Property valuation is necessary to perform but before that you need to hire a property valuer for doing that process. The basic requirement for hiring a property valuer is that, property valuer must have the necessary experience in performing and managing the whole property valuation process and the other point is that they must have license of permission for performing the process. Our discussions with Labor will continue tonight and through to the upcoming Federal election. The Australian Competition and Consumer Commission have warned property owners not to include the GST induced inflation spike into rents if it increase.
“The figures will be published for the next six quarters until June 2002. “Steve Bracks today announced his business tax reform package. The good news is we’ve kept stamp duty concessions for off-the-plan sales, which were originally on the chopping board. Stamp duty on mortgages will go on 1 July 2004. Stamp duty on commercial property conveyances, however, remains for now.
If a property valuer has all these points then that property valuer is the deserving person to conduct your process and you should hired him for doing your property valuation process. Property valuer will work hard for the sake of their client’s property valuation process and will make sure that they should calculate the most approximate value for their house in the real estate field. Whilst it does contain some major wins for the property industry, the overall package is disappointing and a missed opportunity for Victoria. However, the fact remains that the Victorian business tax review has placed stamp duty firmly on the political agenda. Our five-year State-by-State campaign will continue.
A telecommunications building access code, which aims to give greater protection to your property ownership rights, was released today. We have been lobbying the government to remove the Telecommunications Act’s mandatory access rights, which give telcos unfettered access to your buildings. While talks on this are continuing with both the Government and Labo.
the code is big step towards protecting your property ownership rights. The key issues within the code we are focussing on are: timelines governing access; technical obligations on carriers (including OH&S) and; safeguards for owners’ assets. As a member of the working group, which drafted the code, we have ensured the code is binding on carriers but not on property owners Once they become successful in finding your properties approximate price then you will become tension free for taking the beneficial decision for the property.
NIKOIL-Insurance have signed pre-lease agreement for 18,500 sq m in class B Cherry Tower businesscentre located at 56, Profsoyuznaya street. VneshtorgBank leased 7,137 sq m (entirely building) in class A Chaika-Plaza-VII business-centre located at 41, Novoslobodskaya street. Nationalny Rezervny Bank leased 5,871 sq m in class A Paveletskaya Tower business-centre located at 2, Paveletskaya square. UBS-Warburg leased 5,458 sq m in class A Paveletskaya Tower business-centre located at 2, Paveletskaya square..
Private Land Appraiser Reports can Shell with Sakhalin Energy leased 5,418 sq m in Novinsky 31 business-centre. TransCreditBank leased 5,075 sq m in class A office building located at 5, Soymonovsky Lane. Rossiskiye Kommunalnye Sistemy leased 5,000 sq m (entirely building) in class A office building located at 11, Savvinskaya embankment. Alpha-Insurance leased 4,200 sq m in class B office building located at 31, Shabolovka street. Evraz-Holding leased 3,120 sq m in class B office development located at 13 bld. 41, 2nd Zvenigorodskaya street.
Media Arts/FCB leased 2,474 sq m in class B office development located at 13 bld. 42, 2nd Zvenigorodskaya street. 2003 was a strong year for the Russian development industry and saw the highest construction levels ever seen in Russia. 2004 will be the launch year for the “City” development a Russian version of Canary Wharf.
The first stage, a 38,150 sq m office-retail complex by Enka received a vote of confidence in the form of two pre-lease agreements (1,500 and 8,000 sq m) at the stage of ground break and completion still 10 months away. The main examples in 2003 were the TNK-BP class A 46,000 sq m development at Stary Arbat 1 and the Rosgosstrakh headquarters at Bolshaya OrdynkaOffice-retail complex Cherry-Tower at 56, Profsoyuznaya street (class B development of 100,000 sq m to be delivered in the first quarter of 2004).
The current development market is dominated by Russian companies – Forum Properties, Capital Group, ALM-Development, PMZ and many others. Vacancy Rate – ratio between the areas offered at present and total existing stock of comparable class.
The west, northwest and southeast directions are the axes of delivery for imported goods from Europe and are far ahead of other directions in terms of demand for quality industrial and warehouse space. 50% of unsatisfied demand falls into requests by Property Valuers these three directions. 3,000 to 5,000 sq m warehouses are in highest demand. Newly built warehouses are taken immediately and the available stock is thus represented by lower quality soviet-era properties which do not meet tenant requirements.
