{"id":2229,"date":"2020-02-13T16:17:54","date_gmt":"2020-02-13T13:17:54","guid":{"rendered":"http:\/\/nalog.fr\/rotendintele-de-pe-pietele-de-proprietati-imobiliare-comerciale-din-europa-si-sua-preturile-rentabilitatea-si-perspective\/"},"modified":"2020-02-13T16:17:54","modified_gmt":"2020-02-13T13:17:54","slug":"rotendintele-de-pe-pietele-de-proprietati-imobiliare-comerciale-din-europa-si-sua-preturile-rentabilitatea-si-perspective","status":"publish","type":"post","link":"https:\/\/nalog.fr\/ro\/rotendintele-de-pe-pietele-de-proprietati-imobiliare-comerciale-din-europa-si-sua-preturile-rentabilitatea-si-perspective\/","title":{"rendered":"Tendin\u021bele de pe pie\u021bele de propriet\u0103\u021bi imobiliare comerciale din Europa \u0219i SUA: pre\u021burile, rentabilitatea \u0219i perspective"},"content":{"rendered":"<p>Potrivit JLL, \u00een prima jum\u0103tate a anului 2016 global imobiliare comerciale a fost investit aproximativ 260 de miliarde de euro, cu 10 % mai pu\u021bin dec\u00e2t \u00een primul semestru al 2015-lea. Acest lucru se datoreaz\u0103 \u00een mare parte de descre\u0219terea activit\u0103\u021bii de la dou\u0103 dintre cele mai mari pie\u021be din lume \u2014 american, \u00een cazul \u00een care investi\u021biile \u00een dolari a sc\u0103zut cu 16 % din cauza \u0443\u043a\u0440\u0435\u043f\u0438\u0432\u0448\u0435\u0439\u0441\u044f valutar, \u0219i marea britanie (-28 %), \u00een cazul \u00een care domnea incertitudinea \u00een leg\u0103tur\u0103 cu &#8222;\u0411\u0440\u0435\u043a\u0437\u0438\u0442\u043e\u043c&#8221;.<\/p>\n<p>     <i><\/i><\/p>\n<p>Lua\u021bi \u00een considerare pie\u021bele de venituri imobiliare \u0219apte \u021b\u0103ri:<\/p>\n<ul>\n<li>Austria,<\/li>\n<li>Marea britanie,<\/li>\n<li>Germania,<\/li>\n<li>Spania,<\/li>\n<li>SUA,<\/li>\n<li>Fran\u021ba,<\/li>\n<li>Republica ceh\u0103.<\/li>\n<\/ul>\n<h2 id=\"1\">Austria<\/h2>\n<p><strong>De investi\u021bii<\/strong>. \u00cen prima jum\u0103tate a anului 2016 \u00een imobiliare comerciale din Austria a investit 1,5 miliarde de euro, de 8,5 ori mai mult dec\u00e2t \u00een perioada similar\u0103 a anului 2015-lea. Acest lucru se explic\u0103 prin faptul c\u0103 \u00een primele \u0219ase luni ale anului au fost \u00eencheiate mai multe semnificative de tranzac\u021bii, printre care v\u00e2nzarea turnului IZD peste 270 de milioane de euro. Pe pia\u021ba austriac\u0103 este dominat de investitori din Germania.<\/p>\n<p><strong>Birouri<\/strong>. Pe de birouri a trebuit 54 % din investi\u021biile \u00een primele \u0219ase luni ale anului. Cererea de la Viena este mai mare dec\u00e2t oferta, goale \u0219i doar 6 % de pardoseal\u0103. Activitatea de pe pia\u021ba de birouri inhib\u0103 \u0219i insuficient\u0103 oferta. Randamentul mediu a fost de 4,2 % anual.<\/p>\n<p><strong>De comercializare a cotelor de proprietate<\/strong>. \u00cen trimestrul I al anului 2016, \u00een segmentul fost atrase doar 1 % din investi\u021bii, dar \u00een 2015 a primit aproximativ un sfert din capital. Randamentul mediu \u2014 4-5 %.<\/p>\n<p><strong>Depozite<\/strong>. \u00cen acest sector nu dispune de un produs de \u00eenalt\u0103 calitate. Cump\u0103r\u0103torii de depozite \u00een majoritatea cazurilor ocup\u0103 lor \u00een\u0219i\u0219i, \u0219i nu dau \u00een arend\u0103. Randamentul \u2014 6,5 %, la Viena, \u0219i 7 % \u00een Graz.<\/p>\n<p><strong>Cazare<\/strong>. Din 2008 p\u00e2n\u0103 \u00een 2015, pre\u021burile la apartamentele din Viena, a crescut cu 75 %. Printre cump\u0103r\u0103torii de pe pia\u021ba de capital pia\u021b\u0103 de 40 % str\u0103ini. Randamentul mediu de cazare \u2014 de 3,5\u22124 %.