SA Ricci Compares Europe Rental Conditions
SA Ricci has published a study on property rentals in Europe, comparing rental terms and conditions in different countries. According to experts, the average rental period today ranges from three to nine years. The maximum rate is in Great Britain, Ireland and Greece - up to 12-15 years.
In Spain, Italy, Portugal, Romania, Cyprus the real estate market is oversaturated, and the economic situation is not the most favorable, hence the short contracts, the minimum deposit in the amount of the monthly rent, the automatic extension of the contract.
Russia under the terms of the contracts and the length of the lease term fits well with the average European indicators. According to the study, rental conditions in Russia can be described as average. In Russia, the rules of the game for tenants often change. This is due to the fact that the market has not yet debugged work on long-term contracts and there is no economic stability.
“Russia is almost the only country (with the exception of Ukraine), where the increase in rent is not clearly tied to the IIT (consumer price index), but is discussed based on a minimum of 3%. Note that this is in a country where the CPI has been over 9% for several years. The contract includes indexation from 3 to 7%, despite the fact that ruble inflation is a priori higher. In almost all European countries, rent increases are linked to the CPI. The rental market in our country is practically not formed, it works according to the principle: “Whoever dared, he ate,” says P. Yanshevsky, partner of SA Ricci.
In his opinion, a unified pricing scheme should work on the market: “In our case, the owner, when calculating the rental price, proceeds from the principle of how to rent an object more expensive to him, and the tenant - as if to conclude an agreement at a low rate for the longest possible period.”
An unusual practice exists in France, where the rent increase index is tied to the construction cost index. The most competent price review practice has been developed in the UK, where the basis for rent increases is the market environment at the time of the contract review.
The lowest transaction activity for rent is in Germany, where there are long (5-10 years) but rather soft contracts, companies rarely move, and the value of real estate is low. Therefore, transactions cost market participants in the amount of 3-4 monthly rent, including taxes for rent, if the contract was concluded for a period of more than five years, and 2-3 months. rental rate, including taxes, for a rental period of up to 5 years.
SA Ricci published a study on rental properties in Europe, comparing rental terms and conditions in different countries. According to experts, the average rental period today ranges from three to ...
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