Are Dickies Pants Too Tight

OPCIs, a new tool for real estate investment

banks are going to create new savings products baptized collective investment in real estate (OPCIs). Their legal and fiscal framework has been defined by the Ordinance of 13 October 2005 but still lacks implementing regulations and the regulations developed by the AMF.


Inspired Model of mutual funds and mutual funds (FCP), OPCIs are intended for the general public. Their implementation raises many issues, including civil society Real Estate Investment Trusts (REITs) exist: within four years, they will become OPCIs or disappear. As of December 31, 2009, the REIT will be able to do more to make any capital increase, which condemns them. REITs offer yet overall performance close to 10%, including 2005, and 2006 promises to be as auspicious.

OPCIs are supposed to correct the major flaws of REITs: rigidity in management, lack of liquidity and inadequate tax system. Their managers have more freedom to maneuver: they can buy property directly or shares of preponderantly Real estate, borrow up to 50% of their assets, launch operations and promotion of rehabilitation and, more importantly, their complete portfolio of securities linked to real estate or not.


OPTIMAL TAXATION


"This flexibility will allow us to offer a range of products, very safe, focused on real estate, the very dynamic but more risky, with high levels of debt and equity of land , or products targeting geographical areas or specialized buildings such as hospitals and prisons why not, as is done in the U.S., "says Jean-Marc Coly, head of the Union's financial management.

To ensure better liquidity, OPCIs will retain at least 10% (and up to 40%) of cash intended to buy out policyholders wishing to go out and retrieve their savings. If real estate crisis, this cash cushion is inadequate, as was shown in Germany, the collapse of the fund from Deutsche Bank, forced to block withdrawals and selling off buildings at the worst time. "Real estate and liquidity are mutually exclusive," says Benoît Faure-Jarrosson, an analyst at Fideuram Wargny.

On the fiscal front, the regime is optimal OPCIs since it offers two types of vehicles, each with its plan. The REIT will own 60% of buildings, and distributions are taxed as property income. The company predominantly real estate investment variable capital own 51% of buildings and up to 30% of shares of listed property companies, giving it liquidity and flexibility. The first

OPCIs should emerge in the second half, although several banks, as UFG (Crédit Mutuel) or Antin Vendôme (BNP Paribas) have recently established REIT dedicated to mutate into OPCIs.

source: lemonde.fr

Stream South Park Europe

A new code of ethics for the National Federation of Estate Agents The French

Momentum, the real estate profession is concerned about the housing crisis and sometimes face discrimination prospective tenants. Fnaim took its congress in December 2005 to sign an agreement with the Halde and publish a code of ethics and professional conduct.
When there are cranes everywhere, all occupations and professionals are getting better. " In its way, Jean-Louis Borloo accept the old slogan: "When the building goes, everything goes." Before the National Federation of Estate Agents (Fnaim) held a congress in Paris on 12 and December 13, Minister for Employment, Social Cohesion and especially in this case, Housing, welcomed the building boom: "This year, we broke the record with more than 400,000 homes while France n 'built into that 270, 000, seven years ago. " This growth, which benefits the real estate agents, is welcome because "the housing crisis is extremely serious in France. It is outrageous given the country's wealth and size of the territory, "says the Minister. Estate agents, usually quick to welcome the health of their profession can not ignore the situation. "Too many of our citizens face difficulties in finding a roof, "says Rene Pallincourt, president of the Fnaim. However, he adds immediately, in an allusion to the decision of some municipalities to exercise their right of first refusal when the amount of sales exceeds a limit, we must not yield to "interventionist measures, such as rent freeze or prohibition of sale. "
There is only one housing market, say real estate agents, and not a market for the sale opposite to the rental market, or a private sector subject to changing prices and market share still. "The challenges of social housing spill over the private," says Rene Pallincourt, advocating for the "fluidity" of the market. Thus, the development of homeownership is it a "good thing" for the profession as this "get out the most creditworthy of the rental market." Moreover, he continues, "if the park office retains become creditworthy tenants for private, it comes at the expense of prospective tenants knowing, them real problems."
Realtors know that when the market is experiencing stress, they are not necessarily loved by the public. "When there is a crisis, they needed a scapegoat," says Jean-Louis Borloo.

