The city authorities again try to introduce the construction market size, which is due to the long payback period and did not become popular among developers - apartment houses. On the back of high prices and scarcity of new buildings apartment buildings, perhaps, will be one of the options for solving the housing problem, if the government will support the developers, not in words but in deeds. The party said "must" during the opening of the exhibition "Leisure time prop-zhimost-2011" held in the CHA with 24 to March 27, Deputy Mayor for urban policy and the construction of Marat Khusnullin reported that in the near future priorities in the construction in Moscow change. According to him, the Moscow authorities plan to stimulate the construction of the garage property and apartment buildings. "In addition to residential, office and retail properties, we plan to build more parking in the segment of real estate. We recommend the developers to build revenue, rental houses, "- said Marat Khusnullin. As told to an official, currently in the capital is changing real estate market situation, priorities change and urban development authorities of the city. Such a statement can be considered a program and describing the new urban policy. Matter of tenement houses as a civilized version of the search for rental housing and attended to at the federal level: the Ministry of Regional Development has offered to provide a program to build housing for the commer-one recruitment. According to forecasts of officials, including Deputy Minister of Regional Development of the Royal Constantine, the first guests will be able to rent houses by mid-2013. To lucrative home Constantin Royal classifies house accommodation in which one hundred percent of the amount available for use under lease or commercial hire. "A certain analogue of the hotel, but durable. The comfort level of such housing can be completely different from modest apartments to penthouses economy class - would be willing to take these square meters "- he argues. According to the calculations for Regional Development, in 2020 the share of rental housing will account for about 20% of all new buildings in the country. "A couple of years ago to talk about bringing business to the construction of tenement houses is economy class was impossible. All investors have played in short: he built - sold. Invest in businesses with unpredictable, in fact, return on investment was very risky and illogical "- believes Royal. Now, in his opinion, the situation in the economy, and in the construction complex, as in the country as a whole has changed: the Central Bank refinancing rate fell below 8%, inflation is no longer shocking, banks have re-appeared "long" money to invest in the most attractive projects. "And the fact that the development of segment income homes - an attractive design, no doubt. Ministry of Regional Development of Russia took a meeting of the Vnesheconombank, Gazprombank, the Agency for Housing Mortgage Lending. All have expressed their interest in view of the fact that this trend will develop in terms of public-private partnership. Under these conditions, against a background of slowing inflation, the income return economy-class accommodation for investors to be about 8 years "- promises chi-novnik. According to him, now in the State Duma just introduced a bill on the alternative principle of auctioning the right to lease land for housing economy class. Land is available at virtually no cost, provided that the development company is committed to sell below the price of housing built by the Regional Development Ministry, established for each region (about 30 thousand rubles per square meter. M). "Who will offer lower price, the auction and won. At the same time remain an active participant in the banks and HMLA. The same scheme can be applied to apartment buildings. Developer before construction even started undertakes to take no more than set flat rental rate. Moreover, in parallel, apparently, at the legislative level will establish more stringent requirements for individuals who give their apartments for rent. Now, according to expert estimates, from 200 thousand square meters. meters of housing to rent in Moscow, only 20% of owners do so legally. Apartment houses amount to the private sector to real competition, to be honest "- building a picture of the future King Constantine. Apartment buildings in Moscow As previously stated in an interview with Sergei Sobyanin, the radio station "Echo of Moscow", the municipality has decided to launch a program to build houses rent income due to the "exorbitant" prices for apartments in Moscow. According to Sobyanin, this step can reduce the cost of rental housing in Moscow. True, at what rates will give housing to income homes, the mayor did not elaborate. Meanwhile, the program of building apartment houses up to 2015 in Moscow, was developed several years ago. It was assumed that the houses will be built at the expense of the city's budget for the lease to citizens who do not have the money to buy an apartment, as well as foreign experts. It was planned that rents in these buildings will not exceed the cost of operating the building. However, in late 2009 it became known that the program is suspended due to financial crisis. Also in 2002 the government