{"id":2377,"date":"2020-02-13T17:51:12","date_gmt":"2020-02-13T14:51:12","guid":{"rendered":"http:\/\/nalog.fr\/sktrendy-v-komercnych-realitnych-trhoch-v-usa-a-v-europe-ceny-vynosy-a-perspektivy\/"},"modified":"2020-02-13T17:51:12","modified_gmt":"2020-02-13T14:51:12","slug":"sktrendy-v-komercnych-realitnych-trhoch-v-usa-a-v-europe-ceny-vynosy-a-perspektivy","status":"publish","type":"post","link":"https:\/\/nalog.fr\/sk\/sktrendy-v-komercnych-realitnych-trhoch-v-usa-a-v-europe-ceny-vynosy-a-perspektivy\/","title":{"rendered":"Trendy v komer\u010dn\u00fdch realitn\u00fdch trhoch v usa a v Eur\u00f3pe: ceny, v\u00fdnosy a perspekt\u00edvy"},"content":{"rendered":"<p>Pod\u013ea JLL, prvej polovici roku 2016 v glob\u00e1lnom komer\u010dn\u00e9 nehnute\u013enosti investovali pribli\u017ene 260 mili\u00e1rd eur, \u010do je o 10% menej ako v prvej polovici roku 2015. Je to do zna\u010dnej miery z d\u00f4vodu poklesu \u010dinnosti v dvoch hlavn\u00fdch trhoch sveta \u2014 usa, kde invest\u00edcie v americk\u00fdch dol\u00e1roch zn\u00ed\u017eila o 16% v d\u00f4sledku silnej\u0161ej meny v UK (-28 %), ktor\u00e1 prevl\u00e1dala neistota v s\u00favislosti s &#8222;Broksita&#8220;.<\/p>\n<p>     <i><\/i><\/p>\n<p>Zv\u00e1\u017ete ziskov\u00e9 realitn\u00fdch trhoch siedmich kraj\u00edn:<\/p>\n<ul>\n<li>Rak\u00fasko,<\/li>\n<li>UK<\/li>\n<li>Nemecko<\/li>\n<li>\u0160panielsko<\/li>\n<li>USA,<\/li>\n<li>Franc\u00fazsko<\/li>\n<li>V \u010deskej Republike.<\/li>\n<\/ul>\n<h2 id=\"1\">Rak\u00fasko<\/h2>\n<p><strong>Invest\u00edcie<\/strong>. V prvej polovici roku 2016 v komer\u010dn\u00fdch nehnute\u013enost\u00ed Rak\u00fasko investuje 1,5 miliardy eur, \u010do je 8.5 kr\u00e1t viac ako v rovnakom obdob\u00ed roku 2015. Je to preto, \u017ee v prv\u00fdch \u0161es\u0165 mesiacov roka bolo uzatvoren\u00fdch nieko\u013eko v\u00fdznamn\u00fdch transakci\u00ed, vr\u00e1tane predaja IZD ve\u017ea na 270 mili\u00f3nov eur. Na Rak\u00faskom trhu dominuje investori z Nemecka.<\/p>\n<p><strong>\u00daradov<\/strong>. \u00darady predstavoval 54% z invest\u00edcie v prv\u00fdch \u0161iestich mesiacoch roka. Vo Viedni dopyt prevy\u0161uje ponuku a pr\u00e1zdna, len 6 % priestorov. Aktivity na office trhu spoma\u013euje a nedostato\u010dn\u00fd pr\u00edvod. Priemern\u00fd v\u00fdnos je 4.2% ro\u010dne.<\/p>\n<p><strong>Komer\u010dn\u00e9 nehnute\u013enosti<\/strong>. V prvom \u0161tvr\u0165roku 2016 v segmente bolo investovan\u00fdch len 1% invest\u00edcie, ale v roku 2015 to m\u00e1 dostalo pribli\u017ene \u0161tvrtinu kapit\u00e1lu. Priemern\u00fd v\u00fdnos je 4-5 %.<\/p>\n<p><strong>Sklady<\/strong>. Sektor ch\u00fdba kvalitn\u00fd produkt. Z\u00e1kazn\u00edci skladoch, vo v\u00e4\u010d\u0161ine pr\u00edpadov je ich vlastn\u00e9, a nie prenaja\u0165. V\u00fdnos \u2014 6.5% vo Viedni a 7% v Grazi.<\/p>\n<p><strong>B\u00fdvanie<\/strong>. Od roku 2008 do 2015, apartm\u00e1n ceny vo Viedni sa zv\u00fd\u0161il o 75 %. Medzi kupuj\u00facimi v kapit\u00e1lovom trhu 40 % \u2014 cudzincov. Priemern\u00fd v\u00fdnos na b\u00fdvanie je 3.5 \u2014 4 %.