{"id":14126,"date":"2020-04-02T11:17:21","date_gmt":"2020-04-02T11:17:21","guid":{"rendered":"https:\/\/www.arete.eu\/?p=14126"},"modified":"2025-03-05T11:37:57","modified_gmt":"2025-03-05T11:37:57","slug":"spekulace-na-zisk-ted-mizi-dulezitejsi-je-stabilita","status":"publish","type":"post","link":"https:\/\/www.arete.eu\/cs\/spekulace-na-zisk-ted-mizi-dulezitejsi-je-stabilita\/","title":{"rendered":"Spekulace o zisc\u00edch nyn\u00ed miz\u00ed, d\u016fle\u017eit\u00e1 je stabilita"},"content":{"rendered":"&#13;\n<p>\u201eOtev\u0159eli jsme t\u0159et\u00ed investi\u010dn\u00ed fond. D\u00edky sou\u010dasn\u00e9 situaci jsou zaj\u00edmav\u00e9 p\u0159\u00edle\u017eitosti za dostupn\u00e9 ceny v p\u0159\u00edzniv\u011bj\u0161\u00edm konkuren\u010dn\u00edm prost\u0159ed\u00ed. Ceny, kter\u00e9 byly v n\u011bkter\u00fdch segmentech nep\u0159irozen\u011b vysok\u00e9, budou opraveny. A\u017e se situace uklidn\u00ed, bude velmi dobr\u00e1 doba pro velk\u00e9 investice. Jsme p\u0159ipraveni,\u201c \u0159\u00edk\u00e1 Lubor Svoboda, spoluzakladatel skupiny ARETE. \u010c\u00edst d\u00e1le (pouze v \u010desk\u00e9 jazykov\u00e9 verzi) Epidemie koronaviru m\u011bn\u00ed strategie realitn\u00edch investor\u016f. Nam\u00edsto vysoce ziskov\u00fdch projekt\u016f nyn\u00ed nemovitostn\u00ed investi\u010dn\u00ed fondy hledaj\u00ed p\u0159edev\u0161\u00edm stabilitu, kterou p\u0159edstavuj\u00ed zejm\u00e9na logistick\u00e9 a pr\u016fmyslov\u00e9 nemovitosti, jejich\u017e majitel\u00e9 jsou nyn\u00ed v\u00fdrazn\u011b m\u00e9n\u011b ohro\u017eeni ekonomick\u00fdmi dopady epidemie. Lubor Svoboda je jedn\u00edm ze zakladatel\u016f investi\u010dn\u00edch fond\u016f Arete, kter\u00e9 se specializuj\u00ed na investice do komer\u010dn\u00edch nemovitost\u00ed a um\u00edstil se na prvn\u00edm m\u00edst\u011b v lo\u0148sk\u00e9m \u017eeb\u0159\u00ed\u010dku Hospod\u00e1\u0159sk\u00fdch novin porovn\u00e1vaj\u00edc\u00edm realitn\u00ed fondy podle v\u00fdkonnosti. V\u00fdnosov\u00e9 nemovitosti nyn\u00ed podle Svobody p\u0159edstavuj\u00ed nejstabiln\u011bj\u0161\u00ed investi\u010dn\u00ed n\u00e1stroj na trhu. Pro\u010d v sou\u010dasnosti pova\u017eujete nemovitosti za nejvhodn\u011bj\u0161\u00ed investi\u010dn\u00ed n\u00e1stroj? Goldman Sachs a dal\u0161\u00ed velk\u00e9 banky nyn\u00ed doporu\u010duj\u00ed p\u0159esun od kr\u00e1tkodob\u00fdch likvidn\u00edch aktiv, kter\u00fdmi jsou akcie, dluhopisy a podobn\u011b, k dlouhodob\u00fdm, co\u017e jsou nemovitosti. Vhodn\u00e9 jsou zejm\u00e9na investice do pr\u016fmyslov\u00fdch nemovitost\u00ed, proto\u017ee existuje \u0159ada