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born in 2006

SAVINGS An order has just given a legal status for future real estate investment funds. Intended to replace the SCPI, they may emerge from the second quarter of 2006.

The days of REITs are numbered! For several months now, the arrival of their replacements is scheduled. They will be named OPCIs (collective investment real estate). By purchasing shares of these funds, accessible to only a few hundred dollars, investors invest in a heritage real estate, managed by professionals. They will be entitled to a share of rental income received by the OPCI and capital gains it has achieved. Best OPCIs will fund a portion of their earnings, which could raise the price of the shares ... and allow their owners happy to pocket a profit when they resell.

The creation of this new investment is now a matter of few months. The first stage has been reached with the publication of an order that details their legal regime. Their tax status should he be voted at the end of the year in the supplementary budget 2005. Finally, the AMF will clarify their rules of operation, probably in late January. Management companies are hoping to launch their first OPCIs So the first half of 2006. Subscriptions

resales and simplified

They will have a chance to bring back investors to stone paper, advocating the benefits of their competing OPCIs REITs.

differences will be significant. REITs are essentially holding real property, while OPCIs can broaden their portfolios to equities (eg property companies) and other investments.

While REITs do not get into debt, OPCIs may borrow, within reason, to purchase goods and thus benefit from a leverage effect (if the rents collected are greater than the cost of credit). They will also have greater freedom to manage and mediate their heritage. These measures should help to sustain the performance.

source: lefigaro.fr

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Real Estate and Search Engines

The real estate site abonim.com conducted a survey of 1589 Internet users place on the engine as part of a real estate search.
Customers almost all use search engines (MOR).
32% say that these engines have changed their way of surfing and 53% believe that MOR could better help them find information. That is, if expectations are on them. Almost

majority (43%) think the MOR have too much advertising, but it is only one percent of respondent to accept that the MOR are paying.


66% of Internet users are aware of 'sponsored links' of MOR and 68% find it interesting that their ad appears on the MOR

60% of respondents say directly type the keywords in their query on the MOR. (Eg "real Paris," "house Cote d'Armor" or " Trade Marseille). The same proportion (59%) will search for information on real estate sites.


This survey confirms the existing studies on the power and reach of Google. Indeed, 78% of those responding say they use online mainly Google. Yahoo, which was in the early 90's forerunner, is far behind (8%) This is closely followed by the search engine from France Telecom (6%). It is interesting to note that "the incumbent" has missed the boat on search engines, preferring to focus its efforts on the Yellow Pages ...
Supremacy Google will not be opened any time soon because 80% of those surveyed say they are loyal to their search engine, something that will strengthen Google's dominance.


failures can be explained generally better than the successes, we have virtually no data to explain that of Google. Some tracks allow us to say that this is an MOR technologically advanced, easy to use, complete in the number of pages listed, and that its managers have preferred to avoid cluttering the pages with ads too showy or "pop up" spurious

Source: abonim.com

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VAT at 5.5% prolonged

Minister Delegate for Industry, François Loos, said Wednesday that the EU would agree to an extension beyond December 31 of the VAT reduced to 5 , 5% for renovations at the session of questions to the government in the National Assembly.
"We must have a formal green light from the European Union, we will in November at the next meeting of the Ecofin, the meeting of European finance ministers, said Loos, who met to a question from MP Peter PS Cohen (Haute-Garonne).
Recall that the perpetuation of the measure or its extension provisional depends on a unanimous decision of EU finance ministers. Three meetings are planned by the end of the year.
VAT at 5.5% for the renovation came into force September 15, 1999, and was extended until December 2005, but the draft 2006 budget provides for its maintenance.
"The prime minister made the decision today to give our craftsmen the opportunity to prepare the estimates in this framework to predict the purchases for all consumers on this basis, therefore we continue," recalled Mr. Loos. "Today we ask everyone to consider what is in our budget," he said.
VAT at 5.5% for the renovation is a "win-win measure. Reduce VAT in the building is to help artisans have more work, it's 3 billion in additional work, c 'is 50,000 additional jobs, "said Loos.

source: lemoniteur-expert.com

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Pessimism in the Senate on the changing real estate market

In a communication to the Committee on Finance, the general rapporteur of the budget in the Senate, Philippe Marini, said Tuesday that "it is not implausible to imagine a decline in house prices double-digit over the next two years. "

Based on studies of the French Observatory of Economic Conditions (OFCE) and IMF on OECD countries between 1970 and 2002, Senator Philippe Marini held that "the real estate market has reached a high point "and a" turnaround "is" highly probable ".

According to him, "situational factors increase the demand" for housing had "burn out", while "household solvency appears highly degraded."

The government must make a choice
Philippe Marini, the government faces a "dilemma": "helping the middle class households primary acquirers, undoubtedly impoverished by rising house prices, the risk almost proved to feed inflation of the market, or allow the adjustment being effected, caused by the limited procurement capacity of households to facilitate a soft landing. "

Given the implications of this situation in terms of GDP growth, Mr. Marini "calls on governments to be cautious to avoid an over reaction of the markets, decline, with a risk for growth, as well as rise, with the risks associated with the creation of a bubble. "

source: Batiactu

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development of housing supply is Paris

Jean-Louis Borloo, Minister for Employment, Social Cohesion and Housing, presented a paper on the development of housing supply.