<\/p>\n<table>\n<tr>\n<th>Tipul de proprietate<\/th>\n<th>De \u00eenchiriere,<br \/>euro\/m2<br \/>\u00eentr-o lun\u0103<\/th>\n<th>Anual<br \/>dinamica<br \/>de leasing, %<\/th>\n<th>Pre\u021burile,<br \/>euro\/m2<\/th>\n<th>Anual<br \/>dinamica<br \/>pre\u021burilor, %<\/th>\n<th>Randamentul,<br \/>%<\/th>\n<th>Prognoza<br \/>\u00een 2016-2017<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Viena<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>20,8<\/td>\n<td>-0,6<\/td>\n<td>6 087,8<\/td>\n<td>13,9<\/td>\n<td>4,1<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>240,0<\/td>\n<td>0,0<\/td>\n<td>82 285,7<\/td>\n<td>17,1<\/td>\n<td>3,5<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>88,0<\/td>\n<td>0,0<\/td>\n<td>20 de 705,9<\/td>\n<td>2,9<\/td>\n<td>5,1<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>4,8<\/td>\n<td>0,0<\/td>\n<td>876,9<\/td>\n<td>11,5<\/td>\n<td>6,5<\/td>\n<td>&#x2194;<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>14,4<\/td>\n<td>-2,0<\/td>\n<td>4 928,0<\/td>\n<td>8,4<\/td>\n<td>3,5<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Graz<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>11,3<\/td>\n<td>0,0<\/td>\n<td>2 076,9<\/td>\n<td>9,2<\/td>\n<td>6,5<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>88,0<\/td>\n<td>0,0<\/td>\n<td>24 000,0<\/td>\n<td>8,0<\/td>\n<td>4,4<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>40,0<\/td>\n<td>0,0<\/td>\n<td>7 619,0<\/td>\n<td>3,2<\/td>\n<td>6,3<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>4,0<\/td>\n<td>0,0<\/td>\n<td>685,7<\/td>\n<td>7,1<\/td>\n<td>7,0<\/td>\n<td>&#x2194;<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>11,3<\/td>\n<td>-2,8<\/td>\n<td>3 055,0<\/td>\n<td>3,6<\/td>\n<td>4,4<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"2\">Marea britanie<\/h2>\n<p><strong>De investi\u021bii<\/strong>. Marea britanie \u2014 cel mai mare pe pia\u021ba european\u0103 de real estate. \u00cen 2015, \u00een obiectele comerciale din aceast\u0103 \u021bar\u0103 s-au investit 73 de miliarde de euro, dintre care aproape jum\u0103tate au revenit de la Londra Mare. Totodat\u0103, 43 % de investitori str\u0103ini, preponderent americanii. \u00cen prima jum\u0103tate a anului 2016-lea, volumul investi\u021biilor \u00een acest segment de pia\u021b\u0103 a fost de aproximativ 29 de miliarde de euro, cu 28 % mai pu\u021bin fa\u021b\u0103 de aceea\u0219i perioad\u0103 din 2015-lea.<\/p>\n<p><strong>Birouri<\/strong>. \u00cen trimestrul I al anului 2016 la birouri avut 42 % din investi\u021bii. Chiriile sunt \u00een cre\u0219tere, randamentul scade. Birouri premium de la Londra aduc 3,6 % pe an.<\/p>\n<p><strong>De comercializare a cotelor de proprietate<\/strong>. \u00cen trimestrul I al anului 2016, \u00een segmentul a fost investit 14 % din investi\u021bii. Rata de rentabilitate bonus obiecte de street-\u0440\u0435\u0442\u0435\u0439\u043b\u0430 au o tendin\u021b\u0103 de descre\u0219tere (3,4 % pe an \u00een Londra).<\/p>\n<p><strong>Depozite<\/strong>. \u00cen trimestrul I al anului 2016 la depozite a avut de a 12 % din totalul investi\u021biilor. Pentru dezvoltarea sectorului este benefic cre\u0219terea volumului de tranzac\u021bionare on-line \u00een \u021bar\u0103. Randamentul depozitelor la Londra \u2014 4,8 %.<\/p>\n<p><strong>Cazare<\/strong>. \u00cencep\u00e2nd cu anul 2007 (anterior de v\u00e2rf) pe anul 2015 cazare in Londra s-a scumpit cu 50 %. \u00cen marea Britanie, \u00een aceea\u0219i perioad\u0103 cre\u0219terea a fost de numai 7 %. Randamentul de apartamente \u00een capitala britanic\u0103 \u2014 2,4 %.<\/p>\n<table>\n<tr>\n<th>Tipul de proprietate<\/th>\n<th>De \u00eenchiriere,<br \/>euro\/m2<br \/>\u00eentr-o lun\u0103<\/th>\n<th>Anual<br \/>dinamica<br \/>de leasing, %<\/th>\n<th>Pre\u021burile,<br \/>euro\/m2<\/th>\n<th>Anual<br \/>dinamica<br \/>pre\u021burilor, %<\/th>\n<th>Randamentul,<br \/>%<\/th>\n<th>Prognoza<br \/>\u00een 2016-2017<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Londra<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>100,0<\/td>\n<td>9,5<\/td>\n<td>33 333,3<\/td>\n<td>17,1<\/td>\n<td>3,6<\/td>\n<td>&#x2194;<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>500,0<\/td>\n<td>7,7<\/td>\n<td>176 470,6<\/td>\n<td>15,6<\/td>\n<td>3,4<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>415,0<\/td>\n<td>O-5.0<\/td>\n<td>124 500,0<\/td>\n<td>0,9<\/td>\n<td>4,0<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>16,3<\/td>\n<td>0,0<\/td>\n<td>4 