<\/p>\n<table>\n<tr>\n<th>Typ nehnute\u013enosti<\/th>\n<th>Pren\u00e1jom,<br \/>Euro\/m2<br \/>za mesiac<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>pren\u00e1jom, %<\/th>\n<th>Ceny<br \/>Euro\/m2<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>ceny, %<\/th>\n<th>V\u00fdnos,<br \/>%<\/th>\n<th>Progn\u00f3za<br \/>pre 2016-2017<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Viede\u0148<\/strong><\/td>\n<\/tr>\n<tr>\n<th>\u00darady<\/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 retail<\/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>N\u00e1kupn\u00e9 centr\u00e1<\/th>\n<td>88,0<\/td>\n<td>0,0<\/td>\n<td>20 705,9<\/td>\n<td>2,9<\/td>\n<td>5,1<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/th>\n<td>14,4 V<\/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>\u00darady<\/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 retail<\/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>N\u00e1kupn\u00e9 centr\u00e1<\/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>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/th>\n<td>11,3<\/td>\n<td>A 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\">UK<\/h2>\n<p><strong>Invest\u00edcie<\/strong>. UK \u2014 najv\u00e4\u010d\u0161\u00ed Eur\u00f3psky trh s nehnute\u013enos\u0165ami. V roku 2015, komer\u010dn\u00e9 subjekty z tejto krajine bolo investovan\u00fdch 73 mili\u00e1rd eur, z ktor\u00fdch takmer polovica sa vyskytli vo v\u00e4\u010d\u0161om Lond\u00fdne. S 43% investorov s\u00fa cudzinci, v\u00e4\u010d\u0161inou Ameri\u010danov. V prvej polovici roku 2016 objem invest\u00edci\u00ed v tomto segmente dosiahol pribli\u017ene 29 mili\u00e1rd eur, \u010do je o 28% menej v porovnan\u00ed s rovnak\u00fdm obdob\u00edm roka 2015.<\/p>\n<p><strong>\u00daradov<\/strong>. V prvom \u0161tvr\u0165roku 2016 pre kancel\u00e1rie tvorili 42% z invest\u00edcie. Prenaj\u00edma sa zvy\u0161uj\u00fa ziskovos\u0165 je zn\u00ed\u017een\u00e1. \u00darady v pr\u00e9miovom segmente v Lond\u00fdne prinies\u0165 z 3,6% ro\u010dne.<\/p>\n<p><strong>Komer\u010dn\u00e9 nehnute\u013enosti<\/strong>. V prvom \u0161tvr\u0165roku 2016 v segmente bolo investovan\u00fdch 14 % z invest\u00edcie. Miera n\u00e1vratnosti premium objekty ulici maloobchod maj\u00fa tendenciu zn\u00ed\u017ei\u0165 (na \u00farovni 3,4% za rok v Lond\u00fdne).<\/p>\n<p><strong>Sklady<\/strong>. V prvom \u0161tvr\u0165roku 2016 na skladoch predstavovala 12 % n\u00e1kladov. Rozvoj sektora mohli \u0165a\u017ei\u0165 z rast\u00facich v on-line Obchodu v krajine. V\u00fdnos z sklady v Lond\u00fdne je 4.8 %.<\/p>\n<p><strong>B\u00fdvanie<\/strong>. Od roku 2007 (predch\u00e1dzaj\u00faci vrchol) do roku 2015 b\u00fdvanie v Lond\u00fdne, vzr\u00e1stla o 50 %. V BRIT\u00c1NII v tom istom obdob\u00ed bol rast iba 7 %. Ziskovos\u0165 apartm\u00e1ny v Britskej metropole bola 2,4 %.