Realtors, "scapegoat"

Pallincourt Rene defends himself: "60% of private landlords are individuals with only one rental accommodation," he says. Thus, the "unpaid for them is a serious threat" that "leads to too strict selection of tenants, that selection is then wrongly blame the owners or their agents." From his point of view, this is not the fault of the realtors if prospective tenants are subjected to increasing demands from donors.
Realtors have nevertheless decided to make efforts. Eric Hanot, rapporteur of the conference a workshop devoted to the reception in the agencies, reminded his colleagues that "we must be happy when a customer pushes the door, turn to him and honestly identify not just the fees." Above all, the benefits Fnaim its convention to unveil its new "code of ethics and professional conduct" by the Federation voted "unanimously with a voice."
The document, which obliges all members of the Fnaim contains some principles expected, as "respect for the reputation of the profession and its ethical rules," the "privacy" or "involvement collaborators. " But it is the non-discrimination principle enshrined in this code, that professionals like to highlight. While its design was begun in spring 2004, the code is released timely, a few weeks after the urban riots recalled vividly the existence of ethnic discrimination. "I never thought that the news we serve with such abundance," says Rene Pallincourt.
The profession also benefits from its conference to announce the signing an "agreement" with the High Authority against Discrimination and for Equality (Halde). Fnaim committed and to educate its members, organize training sessions and to define "best practices" designed to "prevent discriminatory behavior."
As for ethics, he said that, faithful "to the law and regulations," the officer Fnaim "never applies to discrimination vis-à-vis individuals because of their origin, their sex, marital status, etc.. The document itself does not constitute a revolution. "I thought it already existed," say several real estate agents also invited to testify before their peers. Olivier
RAZEMON
Source: echo- judiciaires.com

Sceletium Tortuosum Nose Spray

get rich through real estate

conditions late 2003, the French national heritage was established for two-thirds by the housing and land and a quarter of machinery and equipment.

REAL ESTATE has greatly enriched the French over the past decade. Between 1995 and 2003, housing prices increased by 80%. And as real estate is almost three-quarters of households that own their wealth increased by 82% over the period, according to figures released yesterday by the INSEE. Added to that the 2.5 fold increase in stock prices over the same period, their assets totaled 6,351 billion euros. He "is now over six years of gross disposable income, against 4.5 years for the period 1995-1997," notes the statistical institute.


More and more subject to the ISF
This has logically coincided with "an increase in the number of households paying the solidarity tax on wealth (ISF), which reached almost 300 000 households end of 2003, or 70% more than in 1995.

The French now hold 77% of the national heritage. This was late 2003 to 8244 billion euros - "More than five years of gross domestic product" French - an increase of 73% between 1995 and 2003, while GDP only increased by 33%. Three quarters of this increase can be explained by the increased value of land and built houses. The lands represent 35% of national wealth, housing 32% and other buildings and engineering works 17%, the remainder consisting of machinery and equipment, inventories and intangible assets (patents, goodwill ... ). If households hold most of the homes, the companies machinery and equipment. The heritage of non-financial corporations amounted to 1 220 billion in 2003 (14.8% of national wealth), the financial corporations 365 billion (4.4%).


The Wealth of government is, meanwhile, estimated at 308 billion, or 3.7% of national wealth. Local governments have essentially non-financial assets while the central government holds a majority of financial assets.

source: lefigaro.fr

Great Modern Ceramic Artists

GB: house prices up 3% in 2005

According to the Nationwide bank mortgage, the property prices in Britain rose by 0.5% for the month of December. Thus, throughout 2005, they are up 3%, which represents the lowest rate found over the past ten years. This shows a sharp slowdown from growth of 12.7% price increase in 2004. Moreover, these figures also reflect a certain stability in the market given the 2.4% seen in November.
This year seems to be the lowest for the UK market, real estate, and since 1985, when prices fell by 2.5%.
Regarding the average cost of buying a home in Britain, it is up 13 pounds per day this year to 157,250 pounds December against an increase of 50 pounds per day a year ago
Nationwide added for 2006 include a change in price between 0 and 3%. Fionnuala Earley
, an economist at Nationwide said that "if there is currently uncertainty about the economy, we still believe that the next decision on interest rates will lower them, and would probably take place early 2006." "But if the market reacted more quickly to reduce rates in August, we do not expect to make a start down the annual inflation of property prices to levels seen in early 2005."
(© 2005 AG Press)