126,3<\/td>\n<td>5,3<\/td>\n<td>4,8<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>25,0<\/td>\n<td>6,2<\/td>\n<td>12 574,0<\/td>\n<td>8,2<\/td>\n<td>2,4<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Manchester<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>39,2<\/td>\n<td>1,6<\/td>\n<td>9 400,0<\/td>\n<td>1,6<\/td>\n<td>5,0<\/td>\n<td>&#x2194;<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>135,0<\/td>\n<td>5,8<\/td>\n<td>38 117,6<\/td>\n<td>18,2<\/td>\n<td>4,3<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>175,0<\/td>\n<td>1,5<\/td>\n<td>44 210,5<\/td>\n<td>6,8<\/td>\n<td>4,8<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>7,3<\/td>\n<td>4,3<\/td>\n<td>1 581,8<\/td>\n<td>4,3<\/td>\n<td>5,5<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>12,4<\/td>\n<td>n\/a<\/td>\n<td>3 402,0<\/td>\n<td>3,5<\/td>\n<td>4,4<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"3\">Germania<\/h2>\n<p><strong>De investi\u021bii<\/strong>. GERMANIA este a doua cea mai mare piata imobiliara din Europa, dup\u0103 marea Britanie. \u00cen prima jum\u0103tate a anului 2016, \u00een obiectele comerciale din Germania a fost investit 17,5 miliarde de euro, cu 4% mai pu\u021bin fa\u021b\u0103 de prima jum\u0103tate a anului 2015-lea. Aproximativ 40% de investitori str\u0103ini.<\/p>\n<p><strong>Birouri<\/strong>. \u00cen trimestrul I al anului 2016 la birouri a revenit aproape jum\u0103tate din investi\u021bii. \u00cen ora\u0219e &#8222;big seven&#8221; cererea este \u00een cre\u0219tere mai rapid de oferte de \u00eenchiriere de scump, iar randamentul scade. Calitate birouri aduc aproximativ 4 % pe an.<\/p>\n<p><strong>De comercializare a cotelor de proprietate<\/strong>. \u00cen trimestrul I al anului 2016, \u00een segmentul a fost investit 20 % din investi\u021bii. Rata de rentabilitate bonus obiecte de street-\u0440\u0435\u0442\u0435\u0439\u043b\u0430 au o tendin\u021b\u0103 de descre\u0219tere. \u00cen medie, ei aduc 3-4 % anual.<\/p>\n<p><strong>Depozite<\/strong>. \u00cen trimestrul I al anului 2016 la depozite a avut de a 10 % din totalul investi\u021biilor. Din cauza lipsei de bun\u0103 calitate \u0219i de puternic\u0103 a cererii de randament redus (5-6% pe an).<\/p>\n<p><strong>Cazare<\/strong>. 2011-2015 cazare \u00een Germania s-au scumpit \u00een medie cu 55 %, de la M\u00fcnchen la 65 %, de la Berlin \u2014 de aproape 2 ori. Pe termen lung, inchirieri apartamente aduce, \u00een medie, de aproximativ 3 %.<\/p>\n<table>\n<tr>\n<th>Tipul de proprietate<\/th>\n<th>De \u00eenchiriere,<br \/>euro\/m2<br \/>\u00eentr-o lun\u0103<\/th>\n<th>Anual<br \/>dinamica<br \/>de leasing, %<\/th>\n<th>Pre\u021burile,<br \/>euro\/m2<\/th>\n<th>Anual<br \/>dinamica<br \/>pre\u021burilor, %<\/th>\n<th>Randamentul,<br \/>%<\/th>\n<th>Prognoza<br \/>\u00een 2016-2017<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Berlin<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>17,8<\/td>\n<td>6,7<\/td>\n<td>5 340,0<\/td>\n<td>20,0<\/td>\n<td>4,0<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>244,0<\/td>\n<td>1,7<\/td>\n<td>77 052,6<\/td>\n<td>9,7<\/td>\n<td>3,8<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>92,0<\/td>\n<td>0,0<\/td>\n<td>25 976,5<\/td>\n<td>11,8<\/td>\n<td>4,3<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>5,8<\/td>\n<td>4,5<\/td>\n<td>1 200,0<\/td>\n<td>13,6<\/td>\n<td>5,8<\/td>\n<td>&#x2194;<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>10,3<\/td>\n<td>1,1<\/td>\n<td>3 651,1<\/td>\n<td>10,5<\/td>\n<td>3,4<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>M\u00fcnchen<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>26,8<\/td>\n<td>0,0<\/td>\n<td>8 691,9<\/td>\n<td>4,1<\/td>\n<td>3,7<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>296,0<\/td>\n<td>0,0<\/td>\n<td>107 636,4<\/td>\n<td>6,1<\/td>\n<td>3,3<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>126,7<\/td>\n<td>0,0<\/td>\n<td>38 984,6<\/td>\n<td>9,0<\/td>\n<td>3,9<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>7,0<\/td>\n<td>7,7<\/td>\n<td>1 