<\/p>\n<table>\n<tr>\n<th>Typ nehnute\u013enosti<\/th>\n<th>Pren\u00e1jom,<br \/>Euro\/m2<br \/>za mesiac<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>pren\u00e1jom, %<\/th>\n<th>Ceny<br \/>Euro\/m2<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>ceny, %<\/th>\n<th>V\u00fdnos,<br \/>%<\/th>\n<th>Progn\u00f3za<br \/>pre 2016-2017<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Lond\u00fdn<\/strong><\/td>\n<\/tr>\n<tr>\n<th>\u00darady<\/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 retail<\/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>N\u00e1kupn\u00e9 centr\u00e1<\/th>\n<td>415,0<\/td>\n<td>-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>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/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>\u00darady<\/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 retail<\/th>\n<td>Z 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>N\u00e1kupn\u00e9 centr\u00e1<\/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>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/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\">Nemecko<\/h2>\n<p><strong>Invest\u00edcie<\/strong>. Nemecko je druh\u00fd najv\u00e4\u010d\u0161\u00ed na trhu nehnute\u013enost\u00ed v Eur\u00f3pe po BRIT\u00c1NII. V prvej polovici roku 2016 v obchodn\u00e9 priestory Nemecko investovala v\u00fd\u0161ke 17,5 miliardy eur, \u010do predstavuje 4 % menej v porovnan\u00ed s prvou polovicou roka 2015. O 40 % investorov boli cudzinci.<\/p>\n<p><strong>\u00daradov<\/strong>. V prvom \u0161tvr\u0165roku 2016 pre kancel\u00e1rie takmer polovica invest\u00edci\u00ed. V mest\u00e1ch &#8222;big sedem&#8220; dopyt rastie r\u00fdchlej\u0161ie, ne\u017e dodanie, n\u00e1jomn\u00e9 je drah\u00e9, a v\u00fdnos je zn\u00ed\u017een\u00e1. Kvalita \u00farady, aby o 4 % ro\u010dne.<\/p>\n<p><strong>Komer\u010dn\u00e9 nehnute\u013enosti<\/strong>. V prvom \u0161tvr\u0165roku 2016 v segmente bolo investovan\u00fdch 20 % invest\u00edcie. Miera n\u00e1vratnosti premium objekty ulici maloobchod maj\u00fa tendenciu klesa\u0165. V priemere, ktor\u00e9 vytv\u00e1raj\u00fa 3-4 % ro\u010dne.<\/p>\n<p><strong>Sklady<\/strong>. V prvom \u0161tvr\u0165roku 2016 do skladu mal 10 % n\u00e1kladov. Vzh\u013eadom na nedostatok kvality dod\u00e1vok a siln\u00fd dopyt v\u00fdnos je zn\u00ed\u017een\u00e1 (5-6% ro\u010dne).<\/p>\n<p><strong>B\u00fdvanie<\/strong>. Od roku 2011 do roku 2015 b\u00fdvanie v Nemecku vzr\u00e1stol v priemere o 55 %, v Mn\u00edchove o 65 %, v Berl\u00edne \u2014 takmer 2 kr\u00e1t. Dlhodob\u00fd pren\u00e1jom apartm\u00e1ny prin\u00e1\u0161a v priemere o 3 %.<\/p>\n<table>\n<tr>\n<th>Typ nehnute\u013enosti<\/th>\n<th>Pren\u00e1jom,<br \/>Euro\/m2<br \/>za mesiac<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>pren\u00e1jom, %<\/th>\n<th>Ceny<br \/>Euro\/m2<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>ceny, %<\/th>\n<th>V\u00fdnos,<br \/>%<\/th>\n<th>Progn\u00f3za<br \/>pre 2016-2017<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Berl\u00edn<\/strong><\/td>\n<\/tr>\n<tr>\n<th>\u00darady<\/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 retail<\/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>N\u00e1kupn\u00e9 