbas t\u012bkli un p\u0101rvald\u012bbas sabiedr\u012bb\u0101m, kas darbojas tirg\u016b vair\u0101kus desmitus gadu un ir lab\u0101 finan\u0161u formu<\/td>\n<\/tr>\n
    Tips noma<\/td>\nNN vai NNN (maksim\u0101lais ekspluat\u0101cijas izmaksas \u0430\u0440\u0435\u043d\u0434\u0430\u0442\u043e\u0440\u0435);
    \nilgtermi\u0146a l\u012bgumu ir bez ties\u012bbu izbeig\u0161anu<\/td>\n<\/tr>\n
    Nomas termi\u0146\u0161<\/td>\n1 nakts (\u012bstermi\u0146a),
    \n1 gads (ilgtermi\u0146a)<\/td>\n    		5-20 gadi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Georgijs \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432, vado\u0161ais partneris Tranio<\/p>\n","protected":false},"excerpt":{"rendered":"

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