555,6<\/td>\n<td>19,7<\/td>\n<td>5,4<\/td>\n<td>&#x2194;<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>17,2<\/td>\n<td>2,2<\/td>\n<td>7 353,0<\/td>\n<td>8,9<\/td>\n<td>2,8<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"4\">Spania<\/h2>\n<p><strong>De investi\u021bii<\/strong>. \u00cen 2015, volumul investi\u021biilor \u00een spaniol\u0103 de proprietate a atins apogeul dup\u0103 criz\u0103 \u2014 13 miliarde de euro, cu 25 % mai mult fa\u021b\u0103 de 2014. Cu toate acestea, \u00een prima jum\u0103tate a anului 2016 \u00een segmentul a fost investit 3,4 miliarde de euro, cu 20 % mai pu\u021bin comparativ cu aceea\u0219i perioad\u0103 a anului precedent. Num\u0103rul investitorilor str\u0103ini cre\u0219te: \u00een anul 2015, ponderea str\u0103inilor pe pia\u021ba de propriet\u0103\u021bi imobiliare comerciale a fost de aproximativ 50 %, \u00een prima jum\u0103tate a anului 2016 \u2014 deja de 73 %.<\/p>\n<p><strong>Birouri<\/strong>. \u00cen 2015, pe acest sector a avut de a 43 % din investi\u021bii. Cererea pentru \u00eenchirierea de la Madrid \u0219i Barcelona a fost cea mai mare din ultimii 9 ani. Cu toate acestea, pe pia\u021b\u0103 tot mai mare rata de neocupare a spa\u021biilor: \u00een Madrid goale 15,9 % de birouri, \u00een Barcelona \u2014 14 %, randamentul lor \u00een Madrid \u0219i Barcelona este de 4,3 \u0219i 4,5 %, respectiv.<\/p>\n<p><strong>De comercializare a cotelor de proprietate<\/strong>. \u00cen 2015, \u00een centrele comerciale \u0219i complexe Spania a fost investit 2,65 miliarde de euro (record de 10 ani). Randamentul street-\u0440\u0435\u0442\u0435\u0439\u043b\u0430 este de aproximativ 4 %, complexe comerciale \u2014 5 %.<\/p>\n<p><strong>Depozite<\/strong>. Cererea \u00een Madrid \u0219i Barcelona este mai mare dec\u00e2t oferta, iar num\u0103rul de pustii de obiecte este \u00een sc\u0103dere rapid\u0103. Randament de circa 7 %.<\/p>\n<p><strong>Cazare<\/strong>. Din 2007, c\u00e2nd pia\u021ba spaniol\u0103 a ajuns la v\u00e2rf, p\u00e2n\u0103 \u00een anul 2015 (perioada de jos dup\u0103 criz\u0103) de locuin\u021be \u00een Spania s-au ieftinit cu 43 %. Cel mai mare poten\u021bial de cre\u0219tere a pre\u021burilor au pie\u021bele din Barcelona \u0219i Madrid. Randamentul de apartamente \u2014 de aproximativ 5 %.<\/p>\n<table>\n<tr>\n<th>Tipul de proprietate<\/th>\n<th>De \u00eenchiriere,<br \/>euro\/m2<br \/>\u00eentr-o lun\u0103<\/th>\n<th>Anual<br \/>dinamica<br \/>de leasing, %<\/th>\n<th>Pre\u021burile,<br \/>euro\/m2<\/th>\n<th>Anual<br \/>dinamica<br \/>pre\u021burilor, %<\/th>\n<th>Randamentul,<br \/>%<\/th>\n<th>Prognoza<br \/>\u00een 2016-2017<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Madrid<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>16,7<\/td>\n<td>3,2<\/td>\n<td>4 705,9<\/td>\n<td>19,0<\/td>\n<td>4,3<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>204,0<\/td>\n<td>4,1<\/td>\n<td>65 280,0<\/td>\n<td>18,0<\/td>\n<td>3,8<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>35,3<\/td>\n<td>0,4<\/td>\n<td>8 479,2<\/td>\n<td>0,4<\/td>\n<td>5,0<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>4,9<\/td>\n<td>3,5<\/td>\n<td> 861,3<\/td>\n<td>5,8<\/td>\n<td>6,9<\/td>\n<td style=\"color:red;\">\u2193<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>11,8<\/td>\n<td>9,6<\/td>\n<td>2 751,0<\/td>\n<td>1,7<\/td>\n<td>5,1<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Barcelona<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>13,3<\/td>\n<td>13,9<\/td>\n<td>3 555,6<\/td>\n<td>31,6<\/td>\n<td>4,5<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>220,0<\/td>\n<td>1,9<\/td>\n<td>70 400,0<\/td>\n<td>15,5<\/td>\n<td>3,8<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>36,8<\/td>\n<td>0,0<\/td>\n<td>8 832,0<\/td>\n<td>0,0<\/td>\n<td>5,0<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>4,9<\/td>\n<td>3,5<\/td>\n<td> 861,3<\/td>\n<td>9,5<\/td>\n<td>6,9<\/td>\n<td style=\"color:red;\">\u2193<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>13,9<\/td>\n<td>17,6<\/td>\n<td>3 518,0<\/td>\n<td>5,4<\/td>\n<td>4,7<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"5\">SUA<\/h2>\n<p><strong>De investi\u021bii<\/strong>. Potrivit JLL, din 2009 p\u00e2n\u0103 \u00een 2015 investi\u021biile americane imobiliare comerciale a crescut cu aproximativ 20-25 % pe an. \u00cen prima jum\u0103tate a anului 2016-lea \u00een acest segment a fost investit de 108 miliarde de euro, cu 16% mai pu\u021bin fa\u021b\u0103 de anul 2015. Piata imobiliara comerciala a SUA r\u0103m\u00e2ne cel mai mare din lume.