centr\u00e1<\/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>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/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>Mn\u00edchov<\/strong><\/td>\n<\/tr>\n<tr>\n<th>\u00darady<\/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 V<\/td>\n<td style=\"color:green;\">\u2191<\/td>\n<\/tr>\n<tr>\n<th>Street retail<\/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>N\u00e1kupn\u00e9 centr\u00e1<\/th>\n<td>Z 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>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/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\">\u0160panielsko<\/h2>\n<p><strong>Invest\u00edcie<\/strong>. V roku 2015 objem invest\u00edci\u00ed v \u0161panielske nehnute\u013enosti vyvrcholil po kr\u00edze 13 mili\u00e1rd eur, \u010do je o 25% viac oproti roku 2014. Av\u0161ak, v prvom polroku 2016 v segmente bolo investovan\u00fdch 3,4 mld eur, \u010do je o 20% menej v porovnan\u00ed s rovnak\u00fdm obdob\u00edm predch\u00e1dzaj\u00faceho roka. Po\u010det zahrani\u010dn\u00fdch investorov zvy\u0161uje: v roku 2015, podiel cudzincov v komer\u010dn\u00fdch nehnute\u013enost\u00ed na trhu, bol o 50 % v prvej polovici roka 2016 \u2014 u\u017e 73 %.<\/p>\n<p><strong>\u00daradov<\/strong>. V roku 2015, sektor predstavoval 43 % z invest\u00edcie. Dopyt na pren\u00e1jom v Madride a Barcelone bola najvy\u0161\u0161ia v posledn\u00fdch 9 rokov. Napriek tomu, \u017ee trh je st\u00e1le vysok\u00fd podiel neobsaden\u00fdch priestorov v Madride s\u00fa pr\u00e1zdne 15.9% z \u00faradov v Barcelone \u2014 14 %, v\u00fdnosov v Madride a Barcelone je 4.3 a 4.5%, resp.<\/p>\n<p><strong>Komer\u010dn\u00e9 nehnute\u013enosti<\/strong>. V roku 2015, v n\u00e1kupn\u00fdch centier a komplexy \u0160panielsko bolo investovan\u00fdch 2.65 miliardy eur (z\u00e1znam na 10 rokov). V\u00fdnos z ulice maloobchod umo\u017e\u0148uje a\u017e o 4 %, n\u00e1kupn\u00e9 centr\u00e1 \u2014 5 %.<\/p>\n<p><strong>Sklady<\/strong>. Dopyt v Madride a Barcelone prevy\u0161uje ponuku, a po\u010det vo\u013en\u00fdch miest je r\u00fdchlo kles\u00e1. V\u00fdnos o 7 %.<\/p>\n<p><strong>B\u00fdvanie<\/strong>. Od roku 2007, ke\u010f \u0161panielsky trh dosiahol vrchol do roku 2015 (obdobie dne po kr\u00edze) b\u00fdvanie v \u0160panielsku klesol o 43 %. Najv\u00e4\u010d\u0161\u00ed potenci\u00e1l na rast cien na trhoch v Barcelone a Madride. Ziskovos\u0165 apartm\u00e1ny \u2014 o 5 %.<\/p>\n<table>\n<tr>\n<th>Typ nehnute\u013enosti<\/th>\n<th>Pren\u00e1jom,<br \/>Euro\/m2<br \/>za mesiac<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>pren\u00e1jom, %<\/th>\n<th>Ceny<br \/>Euro\/m2<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>ceny, %<\/th>\n<th>V\u00fdnos,<br \/>%<\/th>\n<th>Progn\u00f3za<br \/>pre 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>\u00darady<\/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 retail<\/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>N\u00e1kupn\u00e9 centr\u00e1<\/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>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/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>\u00darady<\/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 