France has a housing crisis, which particularly affects households with modest incomes or means, and for many regions and most major cities. This crisis is mainly due to a very poor level of construction over the past decade, that needs to relaunch today in a massive and sustainable housing.

Faced with this crisis, the Government has already adopted in June 2004 the Social Cohesion Plan in order to increase the supply of rental housing available in the public park and in the private and social access to the property. These shares were added to the mechanism of investment aid private rental "Robien, created in 2003 and has contributed to the revival of the level of construction, expected to reach 400,000 housing starts this year. Finally, the Government launched soon 2003 an ambitious urban renewal scheme to restore a better quality of life for all people living in disadvantaged neighborhoods.

The Government has decided to give new impetus to its policy for housing. The objective is firstly to reinforce the actions already undertaken by mobilizing land resources more efficiently, and also to intervene more broadly across the housing chain.

It decided to initiate a national plan including the following main measures:

- the mobilization of land: the State will set an example by mobilizing its own land to allow the start of construction of 20,000 homes in 3 years; parallel, local communities will be encouraged to develop policies and tools much more ambitious land for housing, in addition, fiscal measures will be proposed to encourage the construction and fight against the retention property, and finally, the Government wishes to encourage reflection, in consultation with local elected officials on a better consideration of the construction effort in the resources of Commons.

- the development of social rental housing supply: there is provided a marked improvement loans from the cash deposits Consignments and the creation of loans dedicated to land acquisition, and finally accelerating the payment of state subsidies for social housing organizations.

- Recovery of intermediate housing in large cities suffering from a shortage of supply between social housing and housing law: a decrease in the rate of loans has been decided for the intermediate rental, also a new device reducing the cost of the purchase of housing by owners of modest means will be studied and, finally, it is envisaged to better target incentive device current tax on areas with tight market.

- the development of home ownership: it is proposed to open a loan at 0% to more households; to apply a VAT rate of 5.5% for social access in neighborhoods in urban renewal to revive the lease assumption, and finally, it is planned to develop "home to 100 000 €" for which a charter will be signed soon with local officials and professionals.

- finally, the human tragedies that occurred this summer lead to initiate as soon as possible a specific plan increased supply of housing for the poor, including emergency housing 5000 and inserting spaces and 5000 serviced apartments with a social purpose.

All these measures with other measures relating to access to housing, business modernization, improving the quality of the park and the fight against substandard housing, forms a coherent action plan whose legislative elements will be presented to Parliament in November 2005 during the discussion of the "bill on national commitment to housing." Through its

scale, this plan will need to mobilize all national and local actors involved in the field of housing: operators, financiers, communities, etc.. For its part, the state will mobilize all relevant ministries and for better coordination, and creates an interdepartmental committee chaired by the Prime Minister and led by an interministerial delegate placed with the Minister for Employment, Social Cohesion and housing.
With this new comprehensive plan for housing, the state continues and expands its activities in this priority area and therefore meets one of the top expectations the French.
An interdepartmental committee for the development of housing supply has also been created. Chaired by the Prime Minister, this committee will set the direction of government policy on development of housing supply, and addressing in particular the political mobilization of land resources. In addition, Jean-Pierre Beysson, was appointed ministerial delegate for the development of housing supply. Its mission is to provide the secretariat of the interministerial committee and ensure consistency between the guidelines set by the committee and those adopted in construction and urban planning.

PRESS RELEASE Paris, October 5, 2005
Ministry of Employment, Social Cohesion and Housing
source: http://www.logement.equipement.gouv.fr/

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it its premium?

The advertised prices in some areas pose the question of the objective value of the stone. Rollover market, overvalued assets would obviously be the first to suffer.
In Monopoly, the data were clear. Ruby red, emerald green and bright blue for the beautiful neighborhoods, faded and dull for the less expensive. The game celebrated its 70th birthday this year turned upside down the hierarchy of places and multiplying all prices by ... 10 000! The recent inflation has not had that effect on the real market. Although ... If the boroughs
cheapest have caught up and everything seems to Paris to sell in a narrow range around 4700 euros on average, some micro-markets are exploding these statistics. Saint-Germain-des-Pres, the Marais, Ile Saint-Louis, some islands of the third or the eleventh district, Bastille, the Montorgueil in the second, part of the trail or the foot of Montmartre reach prices crazy, inexplicable in any case by their own characteristics heritage. Compared to beautiful Haussmann buildings of the seventh, eighth, sixteenth and seventeenth districts, or even so-called popular neighborhoods, the stone buildings of Paris or the Second Empire buildings are a bit shabby, even rue Jacob. "Take the Ile Saint-Louis: no subway, only a dozen buildings with elevator, less and less real shops and apartments with high ceilings may not always overcome the small size of rooms, streets flooded by tourists every weekend. Living here is not very practical or even enjoyable, "Analysis Emmanuel Ducasse, head of the Credit Foncier Expertise pole.
source lefigaro.fr
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