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SA Ricci Compares Europe Rental Conditions
06.06.2011 2127

SA Ricci Compares Europe Rental Conditions

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 nine years. The maximum figure - in the UK, Ireland and Greece - is 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 (the exception is Ukraine), where the increase in rents is not tied clearly to the IIT (consumer price index), but is discussed on the basis of the minimum 3%. Please note that this is in a country where the consumer price index has exceeded 9% for several years. Indexing from 3 to 7% is included in the contract, while ruble inflation is a priori higher. In almost all European countries, rent increases are tied to the CPI. Our rental market is practically not formed, it works on the principle: “Who dared, he ate,” says S. Ricci partner P. Janshevsky.

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 rental transaction activity is in Germany, where long (5 − 10 years), but rather soft contracts, companies rarely relocate, and property values ​​are low. Therefore, transactions cost market participants the amount of 3 − 4 monthly rent, including taxes on leases, if the contract was concluded for a period of more than five years, and 2 − 3 months. rental rates, including taxes, for rental periods 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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