retail<\/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>N\u00e1kupn\u00e9 centr\u00e1<\/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>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/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\">USA<\/h2>\n<p><strong>Invest\u00edcie<\/strong>. Pod\u013ea JLL, 2009-2015 rokov, invest\u00edcie do AMERICK\u00ddCH komer\u010dn\u00fdch nehnute\u013enost\u00ed vzr\u00e1stli o 20 a\u017e 25 % ro\u010dne. V prvej polovici roku 2016 tomto segmente bolo investovan\u00fdch 108 mili\u00e1rd eur, \u010do je o 16% menej vo vz\u0165ahu k roku 2015. Obchodn\u00fd trh s nehnute\u013enos\u0165ami, USA zost\u00e1va najv\u00e4\u010d\u0161\u00edm na svete.<\/p>\n<p><strong>\u00daradov<\/strong>. Vo\u013en\u00e9 pracovn\u00e9 miesto miera kles\u00e1, n\u00e1jomn\u00e9 je drah\u00e9, zni\u017euje v\u00e4\u010d\u0161ina (72 %) trhoch. Priestory v\u00fdnos v priemere 4,4% ro\u010dne.<\/p>\n<p><strong>Komer\u010dn\u00e9 nehnute\u013enosti<\/strong>. V Miami, new Yorku a San Francisco je pr\u00e1zdna pre 2-3% z priestorov kvalitu n\u00e1vrhov nie je dos\u0165. Podiel vo\u013en\u00fdch priestorov v prvej polovici roku 2016 mal tendenciu sa zvy\u0161ova\u0165. Priemern\u00fd v\u00fdnos je 4,6 %.<\/p>\n<p><strong>Sklady<\/strong>. Pod\u013ea prieskumu PwC, sklady \u2014 najs\u013eubnej\u0161\u00edch segmente komer\u010dn\u00fdch nehnute\u013enost\u00ed trhu Spojen\u00fdch \u0160t\u00e1tov v roku 2016. Jedn\u00fdm z hlavn\u00fdch riz\u00edk tu \u2014 nosenie oblastiach, ako polovica tak\u00fdchto zariaden\u00ed v Spojen\u00fdch \u0160t\u00e1toch postaven\u00fd v roku 1980 alebo sk\u00f4r. Podiel neobsaden\u00fdch priestorov v tomto sektore kles\u00e1, n\u00e1jomn\u00e9 je drah\u00e9, sa zni\u017euje. Sklady v Spojen\u00fdch \u0160t\u00e1toch prinies\u0165 v priemere o 5 % ro\u010dne.<\/p>\n<p><strong>B\u00fdvanie<\/strong>. Bytov\u00fd dom \u2014 s siln\u00e9ho a trvalo udr\u017eate\u013en\u00e9ho komer\u010dn\u00fdch nehnute\u013enost\u00ed sektora v Spojen\u00fdch \u0160t\u00e1toch. V roku 2015, objekty tohto typu pril\u00e1kali 30 % invest\u00edcie. Od roku 2016, USA ceny s\u00fa st\u00e1le 5 % pod maximom v roku 2007 v Miami o 22 %. \u0160peci\u00e1lna pozn\u00e1mka je new York, kde je b\u00fdvanie 13% drah\u0161ie ako vo vz\u0165ahu k roku 2007. Priemern\u00fd v\u00fdnos na obytn\u00fdch nehnute\u013enost\u00ed v USA je 4.4 %.<\/p>\n<table>\n<tr>\n<th>Typ nehnute\u013enosti<\/th>\n<th>Pren\u00e1jom,<br \/>Euro\/m2<br \/>za mesiac<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>pren\u00e1jom, %<\/th>\n<th>Ceny<br \/>Euro\/m2<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>ceny, %<\/th>\n<th>V\u00fdnos,<br \/>%<\/th>\n<th>Progn\u00f3za<br \/>pre 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>\u00darady<\/th>\n<td>50,2<\/td>\n<td>5,6<\/td>\n<td>14 178,8<\/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 retail<\/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>N\u00e1kupn\u00e9 