Nekilnojamojo turto charakteristikų įtaka investicijoms

LTKiekvienas investuojantis į vertybinius popierius ar nekilnojamąjį turtą, svarbiu tikslu laiko maksimalią investicijų grąžą esant minimaliai investicijų rizikai. Investuojant į nekilnojamąjį turtą investicijų grąža gaunama iš nekilnojamojo turto kainos augimo, kasmetinių pajamų, gaunamų išnuomavus nekilnojamąjį turtą, bei mokestinės naudos, skaičiuojant nekilnojamojo turto nusidėvėjimo sąnaudas. Nekilnojamasis turtas kaip prekė pasižymi tam tikromis charakteristikomis, kurias galima suskirstyti į fizines, institucines bei ekonomines. Visos nekilnojamojo turto charakteristikos vienaip ar kitaip įtakoja nekilnojamojo turto patrauklumą investicijoms. Šiame straipsnyje analizuojamos atskiros nekilnojamojo turto charakteristikos ir jų įtaka investicijų į nekilnojamąjį turtą grąžai bei rizikai. [Iš leidinio]Reikšminiai žodžiai: Nekilnojamasis turtas; Investicijos; Investicijų grąža; Real estate; Investment; Investment's return.

ENInvestors in real estate, just like investors in stocks and bonds, usually have their ultimate goal the maximisation of expected return for a given amount of risk. Investment return can be earned in several ways; the increase in value of the asset over its purchase price, annual cash flows, which are derived from operating, or rent, income, and tax benefits, which come from asset depreciation costs' calculation (usually it is very important for institutional investors). Real estate has various characteristics, which can be divided into three main groups: physical, institutional, and economic ones. All characteristics of real estate in one or another way have an impact on the certain real estate attractiveness for investment. In this article we are analysing separate characteristics of real estate and their impact on investment's return and risk. Such physical characteristics as immobility, scarcity, durability, heterogeneity makes a positive impact on real estate attractiveness to investment. Legal regulation and customs, the institutional characteristics, reduces the risk of investment, however, the unstable and subject to various changes Lithuanian legal environment makes it less attractive to the investment. Economic characteristics, such as cost of infrastructure of the location, liquidity of the asset and elasticity of demand makes a significant impact on real estate's attractiveness, although, every particular characteristic can cither increase or decrease it, it depends on certain type of real estate, its location and purpose of investment.When Independence of Lithuania was re-established, land ownership and real property questions came into first line. Various laws and normative were adopted and real estate market started functioning. As the most active part of the real estate market in Lithuania is residential one, the analysis is based on the data regarding residential real estate. If we review the movement of standard one room dwelling's in Vilnius price (see the graphics below) during the period from the beginning of real estate market formation until today, we can easily determine how attractive it is to invest into real estate in Lithuania. Dwelling prices in Lithuania. In particular prices increased in Vilnius, the capital of Lithuania, where the income level of residents in higher and higher demand of dwellings has been resulted. In a country, where it is still difficult to predict stability of economical sector and financial market is relatively passive, real state became quite popular form of investment due to its special characteristics, which makes investment even more attractive that other investment possibilities. [From the publication]