<\/p>\n<p><strong>Birouri<\/strong>. Rata de neocupare a spa\u021biilor \u00een sc\u0103dere, inchirieri scump, randamentul scade pe majoritatea (72 %) de pia\u021b\u0103. Premisa de a aduce \u00een medie de 4,4 % pe an.<\/p>\n<p><strong>De comercializare a cotelor de proprietate<\/strong>. \u00cen Miami, New York \u0219i San Francisco goale 2-3 % de pardoseal\u0103, de calitate propuneri lipsesc. Cota \u00eenc\u0103perilor nelocuite \u00een prima jum\u0103tate a anului 2016 a avut o tendin\u021b\u0103 de cre\u0219tere. Randamentul mediu \u2014 4,6 %.<\/p>\n<p><strong>Depozite<\/strong>. Conform sondajului realizat de compania PwC, depozite \u2014 cel mai promi\u021b\u0103tor segment de pe pia\u021ba imobiliar\u0103 comercial\u0103 a SUA \u00een 2016. Unul din riscurile principale aici \u2014 uzura de pardoseal\u0103, astfel ca o jum\u0103tate de astfel de obiecte \u00een statele Unite, construite \u00een anii 1980 anii sau anterior. Cota \u00eenc\u0103perilor nelocuite \u00een acest sector este \u00een sc\u0103dere, inchirieri scump, randamentul scade. Depozite \u00een SUA aduc, \u00een medie, de 5 % pe an.<\/p>\n<p><strong>Cazare<\/strong>. Blocurile de apartamente \u2014 cel mai puternic \u0219i rezistent, sectorul imobiliar comercial din SUA. \u00cen 2015, obiectele de acest tip au atras 30 % din investi\u021bii. \u00cencep\u00e2nd din 2016, pre\u021burile \u00een SUA \u00eenc\u0103 de la 5 % sub nivelul de v\u00e2rf din 2007, de la Miami la 22 %. Afar\u0103 este New York, unde cazarea cost\u0103 cu 13% mai scumpe fa\u021b\u0103 de anul 2007. Randamentul mediu imobiliar\u0103 din SUA \u2014 4,4 %.<\/p>\n<table>\n<tr>\n<th>Tipul de proprietate<\/th>\n<th>De \u00eenchiriere,<br \/>euro\/m2<br \/>\u00eentr-o lun\u0103<\/th>\n<th>Anual<br \/>dinamica<br \/>de leasing, %<\/th>\n<th>Pre\u021burile,<br \/>euro\/m2<\/th>\n<th>Anual<br \/>dinamica<br \/>pre\u021burilor, %<\/th>\n<th>Randamentul,<br \/>%<\/th>\n<th>Prognoza<br \/>\u00een 2016-2017<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>New York<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>50,2<\/td>\n<td>5,6<\/td>\n<td>14, respectiv, de 178,8<\/td>\n<td>11,8<\/td>\n<td>4,3<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>450,0<\/td>\n<td>4,7<\/td>\n<td>154 285,7<\/td>\n<td>12,2<\/td>\n<td>3,5<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>51,0<\/td>\n<td>5,4<\/td>\n<td>10 633,0<\/td>\n<td>10,0<\/td>\n<td>5,8<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>4,8<\/td>\n<td>6,4<\/td>\n<td>1 049,8<\/td>\n<td>13,6<\/td>\n<td>5,5<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>40,9<\/td>\n<td>3,9<\/td>\n<td>14 009,2<\/td>\n<td>7,0<\/td>\n<td>3,5<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Miami<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>13,0<\/td>\n<td>7,0<\/td>\n<td>3 473,3<\/td>\n<td>18,9<\/td>\n<td>4,5<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>200,0<\/td>\n<td>1,8<\/td>\n<td>61 935,5<\/td>\n<td>18,2<\/td>\n<td>3,9<\/td>\n<td>&#x2194;<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>68,2<\/td>\n<td>4,4<\/td>\n<td>14 237,2<\/td>\n<td>8,9<\/td>\n<td>5,8<\/td>\n<td>&#x2194;<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>6,2<\/td>\n<td>0,4<\/td>\n<td>1 273,9<\/td>\n<td>4,7<\/td>\n<td>5,9<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>16,1<\/td>\n<td>7,2<\/td>\n<td>2 907,0<\/td>\n<td>5,7<\/td>\n<td>4,0<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"6\">Fran\u021ba<\/h2>\n<p><strong>De