centr\u00e1<\/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>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/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>\u00darady<\/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 retail<\/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>N\u00e1kupn\u00e9 centr\u00e1<\/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>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/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\">Franc\u00fazsko<\/h2>\n<p><strong>Invest\u00edcie<\/strong>. Objem invest\u00edci\u00ed do komer\u010dn\u00fdch nehnute\u013enost\u00ed v Franc\u00fazsko v roku 2015 dosiahne osemro\u010dn\u00fd vysok\u00e1 26 mili\u00e1rd eur. V prvej polovici roku 2016 v tak\u00fdchto zariadeniach tu boli investovan\u00e9 9.1 mili\u00e1rd eur, \u010do je o 16% viac ako v rovnakom obdob\u00ed roku 2015. Rast invest\u00edci\u00ed vzh\u013eadom na skuto\u010dnos\u0165, \u017ee boli podp\u00edsan\u00e9 tri ponuky v hodnote viac ako 500 mili\u00f3nov EUR. Asi jednu tretinu investorov na franc\u00fazskom trhu s\u00fa cudzinci.<\/p>\n<p><strong>\u00daradov<\/strong>. Kvalita dodanie nie je dos\u0165, dopyt prevy\u0161uje ponuku, miery n\u00e1vratnosti maj\u00fa tendenciu klesa\u0165. Kancel\u00e1rie v pr\u00e9miovom segmente v\u00fdnos v priemere 3.25% ro\u010dne.<\/p>\n<p><strong>Komer\u010dn\u00e9 nehnute\u013enosti<\/strong>. Vo Franc\u00fazsku postaven\u00fd trochu n\u00e1kupn\u00e9 zariadenia, a nov\u00fd n\u00e1vrh je vytvoren\u00fd najm\u00e4 z d\u00f4vodu san\u00e1cie. V\u00fdnosy s\u00fa na historick\u00fdch minim\u00e1ch (asi 3% pre objekty ulici maloobchod v Par\u00ed\u017ei).<\/p>\n<p><strong>Sklady<\/strong>. Invest\u00edci\u00ed v tomto sektore je zanedbate\u013en\u00e9 a tvoria len 3 % z celkovej invest\u00edcie. Dopyt prevy\u0161uje ponuku, miery n\u00e1vratnosti maj\u00fa tendenciu klesa\u0165. Sklady prin\u00e1\u0161aj\u00fa v priemere o 6% ro\u010dne.<\/p>\n<p><strong>B\u00fdvanie<\/strong>. Franc\u00fazsky trh s b\u00fdvan\u00edm je relat\u00edvne k\u013eudn\u00e9 po\u010das obdobia kr\u00edzy. Ro\u010dn\u00e1 dynamika cien je v rozsahu od -2 do +2 %. V prvom \u0161tvr\u0165roku 2016 boli ceny o 8% ni\u017e\u0161ia relat\u00edvna na vrchol tre\u0165om \u0161tvr\u0165roku 2011. Ziskovos\u0165 je b\u00fdvanie o 3-4 %.<\/p>\n<table>\n<tr>\n<th>Typ nehnute\u013enosti<\/th>\n<th>Pren\u00e1jom,<br \/>Euro\/m2<br \/>za mesiac<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>pren\u00e1jom, %<\/th>\n<th>Ceny<br \/>Euro\/m2<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>ceny, %<\/th>\n<th>V\u00fdnos,<br \/>%<\/th>\n<th>Progn\u00f3za<br \/>pre 2016-2017<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Par\u00ed\u017e<\/strong><\/td>\n<\/tr>\n<tr>\n<th>\u00darady<\/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 retail<\/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>N\u00e1kupn\u00e9 centr\u00e1<\/th>\n<td>Z 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>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/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 