{"id":13116,"date":"2018-06-27T14:23:08","date_gmt":"2018-06-27T12:23:08","guid":{"rendered":"https:\/\/www.immobilienbusiness.ch\/?p=13116"},"modified":"2018-06-27T14:23:08","modified_gmt":"2018-06-27T12:23:08","slug":"rueckblick-72-schweizer-immobiliengespraech-late-cyle-investments-in-deutschland","status":"publish","type":"post","link":"https:\/\/www.immobilienbusiness.ch\/it\/allgemein\/2018-06-27\/rueckblick-72-schweizer-immobiliengespraech-late-cyle-investments-in-deutschland\/","title":{"rendered":"Recensione 72\u00b0 Swiss Real Estate Talk: \"Investimenti a fine ciclo in Germania?\""},"content":{"rendered":"<figure id=\"attachment_13118\" aria-describedby=\"caption-attachment-13118\" style=\"width: 680px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-13118 size-medium\" src=\"https:\/\/www.immobilienbusiness.ch\/wp-content\/uploads\/2018\/06\/DSC_0107.jpg\" alt=\"\" width=\"680\" height=\"452\" srcset=\"https:\/\/www.immobilienbusiness.ch\/wp-content\/uploads\/2018\/06\/DSC_0107.jpg 2560w, https:\/\/www.immobilienbusiness.ch\/wp-content\/uploads\/2018\/06\/DSC_0107-300x199.jpg 300w, https:\/\/www.immobilienbusiness.ch\/wp-content\/uploads\/2018\/06\/DSC_0107-1024x680.jpg 1024w, https:\/\/www.immobilienbusiness.ch\/wp-content\/uploads\/2018\/06\/DSC_0107-768x510.jpg 768w, https:\/\/www.immobilienbusiness.ch\/wp-content\/uploads\/2018\/06\/DSC_0107-1536x1020.jpg 1536w, https:\/\/www.immobilienbusiness.ch\/wp-content\/uploads\/2018\/06\/DSC_0107-2048x1360.jpg 2048w, https:\/\/www.immobilienbusiness.ch\/wp-content\/uploads\/2018\/06\/DSC_0107-16x12.jpg 16w, https:\/\/www.immobilienbusiness.ch\/wp-content\/uploads\/2018\/06\/DSC_0107-263x175.jpg 263w, https:\/\/www.immobilienbusiness.ch\/wp-content\/uploads\/2018\/06\/DSC_0107-527x350.jpg 527w, https:\/\/www.immobilienbusiness.ch\/wp-content\/uploads\/2018\/06\/DSC_0107-1204x800.jpg 1204w, https:\/\/www.immobilienbusiness.ch\/wp-content\/uploads\/2018\/06\/DSC_0107-920x611.jpg 920w, https:\/\/www.immobilienbusiness.ch\/wp-content\/uploads\/2018\/06\/DSC_0107-1400x930.jpg 1400w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><figcaption id=\"caption-attachment-13118\" class=\"wp-caption-text\">Lahcen Knapp, CEO di Empira AG (Zug), ha parlato tra l'altro dell'allocazione del capitale mezzanino (Foto: Silvia Greber)<\/figcaption><\/figure>\n<p>La situazione iniziale sembra chiara: l'interesse per gli immobili tedeschi rimane molto alto e i prezzi sono saliti alle stelle in molte citt\u00e0 negli ultimi anni. Tuttavia, l'oratore Joachim Sch\u00fctz di Swiss Finance &amp; Property AG non vede questi sviluppi come un argomento contro ulteriori investimenti nel grande cantone vicino della Svizzera. Allo stesso tempo, ha messo in discussione il termine \"late cycle\" per lo status quo del mercato immobiliare tedesco. \"Se guardiamo i prezzi degli immobili in Germania, vediamo che abbiamo ancora a che fare con un livello di prezzi basso rispetto agli ultimi 50 anni\", ha detto Sch\u00fctz. Il ruolo della Germania come \"porto sicuro\" all'interno dell'Europa rimane intatto, soprattutto se si considera il rapporto di indebitamento relativamente basso delle famiglie private, delle aziende e dello stato insieme. Invece di un \"ciclo tardivo\" o di una possibile recessione, egli vede un \"roll-over\" verso un'ulteriore ripresa economica in Germania. Per quanto riguarda una svolta dei tassi d'interesse, l'Europa \u00e8 \"circa tre o quattro anni indietro rispetto agli Stati Uniti\", dice Sch\u00fctz a proposito di un altro importante fattore che determina il mercato. \u00c8 anche importante notare che la Germania sta attualmente passando da un'economia orientata all'esportazione a un'economia pi\u00f9 orientata al mercato interno.