A real estate ( Latin im-mobilis 'immovable'; similar to real estate ), called “immovable property ” in legal and business language, is a piece of land , right equivalent to real estate or a building ( residential property or commercial property ).
A property is usually a built-up plot of land. The same applies to real estate in Switzerland , while real estate is uncommon in Switzerland. In Austrian usage, real estate is referred to as realities . Owner of several properties were therefore reality owner called.
There are some professions the real estate industry , focusing on real estate , buildings and the real estate market have specialized as building management , surveyors and other civil engineering , real estate brokers and real estate broker, mortgage banks , mortgage banks , real estate funds , insurance companies and not least the Institute for Federal Real Estate .
There are sub-terms that differentiate real estate according to its use . These are not always clearly defined:
- Commercial property : A building or part of a building that is used exclusively or primarily for commercial purposes.
- Residential property : A building that is used exclusively or primarily for residential purposes.
- Social property : This includes buildings that are used for the detection, treatment, prevention and rehabilitation of acute illnesses ( healthcare properties such as hospitals and clinics ). In the narrower sense of the term, social properties are particularly buildings that are used for living, accommodating, caring for and caring for the elderly, disabled and in need of care, seriously ill and dying people as well as marginalized social groups (e.g. old people's homes ). In this respect, this includes senior citizens' homes such as old people's homes , nursing homes , but also so-called outpatient assisted living communities as well as integrated senior housing that combine the aforementioned types of use, but also facilities such as children's and youth homes or homes for the homeless.
- Special property or special property : a building that is well-defined for one, has created special use and provided, for example, a railway station , a power plant building or a hotel .
- Investment property or investment property : A commercial property or a residential property which is used exclusively to generate interest on the invested capital ( rental yield ) and is not intended for personal use.
- Company property or business premises , or in the international environment, corporate real estate (CRE) is the description of the real estate companies, which are not for the purpose of investment to be built, but due to the use by the company in question, operated and recycled.
- Service property : Land, including the existing buildings and their accessories, which are necessary for the provision of services and which are the primary instrument for the provision of services for the service provider. The service provider also regularly takes on the function of real estate operator. In this respect, service properties are often what are known as operator properties . A separate working group of the Society for Real Estate Research (gif) has been dealing with this type of property since 2003 , in which the term service property, going back to Erich Limpens and Lutz H. Michel, was defined separately for the first time. The working group has u. a. developed a catalog of criteria for assessing residential real estate.
- Operator real estate: An operator real estate comprises such properties, along with the buildings and their accessories, which an operator requires to be used. The property gains its economic value through the operational performance of this operator, which goes beyond the mere use. They are therefore "investment-sensitive" in the sense that the owner and operator are in a special relationship of dependency to one another, which is characterized by the restricted third-party usability .
- Luxury properties are above-standard residential properties .
Special regulations for real estate
Acquisition of real estate
Because of their "immobility", real estate is subject to different legal provisions than movable property with regard to the acquisition of property , use, rental or leasing . The purchase and transfer of ownership of a property requiring three operations:
- a notary notarized purchase agreement (in Germany according to BGB)
- the notarized real agreement on the transfer of ownership ( conveyance , in Austria declaration of posting ), see also the principle of abstraction (separation of purchase contract and transfer of ownership ),
- and the entry of the new owner in the land register .
The ancillary costs when buying land in Germany fluctuate between an additional 9.07% and 15.14%.
Real estate can be encumbered with rights like movable property . Such rights include, among mortgages ( mortgage , land charge , mortgage ) and various easements . These can be rights of way , regulations on water law or other servitutes . If there are several loads, they are ranked among each other .
Real estate taxation
- Real estate transfer tax is due when purchasing real estate .
- Property tax is payable for land . Their amount depends on the unit value of the property , the tax index ( to GrStG ) and the assessment rate . Exceptions apply to properties that serve public, charitable, religious and scientific purposes (cf. , GrStG).
Real estate financing
A part of the property purchase price can be financed by credit institutions by granting loans . These mortgage loans represent real estate financing , in which the banks must be provided with loan documents for the purpose of determining the loan value . The disbursement requirements in the following loan agreement usually provide for the entry of mortgages on the property to be acquired.
Actors in the real estate market
Real estate portfolio in companies
Traditionally, companies also have properties they use themselves and are not leased. Corporations with many locations have dealt with them in their own departments ( corporate real estate management ). Components of this are professional management techniques such as the facility management of properties, the project development of unused properties or older existing buildings as well as holistic property controlling. The sale and leasing back of real estate were often harbingers of business decline, for example at AEG or Karstadt .