V<\/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>\u00darady<\/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 retail<\/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>N\u00e1kupn\u00e9 centr\u00e1<\/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>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/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\">\u010cesk\u00e1 Republika<\/h2>\n<p><strong>Invest\u00edcie<\/strong>. V prvej polovici roka 2016, komer\u010dn\u00fdch nehnute\u013enost\u00ed invest\u00edcie v \u010deskej Republike klesli o 29% na 956 mili\u00f3nov eur. Napriek tomu, v\u00fd\u0161ka investovan\u00fdch v segmente fondov 39% nad priemerom za posledn\u00fdch 10 rokov.<\/p>\n<p><strong>\u00daradov<\/strong>. Dopyt prevy\u0161uje ponuku, miery n\u00e1vratnosti maj\u00fa tendenciu klesa\u0165. V Prahe najpopul\u00e1rnej\u0161\u00edch \u00farady triedy &#8222;A&#8220;. Pr\u00e1zdny je 14.6 % priestorov. Priemern\u00e1 miera n\u00e1vratnosti v pr\u00e9miovom segmente a 5,5 %.<\/p>\n<p><strong>Komer\u010dn\u00e9 nehnute\u013enosti<\/strong>. Ako office trhu, v sektore komer\u010dn\u00fdch zariaden\u00ed dopyt tie\u017e prevy\u0161uje ponuku a miery n\u00e1vratnosti maj\u00fa tendenciu klesa\u0165. Priemern\u00fd v\u00fdnos objekty, ulice, maloobchod v pr\u00e9miovom segmente 5.25 %.<\/p>\n<p><strong>Sklady<\/strong>. Vo\u013en\u00fdch pracovn\u00fdch miest klesol na p\u00e4\u0165-rok n\u00edzka (5 %) a vysok\u00fd dopyt po paliv\u00e1ch \u0161pekulat\u00edvnu v\u00fdstavbu. Priemern\u00fd v\u00fdnos vysoko kvalitn\u00e9 sklady je 6,5 %.<\/p>\n<p><strong>B\u00fdvanie<\/strong>. Apartm\u00e1n ceny v \u010deskej Republike dosiahli dno v roku 2013 a odvtedy s\u00fa st\u00e1le rastie. V roku 2015 sa zv\u00fd\u0161ili o 4.5 %. O 40 % predan\u00fdch v roku 2015 v Prahe bytov\u00fdch jednotiek s\u00fa apartm\u00e1ny s jednou sp\u00e1l\u0148ou. B\u00fdvanie v meste \u010deskej republiky prin\u00e1\u0161a v priemere 3,7 % ro\u010dne.<\/p>\n<table>\n<tr>\n<th>Typ nehnute\u013enosti<\/th>\n<th>Pren\u00e1jom,<br \/>Euro\/m2<br \/>za mesiac<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>pren\u00e1jom, %<\/th>\n<th>Ceny<br \/>Euro\/m2<\/th>\n<th>Ro\u010dn\u00e1<br \/>dynamika<br \/>ceny, %<\/th>\n<th>V\u00fdnos,<br \/>%<\/th>\n<th>Progn\u00f3za<br \/>pre 2016-2017<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td colspan=\"7\" style=\"text-align: center; background: #eee;\"><strong>Praha<\/strong><\/td>\n<\/tr>\n<tr>\n<th>\u00darady<\/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 retail<\/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>N\u00e1kupn\u00e9 centr\u00e1<\/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>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/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 V<\/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>\u00darady<\/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 retail<\/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>N\u00e1kupn\u00e9 