investi\u021bii<\/strong>. Volumul investi\u021biilor \u00een imobiliare comerciale \u00een Fran\u021ba \u00een 2015 a ajuns la un \u00eenalt de opt ani \u2014 26 de miliarde de euro. \u00cen prima jum\u0103tate a anului 2016-lea \u00een astfel de obiecte aici a fost investit de 9,1 miliarde de euro, cu 16% mai mult dec\u00e2t \u00een perioada similar\u0103 a anului 2015. Cre\u0219terea investi\u021biilor este determinat\u0103 de faptul, c\u0103 au fost \u00eencheiate trei tranzac\u021bii \u00een valoare de peste 500 de milioane de euro. Aproximativ o treime din investitorilor de pe pia\u021ba francez\u0103 str\u0103ini.<\/p>\n<p><strong>Birouri<\/strong>. De calitate a ofertei nu este suficient, cererea dep\u0103\u0219e\u0219te oferta, rata de rentabilitate au o tendin\u021b\u0103 de descre\u0219tere. Birouri \u00een segmentul premium aduc \u00een medie de 3,25 % pe an.<\/p>\n<p><strong>De comercializare a cotelor de proprietate<\/strong>. \u00cen Fran\u021ba este construit pic de cump\u0103r\u0103turi de obiecte, \u0219i o nou\u0103 propunere este creat \u00een principal din cauza \u0440\u0435\u0434\u0435\u0432\u0435\u043b\u043e\u043f\u043c\u0435\u043d\u0442\u0430. Ratele de rentabilitate se afl\u0103 la centrul de existen\u021b\u0103 (\u00een jur de 3 % pentru instala\u021biile de street-\u0440\u0435\u0442\u0435\u0439\u043b\u0430 la Paris).<\/p>\n<p><strong>Depozite<\/strong>. Investi\u021biile \u00een acest sector sunt neglijabile \u0219i reprezint\u0103 doar 3 % din volumul total de investi\u021bii. Cererea dep\u0103\u0219e\u0219te oferta, rata de rentabilitate au o tendin\u021b\u0103 de descre\u0219tere. Depozite aduc, \u00een medie, de aproximativ 6 % pe an.<\/p>\n<p><strong>Cazare<\/strong>. Pia\u021ba francez\u0103 de cazare relativ calm tolereaz\u0103 perioadele de criz\u0103. Dinamica anual\u0103 a pre\u021burilor este \u00een intervalul de la -2 la +2 %. \u00cen trimestrul I al anului 2016, pre\u021burile au fost cu 8% mai mic\u0103 fa\u021b\u0103 de un v\u00e2rf \u00een trimestrul III 2011. Randamentul de cazare de circa 3-4 %.<\/p>\n<table>\n<tr>\n<th>Tipul de proprietate<\/th>\n<th>De \u00eenchiriere,<br \/>euro\/m2<br \/>\u00eentr-o lun\u0103<\/th>\n<th>Anual<br \/>dinamica<br \/>de leasing, %<\/th>\n<th>Pre\u021burile,<br \/>euro\/m2<\/th>\n<th>Anual<br \/>dinamica<br \/>pre\u021burilor, %<\/th>\n<th>Randamentul,<br \/>%<\/th>\n<th>Prognoza<br \/>\u00een 2016-2017<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Paris<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>52,7<\/td>\n<td>0,4<\/td>\n<td>16 853,3<\/td>\n<td>10,4<\/td>\n<td>3,8<\/td>\n<td style=\"color:red;\">\u2193<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>885,0<\/td>\n<td>0,0<\/td>\n<td>354 000,0<\/td>\n<td>16,7<\/td>\n<td>3,0<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>166,7<\/td>\n<td>0,0<\/td>\n<td>50 001,0<\/td>\n<td>12,5<\/td>\n<td>4,0<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>4,6<\/td>\n<td>1,9<\/td>\n<td> 947,6<\/td>\n<td>18,6<\/td>\n<td>5,8<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>26,2<\/td>\n<td>-0,8<\/td>\n<td>8 543,5<\/td>\n<td>0,9<\/td>\n<td>3,7<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Lyon<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>18,0<\/td>\n<td>0,0<\/td>\n<td>4 500,0<\/td>\n<td>14,6<\/td>\n<td>4,8<\/td>\n<td style=\"color:red;\">\u2193<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>175,0<\/td>\n<td>4,3<\/td>\n<td>52 500,0<\/td>\n<td>17,3<\/td>\n<td>4,0<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>126,0<\/td>\n<td>15,4<\/td>\n<td>43 200,0<\/td>\n<td>23,6<\/td>\n<td>3,5<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>3,9<\/td>\n<td>0,0<\/td>\n<td> 784,0<\/td>\n<td>12,5<\/td>\n<td>6,0<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>11,7<\/td>\n<td>-2,3<\/td>\n<td>3 052,2<\/td>\n<td>0,4<\/td>\n<td>4,6<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"7\">Republica ceh\u0103<\/h2>\n<p><strong>De investi\u021bii<\/strong>. \u00cen prima jum\u0103tate a anului 2016, investi\u021biile \u00een imobiliare comerciale Ceh\u0103 a sc\u0103zut de la 29 % la 956 de milioane de euro. Cu toate acestea, suma imbricate \u00eentr-un segment de fonduri cu 39 % mai mare dec\u00e2t media din ultimii 10 ani.