Real estate buyers
The company's goal is to increase rental income ( income ), on the one hand through renovation measures and on the other hand by replacing tenants. Leased properties with good tenants committed to the long term are referred to as core properties.
Performance and fluctuations
The location is of relevance for the performance . Impairments of 20–50% in new buildings in the first ten years are not uncommon in Munich or in more rural regions. In the long term, i.e. for periods of more than 30 years, the increasingly scarce land should lead to its increase in value leading to an adjustment for inflation. The decisive factor here, however, is the demographic development and, above all, the development of the region concerned.
Real estate is an attractive investment above all if the rent or rental savings are high enough to offset not only all costs, but also expected future depreciations and generate an appropriate return. A lack of state subsidies and a rethinking among the population with regard to the quality of real estate as an investment should in the long term mean that the current negative trend in completed houses - which is offset by an increase in new building prices - can be stopped.
The construction cost index describes the average costs in new buildings and indirectly influences the real value of existing properties.
In order to be able to consider the value development of real estate, you have to divide it into different categories. The following subdivisions are common:
- no real estate use ( agriculture or forestry )
- intended use ( land to be built )
- legally secured use (dedicated building land )
- Prepared use (already parceled out and developed )
- first use (still unused new building )
- existing use (used building )
- no longer existing use ( vacancy )
In general, it can be assumed that the value of a property increases continuously in the first five stages. The transition from the first to the second and third stage is usually accompanied by the highest percentage increases in value. In the sixth stage, there is usually a decrease in value and in the seventh stage the value falls sharply, under certain circumstances even below the level of the first stage, if renovations are required or contaminated sites exist.
The proximity of schools , health and leisure facilities also usually has a positive effect on the value. A development plan that allows further development on the respective property is also positive for the evaluation of the property . The first time it is developed as a building area or building land, however, a strip of land must be assigned as a public property so that the community can build roads and lines.
On the other hand, immissions , a high noise level or contaminated sites - e.g. B. if there was a gas station on the property and the soil is contaminated. A designation as a nature reserve can also reduce the value, because then a building ban is usually issued. A decrease or increase in value can also be the result of a political decision (e.g. building an airport or a motorway ). Monument protection and existing tenancies can also reduce the value. The value development then depends on the possible uses of the property before and after such a decision.
The depreciation of a property as a result of increasing requirements, demands or technological advances is classified as immaterial wear and tear , while the depreciation of a property due to chemical, biological or physical processes (e.g. corrosion) is referred to as material wear and tear. The depreciation due to material wear and tear can be determined, for example, using the ERAB method (method for determining the wear and tear inventory of building materials).
The determination of the value of a property is regulated in Germany in the Ordinance on the Principles for Determining the Market Values of Land (Real Estate Valuation Ordinance - ImmoWertV). It is a regulation based on BauGB . It describes the following procedures for determining property values:
These procedures are binding for officially approved experts . In addition, there are numerous so-called “non-standardized” procedures such as the DCF procedure . These are used in particular for international transactions.
- Beauty and value of residential real estate: results of a survey by the TU Chemnitz , Nicole Küster & Friedrich Thießen, May 2014 - short summary (2 pages, PDF)
- Nationwide monument study by IfD Allensbach / pantera Immobilien: Historic buildings are the most popular form of property , December 2017
- See Duden online: property . The information under "Meaning" and "Synonyms" shows that a property can also be a vacant lot. The Duden article property makes it clear, however, that property usually means a built-up plot of land (see meaning b).
- Duden online states under property for Switzerland: "built-on property" (meaning b). However, the online lexicon of the Swiss Homeowners Association defines property as : "Developed or undeveloped parcel of land (property)".
- In the online lexicon of the Swiss Home Owners Association , the word property does not appear in the entire text.
- Paragraph after Elmar Pfeiffer: Immobilien - Kosmos , online at stalys.de ( Memento from February 27, 2010 in the Internet Archive ), accessed on April 4, 2010.
- Sentence from Wirtschaftslexikon Online, mein-wirtschaftslexikon.de, accessed on April 4, 2010.
- Explanation of the real estate investment , karodi.de accessed on May 2, 2011.
- property .
- Graphic house purchase ancillary costs; Immobilienscout24 .
- SCHÖNFELDER, U .: Determination of the condition of real estate using the ERAB method - Basics for maintenance strategies. Dortmund: Werner Verlag, 2012; ISBN 978-3-8041-5253-3 .