“The big party is over,” said Klaus Kumpfmüller, CEO of Hypo Upper Austria. Real estate prices have doubled in many segments in recent years. Now the returns have fallen sharply, said the banker at the third round of talks with Manfred Pammer, CEO of Athos Immobilien AG, Florian Huber, tax consultant and partner at LeitnerLeitner, and notary clerk Clemens Molan.
returns below three percent
The gross yields for investor apartments are currently – if at all – at three percent, said Pammer. Buying such an apartment only makes sense with equity. “It’s no longer possible with credit financing. Bad times have clearly dawned.”
From the point of view of the tax consultant Huber, these three percent are almost impossible to reach. He would rather set the returns between two and a maximum of three percent. “In addition, an investor apartment is really work. Many underestimate that,” said Huber. Work in the sense that the owner of this apartment has to take care of the maintenance. Not least because of this, investors would also withdraw from this market.
The OÖN real estate day to look up:
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Politicians could intervene, if desired, by attempting to encourage property creation. “A property you live in is the best old-age provision,” said Kumpfmüller. Pammer pointed out that as a commercial landlord he was in competition with the non-profit. Corporation tax and capital gains tax alone made up so much for him that without these taxes his customers could live rent-free every third year.
Notary substitute Molan advises creating property despite the great uncertainty. “Even if the prices have risen sharply, it won’t get any cheaper in the future either.”
Source: Nachrichten