<\/p>\n<p><strong>Altri sviluppi del progetto<\/strong><\/p>\n<p>Lahcen Knapp, CEO di Empira AG, con sede a Zug, \u00e8 d'accordo \"al 200 per cento\" con Sch\u00fctz e rifiuta allo stesso modo l'ipotesi che questo sia un ciclo immobiliare che sta per finire. \"In Germania, c'\u00e8 stato un potenziale di recupero che \u00e8 stato sfruttato negli ultimi anni, soprattutto nelle citt\u00e0 A e B\". Il livello relativamente basso di urbanizzazione in Germania, per esempio, ha anche contribuito a questo. Mentre l\u00ec solo il 75 per cento circa della popolazione vive nelle grandi citt\u00e0, questo rapporto \u00e8 ora un buon 97 per cento in Belgio, per esempio. Lo sviluppo mostra soprattutto una \"ridistribuzione nel mercato immobiliare tedesco dalla campagna alla citt\u00e0\".<\/p>\n<p><strong>Mezzanine invece del prestito bancario<\/strong><\/p>\n<p>Sostenuto da una crescita quasi lineare del PIL dal 2008, anche il volume di sviluppo dei progetti continua ad aumentare a causa della grande domanda nelle citt\u00e0. Empira ne beneficia anche come fornitore di capitale mezzanino, una forma di finanziamento ancora giovane in Germania, dove il capitale esteso ammontava a circa 2,6 miliardi di euro nel 2017 secondo i dati ufficiali. Tuttavia, Knapp suppone che la somma fosse \"certamente ancora pi\u00f9 alta\" a causa del carattere piuttosto poco trasparente. Ennet der Grenze, dice, includendo le sue proprie aziende, ci sono attualmente circa sette o dieci partecipanti al mercato rilevanti. \"Con il finanziamento mezzanino, chiudiamo il divario tra capitale proprio e capitale di debito che si sta aprendo a causa delle misure di regolamentazione bancaria tramite Basilea III e IV\", ha spiegato Knapp. In vista dei requisiti di capitale pi\u00f9 elevati legati all'estensione del credito, le banche guardano sempre pi\u00f9 al rapporto ROS (Return on Solvency) invece di IRR (Internal Rate of Return). Un altro vantaggio per chi cerca capitale nel settore immobiliare \u00e8 che il capitale mezzanino pu\u00f2 essere concesso entro quattro settimane nel migliore dei casi - le banche di solito impiegano molto pi\u00f9 tempo per esaminare le domande di prestito.<\/p>\n<p>Nella sua presentazione, Martin Eberhardt di Corpus Sireo Real Estate ha anche confermato la continua buona situazione economica in Germania, che, dopo un pi\u00f9 2,5 per cento nel 2017, promette una crescita del PIL dell'1,9 per cento nell'anno in corso secondo lo Swiss Life Economic Reserach e un ulteriore aumento dell'1,2 per cento nel 2019. \"La Germania ha mercati di uffici incredibilmente forti\", ha detto Eberhardt. Questo vale per la capitale Berlino, con un tasso attuale di posti vacanti inferiore al due per cento. Ci sono rapporti simili da Monaco e anche la metropoli principale Francoforte \u00e8 scesa di nuovo ben al di sotto del 10% dopo molti anni con un tasso di uffici sfitti a due cifre.