of Moscow adopted a resolution on an experiment to build and operate a profitable home in the capital, which was erected DIPS Moscow under the leadership of Leonid Krasnyansky. They became the home of the Grand Nikolovorobinskom Lane, 10, which was launched in 2004. Building the house cost about $ 12.3 million, now it works consistently and well filled in spite of the high rents. Most apartments in him as diplomatic, commercial, foreign missions, which is one of the few alternatives to home GlavUpDK (Main Administration for Service Diplomatic Corps in Russia). In fact, this is the only example of the current apartment building in the capital. All other attempts to build such projects as a result ended in the sale of apartments originally intended for rental. As it happens, for example, and the project MIAN LCD "Copernicus." An attempt to create apartment buildings and touched ekonomsegmenta. Back in 2006, Yuri Luzhkov, planned to establish a waiting list for a network of cheap tenement houses, where they could live in anticipation of getting their own apartments. Great house at 640 Upper Street Apartments Fields was designed for young families waiting and settled in 2003. At the end of 2007, another house on the 200 apartments were going to organize the street Musa Jalil. However, the project was never realized. The crisis of 2008 intervened in the government's plans and program of construction apartment buildings has been frozen. And if by 2010 it was expected that the waiting list will be built about 23 houses, it is now clear that these plans will not come true. As a result, today we can speak of only one full apartment house in the Big Nikolovorobinsky Lane, which is owned by the Government of Moscow. Analogues of the tenement houses - complexes "Don townsmen" and Park Place Moscow managed by Hines, an apartment in Crowne Plaza (former hotel "International"), an apartment owned by Hyatt in the tower "Federation" LCD "Five ponds", owned by GlavUpDK. Income due to the nature According to the company Penny Lane Realty, suburban real estate market there are not many towns where the houses are available for rent from the developer. Among the most famous - Dewdrop, Pokrovsky Hills, enjoying high popularity among foreigners, some of the houses in the Promenade, Prince Lake, joy. Almost all villages wholly-owned rental occupancy. On the downside of such facilities may include a relatively small living space, a limited number of proposals and, most importantly, the inflated rents. As a rule, they range from $ 5 to 30 thousand per month, which is 20-30% higher compared with the secondary rental market. The most popular announced budget - $ 10 thousand for that price you can rent a furnished cottage with a total area of 300-400 square meters. m in the high secure a country village with good infrastructure, 30 km from Moscow on popular destinations. In addition, in February 2011, the real estate market has passed presentation of a new project - a system of Moscow apartment houses "Rublevo Myakinino" designed to segment the business class and above. The minimum cost of renting apartments here is 30-90 thousand rubles a month. The total area of objects that will be built here - 40 thousand square meters. The complex can accommodate 400 families residing in the total amount of not more than 1,000 people. Investment in the project is 2 billion. Sources of funding include equity investment group ASG. Payback period - 6-7 years, the final project completion date - IV quarter of 2011. It clarifies the developers, this complex apartment buildings with a club-type suites of various classes focused on long-term residence visiting specialists from medium-high and high income countries. FTRA as a way to control According to the CEO of the management company "AC Management" by Robert Khairullina, complex apartment buildings on the ruble is part of the FTRA assets under management of the Criminal Code "AC Management." "Taking advantage of closed-end mutual funds can increase the rate of return projects in the housing to the income rate of 7-10%, but subject to state aid and removing administrative barriers - and above, which is a very attractive figure for conservative institutional investors. We believe that the mechanism of mutual funds will allow the rent to revive the Russian Institute of apartment buildings to private investors "- says Robert Khairullin. Commenting on the head "AS manage-ment," analyst "Investkafe" Anton Safonov said that under Russian law, FTRA exempt from income tax, so they can direct the income from rental property in full to finance new projects. This creates an advantage for the FTRA to other forms of investment in real estate. "In addition, this project allows for the expense of the tax regime to generate an optimized and stable cash flow, which significantly reduces the risks for investors. Thus, the yield of 7-10% - this is a very real figure, given that the projects are very attractive for investors, "- the analyst. Property developers doubt the opinion of Director General of Penny Lane Realty George Dzagurova, despite the success of individual projects, the format of tenement houses in Russia has yet to receive wide distribution. The reason for that - a big gap in the yield of the two types of investments - construction of