<\/p>\n<p><strong>Birouri<\/strong>. Cererea dep\u0103\u0219e\u0219te oferta, rata de rentabilitate au o tendin\u021b\u0103 de descre\u0219tere. \u00cen Praga sunt cele mai solicitate de birouri de clasa &#8222;A&#8221;. Goale de 14,6 % a \u00eenc\u0103perilor. Rata medie de rentabilitate \u00een segmentul premium \u2014 5,5 %.<\/p>\n<p><strong>De comercializare a cotelor de proprietate<\/strong>. Ca \u0219i pe pia\u021ba de birouri, \u00een sectorul de cump\u0103r\u0103turi de obiecte, de asemenea, cererea dep\u0103\u0219e\u0219te oferta \u0219i ratele de rentabilitate au o tendin\u021b\u0103 de descre\u0219tere. Randamentul mediu a obiectelor de street-\u0440\u0435\u0442\u0435\u0439\u043b\u0430 \u00een segmentul premium \u2014 5,25 %.<\/p>\n<p><strong>Depozite<\/strong>. Goale pia\u021ba a sc\u0103zut p\u00e2n\u0103 la cinci ani sc\u0103zut (5 %) \u0219i a cererii de combustibili speculativ de constructii. Randamentul mediu de \u00eenalt\u0103 calitate, depozite \u2014 6,5 %.<\/p>\n<p><strong>Cazare<\/strong>. Pre\u021burile la apartamente \u00een Ceh\u0103 ajuns la partea de jos \u00een 2013 \u0219i de atunci sunt \u00een cre\u0219tere. \u00cen 2015 au crescut cu 4,5 %. Aproximativ 40% din v\u00e2ndute \u00een 2015, \u00een Praga rezidentiale este un apartament cu un dormitor. Cazare \u00een capitala ceh\u0103 aduce, \u00een medie, 3,7 % pe an.<\/p>\n<table>\n<tr>\n<th>Tipul de proprietate<\/th>\n<th>De \u00eenchiriere,<br \/>euro\/m2<br \/>\u00eentr-o lun\u0103<\/th>\n<th>Anual<br \/>dinamica<br \/>de leasing, %<\/th>\n<th>Pre\u021burile,<br \/>euro\/m2<\/th>\n<th>Anual<br \/>dinamica<br \/>pre\u021burilor, %<\/th>\n<th>Randamentul,<br \/>%<\/th>\n<th>Prognoza<br \/>\u00een 2016-2017<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Praga<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>15,2<\/td>\n<td>2,6<\/td>\n<td>3 172,2<\/td>\n<td>11,5<\/td>\n<td>5,8<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>160,0<\/td>\n<td>8,1<\/td>\n<td>45 176,5<\/td>\n<td>20,8<\/td>\n<td>4,3<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>56,0<\/td>\n<td>0,0<\/td>\n<td>12 800,0<\/td>\n<td>9,5<\/td>\n<td>5,3<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>4,0<\/td>\n<td>4,3<\/td>\n<td> 711,1<\/td>\n<td>8,2<\/td>\n<td>6,8<\/td>\n<td>&#x2194;<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>9,2<\/td>\n<td>17,1<\/td>\n<td>3 027,0<\/td>\n<td>4,5<\/td>\n<td>3,7<\/td>\n<td style=\"color:red;\">\u2193<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Brno<\/strong><\/td>\n<\/tr>\n<tr>\n<th>Birouri<\/th>\n<td>10,7<\/td>\n<td>8,3<\/td>\n<td>1 551,5<\/td>\n<td>14,9<\/td>\n<td>8,3<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Street-\u0440\u0435\u0442\u0435\u0439\u043b<\/th>\n<td>70,0<\/td>\n<td>0,0<\/td>\n<td>10 838,7<\/td>\n<td>3,2<\/td>\n<td>7,8<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Complexe comerciale<\/th>\n<td>45,0<\/td>\n<td>2,6<\/td>\n<td>6 967,7<\/td>\n<td>9,2<\/td>\n<td>7,8<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Depozite<\/th>\n<td>4,1<\/td>\n<td>0,0<\/td>\n<td> 607,5<\/td>\n<td>3,1<\/td>\n<td>8,0<\/td>\n<td>&#x2194;<\/td>\n<\/tr>\n<tr>\n<th>Apartament (arenda)<\/th>\n<td>6,7<\/td>\n<td>10,8<\/td>\n<td>1 807,0<\/td>\n<td>4,5<\/td>\n<td>4,4<\/td>\n<td style=\"color:red;\">\u2193<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u2022<\/p>\n<p>Conform previziunilor de Cushman &amp; Wakefield, \u00een 2016 volumul total al investi\u021biilor \u00een imobiliare comerciale a UE (nu de num\u0103rare pe pia\u021ba din marea Britanie) va fi cu 10 % mai mare dec\u00e2t \u00een 2015-m, iar \u00een marea Britanie \u2014 de la 25 % mai mici. Declinul activit\u0103\u021bii de investi\u021bii \u00een Regatul Unit poate fi asociat cu &#8222;\u0411\u0440\u0435\u043a\u0437\u0438\u0442\u043e\u043c&#8221;. Conform previziunilor JLL, volumul investi\u021biilor pe pia\u021ba din SUA \u00een 2016 va sc\u0103dea cu 10-15 % \u00een fiecare an. Principalul motiv \u2014 lipsa de oferte interesante \u0219i incertitudinea macroeconomic\u0103.