Resort mortgage: a loan and stay in the black

Leaseback, or guaranteed rent, invented in France. But for several years now, this is attractive to investors, the scheme makes a triumphant march to the Mediterranean resorts. Why would it not apply in Russia on the Black Sea? It would seem that such a development would be logical. But, alas, it turned out, we do not have the conditions under which the guaranteed annuity could work. How to make money on tourists Since the French came up with this effective scheme in all respects, the country lifted its travel market to the next level. France has developed and adopted a whole program, under which development companies are good free sites for the construction of resorts. This allows them to exhibit low prices for apartments and villas. Construction will certainly insured by the state and the well-known and largest management company undertakes to assume full after-sales service: delivery of housing for rent, maintenance (cleaning, repairs, etc.), and guarantees a certain percentage of the lease. The owner receives a steady income regardless of whether the company failed to hand over his property. Igor told Indriksons, director of overseas property investment IntermarkSavills, in this scheme, receipt of interest on the lease is guaranteed over the long term - 10-15 years old. In addition, the owner returned the VAT at 19.6%. "However, this latter condition the owner does not have to sell your property for 19 years" - said Stanislav Zingel, president of the international agencies of foreign real estate Gordon Rock. The contract may provide the opportunity to stay the owner (or other persons by agreement with the owner) on a specified date within a year - in this case the yield will be slightly lower, says Stanislav Zingel. The average yield on the leaseback scheme varies from 4 to 6% per year, depending on conditions. All the risks associated with the delivery of housing, pass under the responsibility of the management company. For example, if the tenant damaged the apartment, this is a problem the company, not the property owner. At the end of the contract leaseback management company is obliged to hand over property to the owner in the form in which received. At the end of the contract owner can renew it, or sell your property or live in it. But the real "zest» leaseback - the fact that rental income can cover mortgage payments. In this case, the buyer gets the object at the price of the initial contribution that is 30-50% of cost. "In most cases the cost of credit can be covered by income from the lease, if the loan is up to 60-70% of the cost of housing at a rate of 4-5%," - said Stanislav Zingel. This is a normal mortgage rate in France. On the fashionable resort of the Atlantic, in the province of Brittany, under this scheme offers a new 4-star apartment complex. It is located just 150 meters from the ocean and has the SPA-center, indoor and outdoor heated swimming pool, underground and surface parking, kids club and playground, etc. The term of the contract to leaseback - 9 years. Profitability is guaranteed at a rate of 4.5% without the owner's residence in the complex and at a rate of 4% with an opportunity to stay for 5 weeks a year (a week in high season, 2 weeks in the off-season and 2 weeks in low season). According to Stanislav Zingel, prices for apartments start leaseback-here of 121 thousand euros, including furnishings and place in the underground parking. From a management company can negotiate a stay for a longer period of residence or other objects managed by the company. Romuald Shidlovsky, director Vita Special Estate, described the complex "Kamiolskaya vine", which is located on the Cote d'Azur, 20 km from the high life in Cannes, in the mountainous area of ​​vineyards and olive groves. The project has its own elaborate infrastructure. The minimum initial contribution is 10% guaranteed income from the lease - 4.1% per annum over 11.5 years. The French Riviera is known for investment stability, because in the past 10 years the annual increase in yield in the region has not been below 15%, adds Shidlovsky. Prospects of the scheme more than promising. Typically, objects are built leaseback where there is a stream of potential tenants: the coast, tourist, business and financial centers, the world's capital. International business people and passion for travel contribute to the development of leaseback. Developers are offering a guaranteed annuity, are able to improve sales dynamics, but what the state receives as a result developed resort area. Where is profitable to invest abroad in real estate? A similar scheme has been suggested and resorts in Spain, Cyprus, Montenegro, Israel, Turkey and Egypt, with the only difference being that it is not done with government support, but on the initiative of developers. The management company just offers a guaranteed constant percentage of the rent, but here Home buyers can not reclaim VAT. In addition, the period of guaranteed rents are lower - 2-5 years. But in this scheme the investor can always go out without penalty, but when you exit the leaseback on the French model will have to repay the VAT. male golfer and ball lunkaTak, according to IntermarkSavills, the Turkish resort of Bodrum on the scheme of guaranteed annuity offers real estate in the complex Flamingo Country Club. To purchase a fully ready to move in a