apartments for rent and for sale. Even though property prices after the crisis slowed growth, developers are still much cheaper to implement quickly in an apartment house built than in the decades to wait until the project pays off. "Individuals and companies to build and operate an apartment house in Moscow and its environs is unprofitable because of the lack of sites for construction of a penny-D and large upfront costs for approval. This is a "slow" money, which is easier to build and sell an ordinary house, rather than profitable "- explains George Dzagurov. Managing Partner at Blackwood Kovalev explained that currently on the market of Moscow apartment buildings are only in middle and high price segment. Nevertheless, the development of the Institute tenement houses in the lower price segments is also promising, as there is potential scope of tenants looking for suggestions on the informal rental market. The main problem of real estate development of such projects is the low interest of private investors in the development of this segment. "Given the current situation in the market, payback period of construction economy class apartment buildings may be up to 25 years (return on such projects in the business and elite segment is about 5-7 years old). Therefore, economy-class apartment houses - it is rather a social project, which can only be realized with the support of the state ", - said Kovalev. "Profitable home for the people - it must be understood, in fact, the revival of Soviet practice. If these homes will be built to order for the city and the city budget, projects may be of interest to developers, "- said the director of marketing and PR" NDV-estate "Irina Naumova. In her view, the actual end of the crisis and rising consumer demand in the housing market suggests that developers and builders are unlikely to agree on very "budget" version of the cost of one square meter during the construction of apartment building, although this format to the user and may be of interest. "Especially if the government will introduce a property tax at the rate of its market value. Just then, for some owners of the financial burden is so high that they would prefer rasprivatizirovat housing or move to a cheaper option, "- says Naumova. According to her, the danger that may arise as a result of such projects - is the creation of social ghettos within these areas. 'I remind you that the only apartment building, a project that implements the previous government of Moscow, not paid dividends. Yes, and it was positioned as a luxury object, "- adds Irina Naumova. Prospects and sober calculation Experts believe that the economic feasibility-kai participation of private developers in the project tenements is not yet clear. As the Advisor to the President of FGC "Leader" Gregory Altukhov, just build a house economy class, with a connection to networks and even can be decorated apartments at 45 rubles per 1 square. m apartment. True, these calculations do not include the cost of the land or encumbrances which could cost the developer another 15-25 thousand rubles per 1 square. m. In addition, given that the apartment house is a house for residence, it like a regular house, it is necessary to provide relevant quantitative-tion infrastructure: kindergartens and schools, clinics, shops, and objects of everyday life, which is also of . In addition, in accordance with the intent to solve priority mayor of Moscow, the transport problem in the house should be built and underground parking at the rate of 1.7-2 Regulatory parking lots at the apartment. "This economy class apartment renters generally prefer to save money and to park on the sidewalk than to rent a parking space. Total "in terms of" cost per 1 sq. km. m the apartment are the same as in an ordinary house "for sale". It is not clear why the developer should choose the project payback within a few years after the settlement option selling apartments from the pit "- surprised Gregory Altukhov. Also, he adds, during the entire term of the lease management company will have to "compete" with numerous offers of "privateers." In this case the tax burden on the legal entity will be several times higher than natural persons or sole proprietors (not to mention the fact that most landlords, private traders evade taxes). "But if the city would be willing to take some of the costs - the construction of infrastructure, royalty-free allocation of sites, construction of backbone networks to the object and the payment of connection to the network, then the" tenement houses "may become a favorite among developers building. In the meantime, the business just do not understand developers, and is unlikely to be quickly demanded by the market "- concludes Gregory Altukhov. But according to George Dzagurova in the future the idea of building apartment houses can be developed, but this will not happen in the near future: the current situation in the property market is not conducive to recovery of such projects. Experts do not exclude that the construction of apartment houses will be successful in regions where the bureaucracy is less bulky and much more free space. So if the right approach, meticulous rendering of possible risks, such projects can become quite successful.
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