Such C and D class premises represent 80% of the total available stock of 700,000 sq m. Highly bureaucratic land and project legislation and procedures for industrial and warehousing construction. Russian-Portuguese developer Kulon have already built their first class A warehouse complex (16,000 sq m gross area) at 8th March Street and are now developing two more projects in the North-West and South of Moscow. Several development and investment companies (Hines, Sawatzky, AIG-Lincoln, Prologis, GE Capital and Skanska) have now declared plans to build large logistics parks of up to 100,000 sq m.
In 2003 the total amount of new space contained in retail centres exceed that of 2002 by 25%.City centre – from as high as to $ 1,100 per sq m per year down to $ 4,000 per sq m depending on the location within the shopping centre and tenant size. Special conditions for anchor tenants: rental rates $ 160-180 per sq m plus a percentage of turnover, opportunity to buy out space at $ 1,500 per sq m. Small premises on high streets in the centre of the city are the most sought after.
This tendency leads to appearance of “fashion streets” like Stoleshnikov lane and Tretyakovsky passage. Occupancy rate at the more successful retail centers is 98-100%, allowing the landlords to carry out tenders between prospective tenants, choosing the most advantageous financial terms and the most favorable tenant mix possible.
Sale prices depend on location and quality. The increase 35% in sale prices during 2003 was provoked by outstanding demand. The demand for quality residential space in 2003 was surprisingly high and surpassed supply. As a result prices were up 35% compared with the end of 2002. Further price increases are forecasted for 2004.
Supply volumes are ever increasing and the annual volume of 2003 property valuer’s is the highest ever seen in the history of the Russian market. In the “Golden mile” area prices went up from $ 6,000 – 8,000 per sq m for the top quality space to $12,000 – 15,000 per sq m. Also, developers are constrained by a buyers’ notion that Grade A and B residential projects will only include buildings inside the Garden Ring.
In 2003 the amount of owner-occupied sales increased to 170,000 sq m. Due to the fast growing demand, the sales growth will continue. The sale prices start at $ 1,500 per sq m and go up to above $ 3,000 per sq m depending on location and class of the building and its technical features. The most significant of them was the sale of a class A property located at Gogolevsky boulevard, 11 (sold by CSFB to Fleming Family & Partners fund for $ 30 million with a 13% cap rate).
There is no investment product for sale in the retail market since most existing shopping centres lack proper legal structure and are not satisfactory in terms of construction quality and tenant mix. During 2000-2003, market cap rates begun to decrease as market is becoming less risky and more mature. For example – in the 2001 the cap rates in registered deals in Moscow were 19-20 % and in the sales that took place at the end of 2003 the cap rate was in the range of 13-14 %.
Over time, this will improve liquidity and generate a more established and familiar investment environment. Although Munich has weathered the latest global slowdown reasonably well, it has not been isolated from the related effects. This being said, the vacancy rate is still comparatively low at around 3.7%, however by year-end, it is expected to rise slighlty, as around 400,000 m2 of new space will be completed.
The slowdown in the French economy, which has weakened demand in the office leasing market, has not affected either the volume of investment capital entering the market or the confidence of investors. In 2002, the investment sector attracted approximately Euro 10 billion of investment. This was slightly less than the Euro 12 billion record level secured in 2001.
Investment flows have become more notable against a weakening economic background. French investors, notably the SCPIs, are now more active than in 2002, representing around 28% of the total invested. Whereas some are too exposed to this type of asset, others could opt for vacant possession with the aim of diversifying their interests. On the supply side, insurance companies are at the forefront.
These companies are given the option of obtaining a reduced rate of tax on value uplifts over a period of 3-5 years by committing to distribute 85% of their current cash-flow as dividends. This fiscal reform will permit increased liquidity within these companies’ assets and should lead to higher sales volumes in the second half of 2003 Property Valuations in Australia is high values released via very large property asset sales allow these companies to compensate for their losses on the stock market Property Valuations in Australia.
This reform also aims to improve the equality of the French tax system for fund managers across Europe as the current situation in France is less favourable than in other European countries. Companies, often public or ex-public, have confirmed their wish to dispose of property interests in order to reduce debt and concentrate on core business.
This trend is illustrative of the confidence which market players have in the French sector. Most investors consider the current market protected from over-construction because actual demand in Ile-de-France, even at a reduced level of 1.5 million sq m in 2002 and 750,000 sq m in the first half of 2003, remains higher than the actual level of delivery of new buildings.