<\/p>\n<p><strong>Strategia nucleo-satellite<\/strong><\/p>\n<p>Inoltre, c'\u00e8 \"una grande domanda di immobili residenziali nelle citt\u00e0, ma quasi nessuna capacit\u00e0 di costruzione rimasta\", ha detto Eberhardt. C'erano abbastanza alloggi in tutta la Germania, \"ma non nel posto giusto\". Gli esperti avevano gi\u00e0 parlato di un ciclo di mercato maturo qualche anno fa, ma queste voci erano state insegnate meglio. In generale, consiglia una strategia simile in un mercato a fine ciclo come nell'ambiente a basso tasso d'interesse. A suo parere, una \"strategia core-satellite\", in cui il rendimento di base viene generato con le propriet\u00e0 core e vengono fatti investimenti pi\u00f9 piccoli in periferia in \"investimenti satellite\", che comportano rischi pi\u00f9 elevati o rappresentano prodotti di nicchia (\"giovani classi di attivit\u00e0\") come immobili logistici, appartamenti per studenti, propriet\u00e0 sanitarie o parcheggi a pi\u00f9 piani, \u00e8 una buona strategia.<\/p>\n<p>La successiva discussione con i tre esperti di mercato, guidata dal moderatore Prof. Dr. John Davidson dell'Universit\u00e0 di Scienze Applicate e Arti di Lucerna, ha portato ulteriori consigli e suggerimenti sui rendimenti che ci si pu\u00f2 aspettare attualmente dagli investimenti immobiliari in Germania. Mentre Joachim Sch\u00fctz considera possibile il 2,5 per cento per gli immobili residenziali e fino al 4,0 per cento per gli immobili commerciali (\"in nicchie come la logistica, c'\u00e8 sicuramente spazio per ancora di pi\u00f9\"), Martin Eberhardt ha riferito di investimenti fatti e di rendimenti iniziali lordi del 4,9 per cento a Monaco, 5,9 per cento a Ratisbona o, per esempio, anche pi\u00f9 del 6 per cento per un immobile commerciale a Lichtenfels in Baviera. Lahcen Knapp, invece, ha impressionato i partecipanti al 72\u00b0 Swiss Real Estate Talk con le sue cifre d'affari: Per l'anno scorso, Empira AG ha riportato un rendimento BVI (cash-on-cash) del 10,32% annuo con il suo \"finanziamento ponte a breve termine\".<\/p>","protected":false},"excerpt":{"rendered":"<p>Quali sono le attuali opportunit\u00e0 del mercato immobiliare tedesco? - A queste e ad altre domande hanno risposto tre esperti di alto livello e provati conoscitori del mercato in occasione del 72\u00b0 Swiss Property Talks presso il ristorante Metropol di Zurigo.<\/p>","protected":false},"author":102,"featured_media":13118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"Late-Cycle","_yoast_wpseo_title":"Late-Cycle-Investments in Deutschland? R\u00fcckblick Immobiliengespr\u00e4ch","_yoast_wpseo_metadesc":"Das 72. Schweizer Immobiliengespr\u00e4ch fand zum Thema Late-Cycle-Investments im Restaurant Metropol in Z\u00fcrich statt. IMMOBILIEN Business","_yoast_wpseo_linkdex":73,"pgc_sgb_lightbox_settings":"","footnotes":""},"categories":[1],"tags":[1166,1351,1382,1657,1681],"class_list":["post-13116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-allgemein","tag-deutschland","tag-immobilienmaerkte-europa","tag-investmentmarkt","tag-rueckblick_immobiliengespraeche","tag-schweizer-immobiliengespraeche"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Late-Cycle-Investments in Deutschland? R\u00fcckblick Immobiliengespr\u00e4ch<\/title>\n<meta name=\"description\" content=\"Das 72. Schweizer Immobiliengespr\u00e4ch fand zum Thema Late-Cycle-Investments im Restaurant Metropol in Z\u00fcrich statt. 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