<\/p>\n<p>Rata de rentabilitate pe pie\u021be dezvoltate \u00een ultimii ani au avut o tendin\u021b\u0103 de descre\u0219tere, din cauza cererii ridicate de pe imobiliare premium \u0219i de cre\u0219tere a pre\u021burilor. Exper\u021bii se a\u0219teapt\u0103 ca aceast\u0103 tendin\u021b\u0103 se va men\u021bine \u0219i \u00een anii 2016-2017. Ratele de leasing \u0219i pre\u021bul de obiecte, de asemenea, vor cre\u0219te. Conform previziunilor de Standard &amp; Poor &#8216; s, imobiliare va merge chiar \u0219i \u00een marea Britanie, \u00een ciuda &#8222;\u0411\u0440\u0435\u043a\u0437\u0438\u0442&#8221;: \u00een 2016, \u00een cre\u0219tere cu 5 %, iar \u00een 2017-m pre\u021burile vor sc\u0103dea la aproximativ 2 %.<\/p>\n<table class=\"left\" style=\"max-width: 90%;\">\n<tr>\n<th>\u00a0<\/th>\n<th style=\"width: 27%;\">SUA<\/th>\n<th style=\"width: 27%;\">Marea britanie<\/th>\n<th style=\"width: 27%;\">UE<\/th>\n<\/tr>\n<tbody>\n<tr>\n<th><strong>Dinamica anual\u0103 a investi\u021biilor, %<\/strong><\/th>\n<td>\u221210\u201315<\/td>\n<td>-25<\/td>\n<td>+10<\/td>\n<\/tr>\n<tr>\n<th><strong>Randamentul<\/strong><\/th>\n<td>Va sc\u0103dea sau va r\u0103m\u00e2ne la acela\u0219i nivel<\/td>\n<td>Va sc\u0103dea \u00een segmentul premium, va cre\u0219te \u00een segmentul de pre\u021b de mijloc<\/td>\n<td>Va sc\u0103dea \u00een segmentul premium, va cre\u0219te sau se va men\u021bine la acela\u0219i nivel \u00een segmentul de pre\u021b de mijloc<\/td>\n<\/tr>\n<tr>\n<th><strong>Tarifele de \u00eenchiriere<\/strong><\/th>\n<td>Vor cre\u0219te<\/td>\n<td>Se vor men\u021bine la acela\u0219i nivel \u00een segmentul premium<\/td>\n<td>Se vor men\u021bine la acela\u0219i nivel sau vor cre\u0219te<\/td>\n<\/tr>\n<tr>\n<th><strong>Cererea din partea chiria\u0219ilor<\/strong><\/th>\n<td>Se va men\u021bine la acela\u0219i nivel sau va cre\u0219te<\/td>\n<td>Se va men\u021bine la acela\u0219i nivel sau va sc\u0103dea<\/td>\n<td>Se va men\u021bine la acela\u0219i nivel sau va cre\u0219te<\/td>\n<\/tr>\n<tr>\n<th><strong>Pre\u021burile la imobiliare<\/strong><\/th>\n<td style=\"color:green;\">\u2191<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Iulia \u041a\u043e\u0436\u0435\u0432\u043d\u0438\u043a\u043e\u0432\u0430, Tranio<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Potrivit JLL, \u00een prima jum\u0103tate a anului 2016 global imobiliare comerciale a fost investit aproximativ 260 de miliarde de euro,<\/p>\n","protected":false},"author":1,"featured_media":468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150],"tags":[],"class_list":["post-2229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-informatii-fiscale-in-franta"],"translation":{"provider":"WPGlobus","version":"3.0.0","language":"ro","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":false,"content":false,"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":true,"content":true,"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\/ro\/wp-json\/wp\/v2\/posts\/2229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nalog.fr\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nalog.fr\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nalog.fr\/ro\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nalog.fr\/ro\/wp-json\/wp\/v2\/comments?post=2229"}],"version-history":[{"count":0,"href":"https:\/\/nalog.fr\/ro\/wp-json\/wp\/v2\/posts\/2229\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nalog.fr\/ro\/wp-json\/wp\/v2\/media\/468"}],"wp:attachment":[{"href":"https:\/\/nalog.fr\/ro\/wp-json\/wp\/v2\/media?parent=2229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nalog.fr\/ro\/wp-json\/wp\/v2\/categories?post=2229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nalog.fr\/ro\/wp-json\/wp\/v2\/tags?post=2229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}