centr\u00e1<\/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>Sklady<\/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>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/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>Pod\u013ea progn\u00f3z Cushman &amp; Wakefield, v roku 2016 celkov\u00e9 invest\u00edcie do komer\u010dn\u00fdch nehnute\u013enost\u00ed E\u00da (okrem spojen\u00e9ho kr\u00e1\u013eovstva trhu), bude o 10% vy\u0161\u0161ia ako v roku 2015 a v UK \u2014 25% ni\u017e\u0161ia. Pokles aktivity investorov v Spojenom Kr\u00e1\u013eovstve m\u00f4\u017eu by\u0165 spojen\u00e9 s &#8222;Broksita&#8220;. Pod\u013ea progn\u00f3zy z JLL, objem invest\u00edci\u00ed na trhu v USA v roku 2016 klesne o 10% a 15% z roka na rok. Hlavn\u00fdm d\u00f4vodom je nedostatok zauj\u00edmav\u00fdch n\u00e1vrhov, a makroekonomickej neistoty.<\/p>\n<p>V\u00fdnosy v rozvinut\u00fdch trhoch v posledn\u00fdch rokoch m\u00e1 tendenciu zn\u00ed\u017ei\u0165 vzh\u013eadom na vysok\u00fd dopyt po nehnute\u013enosti v pr\u00e9miovom segmente a zvy\u0161ovanie cien. Odborn\u00edci o\u010dak\u00e1vaj\u00fa, \u017ee tento trend bude pokra\u010dova\u0165 aj v 2016-2017. N\u00e1jomn\u00e9 a ceny nehnute\u013enost\u00ed bud\u00fa tie\u017e r\u00e1s\u0165. Pod\u013ea progn\u00f3z od spolo\u010dnosti Standard &amp; Poor &#8218; s, nehnute\u013enost\u00ed p\u00f4jdu hore aj v UK, a to aj napriek &#8222;Brakit&#8220;: v roku 2016, rast bude 5 %, a v roku 2017 ceny klesn\u00fa o pribli\u017ene 2 %.<\/p>\n<table class=\"left\" style=\"max-width: 90%;\">\n<tr>\n<th>\u00a0<\/th>\n<th style=\"width: 27%;\">USA<\/th>\n<th style=\"width: 27%;\">UK<\/th>\n<th style=\"width: 27%;\">E\u00da<\/th>\n<\/tr>\n<tbody>\n<tr>\n<th><strong>Ro\u010dn\u00e1 dynamika invest\u00edcie, %<\/strong><\/th>\n<td>\u221210\u201315<\/td>\n<td>-25<\/td>\n<td>+10<\/td>\n<\/tr>\n<tr>\n<th><strong>V\u00fdnos<\/strong><\/th>\n<td>Zn\u00ed\u017ei alebo zostan\u00fa na b\u00fdvalej \u00farovni<\/td>\n<td>Zni\u017euje v pr\u00e9miovom segmente, zv\u00fd\u0161enie priemernej ceny segment<\/td>\n<td>Zni\u017euje v pr\u00e9miovom segmente, zv\u00fd\u0161i\u0165 alebo zostan\u00fa v strednodobom cenovom segmente<\/td>\n<\/tr>\n<tr>\n<th><strong>Pren\u00e1jom sadzieb<\/strong><\/th>\n<td>Zv\u00fd\u0161enie<\/td>\n<td>Zostan\u00fa na rovnakej \u00farovni v pr\u00e9miovom segmente<\/td>\n<td>Zostane na b\u00fdvalej \u00farovni alebo sa zv\u00fd\u0161i<\/td>\n<\/tr>\n<tr>\n<th><strong>Spotreba energie od n\u00e1jomn\u00edkov<\/strong><\/th>\n<td>Zostane na b\u00fdvalej \u00farovni alebo sa zv\u00fd\u0161i<\/td>\n<td>Zostane rovnak\u00fd, alebo na jese\u0148<\/td>\n<td>Zostane na b\u00fdvalej \u00farovni alebo sa zv\u00fd\u0161i<\/td>\n<\/tr>\n<tr>\n<th><strong>Ceny nehnute\u013enost\u00ed<\/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>Yulia Kozhevnikova, Tranio<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pod\u013ea JLL, prvej polovici roku 2016 v glob\u00e1lnom komer\u010dn\u00e9 nehnute\u013enosti investovali pribli\u017ene 260 mili\u00e1rd eur, \u010do je o 10% 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