two-bedroom apartments of 70 square meters. m require 60 thousand euros - half price. The rest of the mortgage is given for 20 years. At the same time to 6 weeks, the owner may use the property for personal purposes, and all the rest of the lease it. Care of the rental and maintenance of real estate in the first 5 years after the purchase takes on the management company. Also during this period, she pays absolutely all costs associated with the operation of real estate, including mortgage payments, all bills, taxes, etc. Accordingly, the owner does not need any additional financial costs and effort. At the request after 5 years the owner may extend the contract with the management company. Another example: in the Turkish town of Kusadasi for sale a residential complex of luxury with a guaranteed income. The initial payment is 40%, the mortgage is given for the remaining 60%. Guaranteed income, according to Gordon Rock, - 6% over 5 years, with possibility of renewal for another 10 years. Possibility of their own residence in the acquired real estate - 30 days a year. If an investor buys apartment of 80 square meters. m, which are complex in 100 thousand euros, then the mortgage will be paid 3600 euros per year. Add to this payment for the services of real estate, is 1 euro / sq. m / month, ie 960 euros per year, and the total cost will amount to 4560 euros per year. Letting the owner will bring 6,000 euros per year, total net annual income (less expenses) is obtained 1440 euros. For 5 years he will be 7200 euros. In the Israeli resort of Netanya on the scheme of guaranteed annuity offers a new five-star apart-hotel on the first line of the coast. Prices for apartments start at $ 575 thousand, including furnishings and place in the underground parking. Offers a guaranteed annual income - 6% in 4 years. The owner of the apartments is exempt from paying all costs of maintaining an apartment in the period. "In Israel you can get a mortgage at a record low rates - 2%. The amount of issued credit - up to 70% of the value of real estate "- adds Stanislav Zingel. Resorts Russia does not want a guaranteed annuity when getting acquainted with the benefits of leaseback question arises: why not develop it with us in the south? Theoretically, such an interest would be in our state, because the Olympics need to build a huge amount of accommodation, and apartments for rent guarantee scheme could provide part of the proposal. In the end, so what Sochi worse Bodrum and Krasnaya Polyana - the French Alps? But on closer examination revealed a huge distance. First, the seasonality. Resorts are world-class year-round, or, or seek to do so. And we? "In Sochi, the seasonality is working against the builder, that is out of season holiday property to rent one does not want to", - says Igor Roganovich, director of business development in the residential and hotel property Knight Frank. Secondly, according to the program leaseback, the developer must obtain the best sites for free. We have distribution sites, as well as distribution and permission to connect to utilities - electricity, gas, water - do officials and those close to them company. Do I need them to a state program similar to the French, provided the developer's resources free or cheap? Third, our developers just do not know what this scheme and how it works, not in our market and asset management companies with a similar experience. Create subsidiaries with such a complex functionality is hardly ready any of the developers. On the contrary, our company used to work on a "sell and forget". Margin is the operating company is not large enough to seriously interested in Russian business. Fourth, more importantly, to achieve returns similar to the European, Russian resorts to impossible. "When investing in Russia investors want to get a much larger risk premium, and profitability at the level of 5-8% satisfied with very few people, - says Olga Shirokova, director of consulting, analytics and research at Blackwood. - But even this rate of return in the short season of Sochi to provide easy, in addition, to ensure it cost flat rate on the loan and must comply with the French. " Now hardly anyone will even guarantee the lowest yield. Also important aspect and the quality of the rest in Sochi. The level of service on the southern coast of Russia, unfortunately, is far from the Turkish. Quality of work and the mentality of the staff leave much to be desired. At the same time, the cost and rental housing in Sochi often unnecessarily expensive, and therefore rest on the Russian resort uneconomical tourist. All this makes Russia's south uncompetitive with respect to foreign resorts. And if there is no increase in the number of tourists who will take control of apartments and how they can guarantee an income property owner? All these questions unanswered, "The emergence of Russia program leaseback, similar to the French - is, in my opinion, no question in the near future, - concludes Igor Roganovich. - In addition, the emergence and spread of such programs in the region is possible only after it appears in the Moscow and St. Petersburg. Guaranteed annuity scheme may appear on our resorts, including Sochi, when it becomes clear that the price boom buyers just the second or third home is no longer entice. " Here's a layout. Seasonality and the high cost - things objective. But for the power still hurt