Real Estate

“ACE”: Tax allowance for equity financed investments

By Lodovico Comploj, Pichler Dejori Comploj Partner

In order to promote equity instead of debt financing, the Italian government introduced a tax allowance in 2011 which, although applicable without any sector restrictions, deeply affected the Italian real estate sector.

Leiden, The Netherlands

“Lease Goes before Sale”: How Far Does Dutch Law Protect the Tenant?

By Joost Donkersloot, TeekensKarstens advocaten notarissen

In Dutch rental legislation, there is an adage: “lease goes before sale”. In short, this means that a lease agreement does not end if the rented space is sold and changes ownership. In practice, however, it is sometimes assumed too easily that the tenant does not suffer from a transfer of
ownership of the rented property.

A land of sweeping plains: Australia changes its regulation of foreign investment in agricultural land

By Elizabeth McDonald, McCabes Lawyers

Investors looking to acquire an interest in Australian agricultural land will have to comply with new regulations in the wake of the Australian Government's changes to its Foreign Investment Policy. While there is no suggestion that the Government will limit foreign ownership of Australian real estate, it has introduced a number of changes to enable improved monitoring of foreign investment.

Amendments to Policies on Foreign Investment in the Chinese Real Estate Market

By Yuling Zheng, Shimin Law

On August 19, 2015, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, the National Development and Reform Commission, the People’s Bank of China, the State Administration for Industry and Commerce, and the State Administration of Foreign Exchange jointly released the Amendments to Policies Concerning Access by and Administration of Foreign Investment in the Real Estate Market (Jian Fang [2015] No.122, the “New Policies”).  The New Policies have modified the former Opinions for Regulating the Access by and Administration on Foreign Investment in the Real Estate Market (Jian Zhu Fang [2006] No.171, the “Former Policies”) to relax the restrictions on foreign investment in the Chinese real estate market. 

Sydney, Australia

Australia’s New Surcharge Taxes on Non-Residents

By Tony Nunes and Lishi Huang, Kelly+Partners Chartered Accountants

Foreign residents looking to invest in property in Australia should be aware that in all states, non-residents are subject to additional taxes for buying and holding residential property. It may be possible to structure the investment to minimise the impact of these taxes, however they should be factored into the investment decision.

Boomtown Munich – Great Expectations or Excess Boom?

By Dr Michael Bihler, LUTZ | ABEL

Munich is the third largest city in Germany with about 1,550,000 inhabitants. Due to its scenic amenities and flourishing economy, its attraction to foreigners and natives remains unchanged. Each year 15,000 to 30,000 people move to Munich, thus putting increased pressure on the residential market.

BUYING REAL ESTATE IN THE U.S.

By Shepard A. Federgreen, Gibbons P.C.

Buying real estate in the United States follows a predictable pattern involving multiple steps and multiple professionals. This outline focuses on the common steps which are virtually universal.

Can we actually still speak about a "Greek estate property market"?

By Vassiliki Tsigarida, ASnetwork

The recent Law 4093/2012 ("Memorandum III") has imposed major horizontal cuts to salaries and pensions. The purchasing power of the average Greek citizen is in free-fall and this leads, among other economic and social consequences, to an alarmingly extended stagnancy in the volume of sales and lease transactions. At the same time the number of units remaining closed and unexploited steadily rises.

Adriatic coast, Slovenia

Commercial Real Estate Investment in Slovenia

By Blaž Mrva, MRVA Law LLP

Over the last few years, there have been several commercial real estate transactions involving large companies selling their properties and remaining tenants, especially large retailers who sold their supermarkets. Also, shopping centres in big cities have been sold to real estate funds. Hotels in tourist areas on the Adriatic coast and in Alpine resorts have changed hands, mostly to foreign investors. Hotels were, in most cases, very reasonably priced.

Correlation Between Debt Policy and Land Prices?

 Fotolia 35277167 S 635 250

By Dr. Reinhard Nacke, FPS Rechtsanwälte & Notare

The Swiss economists Reiner Eichenberger and David Stadelmann, both at the University of Fribourg, discussed some interesting theses in the "Neue Zürcher Zeitung" dated 23 January 2013 concerning the correlation between property prices and public bodies' unsound financial behaviour. When a municipality finances its disbursements with debt, this gives rise to higher liabilities in the future and a heavier financial burden due to upcoming interest and amortization payments.

Current UK tax issues for UK real estate

By Naomi Lawton, Memery Crystal LLP

The UK has seen considerable development over recent years in its tax regime on UK property, particularly residential property held by non-UK residents and non-UK domiciliaries.

Dividing types of premises in Dutch rental law

By Joost Donkersloot, TeekensKarstens advocaten notarissen

Foreign investors wishing to lease premises or companies wishing to rent space (business space or housing for employees) are advised to be aware of the division that exists in Dutch law between leasing and renting. This division entails several differences in the legal rules of rent law.

Energy Performance Certificates in Hungary

By Dr. Zita Orbán, Kovács Réti Szegheő Attorneys at Law

As from 1 January 2012 providing buyers/tenants with energy performance certificates became statutory also in respect of Hungarian private buildings pursuant to an amendment of the governmental decree regulating the certification of the energy performance of buildings.

Financing of Windpark

By Dr. Reinhard Nacke

The last meeting of the GGI Practice Group Real Estate being held in Leiden/NL under others discussed how banks financing windparks can sufficiently be secured by transfer or title in the turbines. The problem arises if as in most cases the turbines are built on rented ground. This can have as a consequence that they become property of the ground owner due to the fact that they are qualified as buildings. This is no problem in those countries where the piece of ground and the building on it can have different owners as this is the case i. a. in the Czech Republic, in Denmark, India, Malta and Japan. In other countries like Bulgaria and Germany, however, this is a very major difficulties which can lead to problems with financing of a windpark and in the end can endanger the whole project.
real estate at the Côte d' Azur

French Real Estate: A Good Time to Invest

By Joris Cataldi and Professor Robert Anthony, Anthony & Cie

When purchasing a property there are several issues that one needs to consider. Tax, future growth as well as rental income. The speculation in European property markets created a volatility into market sectors creating difficulties into choosing safe investments in stable areas. Funds invested heavily into logistics as well as residential blocks of flats. The later they tried to create positive gains by selling the apartments individually. Certain streets around Europe were redeveloped to build more high class shopping.

Skyline Paris

French Wealth Tax on Real Estate modified in 2018

By Alexane Palide, edited by Prof Robert Anthony, Anthony & Cie

A New Year with new resolutions and new rules! January is the time for adopting new ideas and this is especially so in the implementation of amendments to the tax system animated politically by the French government, as mentioned in their election manifesto.

Germany: property prices are on the rise, rents are stable

By Dr. Reinhard Nacke, FPS Rechtsanwälte & Notare

Unlike other European countries, property prices are on the rise again in both Western and Eastern Germany. From March 2007 to August 2012 the price for new residential properties rose by nearly 25% whilst rents only increased moderately. In some cities the rise over the last couple of months could be described as dramatic. Some analysts are convinced that in this regard the German bubble may yet burst.

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