also 1% more. And 'the clear performance advantage in the dry coupon - l'aliquota fissa del 20% sui redditi da locazione in vigore da gennaio - porterà a chi volesse investire in case da affittare. Un vantaggio non trascurabile, se si considera che la battaglia sui mercati finanziari oggi si gioca proponendo rendimenti di qualche centesimo più alti della concorrenza.
Nelle principali città il reddito immediato da locazione, quello cioè che si consegue confrontando il valore teorico dell'immobile con i canoni che si possono ottenere, si pone tra il 4 e il 6% lordo, con rare punte che toccano il 7%. Valore che si dimezza se si considera l'effetto del Fisco e in particolare delle aliquote Irpef che possono arrivare al 43%. La minor tassazione porterà la performance effettiva tra il 2,5% e il 5% net for between two and one, 9% and 4.4% for triocali. Wanting to give an average figure, the Biocal arrive at 3.7%, a performance in line with that of long-term government bonds and higher than that of all the securities in the short term. Minor potential of three rooms: 2.8%.
The numbers are compiled from a 'processing performed by CorrierEconomia. In the table we compare for some significant areas of six cities Biocal theoretical yields of 50 meters and three of 80 meters assuming the application of dry coupon. E 'are plans for a fixed levy of 20% for income taxes, plus an additional 1% for the registration fee, while the ICI is not toccata dalla cedolare pesa, nella elaborazione, per lo 0,3% sul valore reale dell'immobile. I dati fotografano la situazione attuale; c'è però da considerare che, come ha rilevato il presidente di Confedilizia Corrado Sforza Fogliani, la diminuzione delle imposte porterà una maggiore offerta di case in locazione e quindi i canoni potrebbero anche scendere leggermente, limando i rendimenti.
A Milano il rendimento medio dei biocali si situa al 3,9% e quello dei trilocali al 3,1%. L'unica zona che, tra quelle segnalate si stacca dalle altre è il quartiere periferico Gallaratese. Bisogna però aggiungere che le aree tipicamente più richieste per l'investimento sono quelle che gravitano sulle Università (in particular studies and cities Bocconi), but generally those who rent in these areas does so with short-term contracts.
In Rome, the yields are slightly lower than in Milan, because if the fees are substantially similar purchase prices in the capital are a p0 'higher. The average of our analysis shows that the Biocal make the 3.8% net, 2.9% of the three rooms. In areas of high value, such as the Pantheon, but you hardly reaching 2%.
Turin remains the cheapest capital (2.8% to 2.2% for apartments and three rooms).
In Bologna, the performance of the two rooms over 4% and that of triocali remains at 3%. For the capital of Emilia the warning is made in Milan: investors prefer to focus on renting to students. Florence is the city with the highest average values \u200b\u200bmost: 4.3% and 3.2% for Biocal for triocali, but the reason may be sought in short supply, given that most of the 'offer is poured on a short lease tourists. In Naples, the apartments stood at 3.6% and 2.8% triocali.
The outlook on the possibilities that the new criteria of taxation may lead to an increased demand for investment properties (which is, according to all sources, was already growing in recent months) analysts agree, though with some distinction. According to Guido Lodigiani "The coupon dry lead to a greater interest in investment by those with high incomes and to park cash over the medium term, counting on a revaluation of the property over time. " For Alexander Ghisolfi of UBH "the tax advantage will get attractive returns, at least on paper, in the less prestigious of the big cities, because the prices have decreased more than in central areas. In the suburbs you can get an immediate return higher but there are greater risks of default and revaluation of the worst prospects. "
Finally, the ratio of real estate scenarios just presented, the tax benefit will only affect the average and small investors: "The coupon - reads the text - will perhaps long-term effects, but it certainly does not encourage investment in the new location." For institutional investors the profitability of housing is still too low and contractual constraints penalizing.
- Gino Pagliuca, Corriere della Sera, CorrierEconomia, September 13, 2010
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