velmi kvalitn\u00edch firem, kter\u00e9 tato krize v\u00fdrazn\u011bji nepo\u0161kod\u00ed. Pro tyto spole\u010dnosti je d\u016fle\u017eit\u00e9, aby generovaly hotovost, a to, co generuje hotovost v dne\u0161n\u00ed dob\u011b, je naprosto kl\u00ed\u010dov\u00e9. N\u011bkter\u00e9 typy nemovitost\u00ed v sou\u010dasnosti vykazuj\u00ed ve srovn\u00e1n\u00ed s jin\u00fdmi n\u00e1stroji velkou stabilitu. St\u00e1vaj\u00ed se investice do komer\u010dn\u00edch nemovitost\u00ed atraktivn\u011bj\u0161\u00ed i kv\u016fli stavu akciov\u00e9ho trhu? U pr\u016fmyslov\u00fdch nemovitost\u00ed je pot\u0159eba rozli\u0161ovat dva sektory \u2013 logistiku a v\u00fdrobu. V sou\u010dasn\u00e9 dob\u011b tak\u00e9 roste popt\u00e1vka po ur\u010dit\u00fdch odv\u011btv\u00edch logistiky. T\u00fdk\u00e1 se to nap\u0159\u00edklad \u0159et\u011bzc\u016f, kter\u00e9 z\u00e1sobuj\u00ed obchody potravinami a dal\u0161\u00edm spot\u0159ebn\u00edm zbo\u017e\u00edm. Vid\u00edme u nich obrovskou popt\u00e1vku po nov\u00e9m prostoru, proto\u017ee pot\u0159ebuj\u00ed nov\u00fd prostor kv\u016fli posunu k e-commerce. P\u0159ijde kv\u016fli epidemii doba, kdy se objev\u00ed investi\u010dn\u00ed p\u0159\u00edle\u017eitosti, kter\u00e9 se neobjevuj\u00ed ka\u017ed\u00fd rok, nap\u0159\u00edklad v hotelov\u00e9m segmentu? Budou na prodej nemovitosti, kter\u00e9 by norm\u00e1ln\u011b nebyly na prodej? Ur\u010dit\u011b ano, a to plat\u00ed pro v\u0161echna odv\u011btv\u00ed. Nyn\u00ed jsme otev\u0159eli nov\u00fd investi\u010dn\u00ed fond, v po\u0159ad\u00ed ji\u017e t\u0159et\u00ed, a moc se na n\u011bj t\u011b\u0161\u00edme. Objev\u00ed se nov\u00e9 p\u0159\u00edle\u017eitosti za dostupn\u00e9 ceny a bude men\u0161\u00ed konkurence, proto\u017ee n\u011bkte\u0159\u00ed konkurenti budou m\u00edt obavy o udr\u017een\u00ed sv\u00fdch st\u00e1vaj\u00edc\u00edch portfoli\u00ed a budou ochotn\u011bj\u0161\u00ed prod\u00e1vat za rozumn\u00e9 ceny. Dojde ke korekci cen, kter\u00e9 byly v n\u011bkter\u00fdch segmentech nep\u0159irozen\u011b vysok\u00e9 a nemovitosti ji\u017e nem\u011bly takovou hodnotu. A\u017e se situace uklidn\u00ed, bude velmi vhodn\u00e1 doba pro velk\u00e9 n\u00e1kupy. Jak\u00fd dopad bude m\u00edt sou\u010dasn\u00e1 epidemie koronaviru na komer\u010dn\u00ed nemovitosti a na investice do nich? V dlouhodob\u00e9m horizontu se to ur\u010dit\u011b projev\u00ed, ale \u017e\u00e1dn\u00fd kr\u00e1tkodob\u00fd, bezprost\u0159edn\u00ed dopad nyn\u00ed nevid\u00edme.                        Pr\u016fmyslov\u00e9 nemovitosti maj\u00ed dar nepodl\u00e9hat spot\u0159ebitelsk\u00e9mu chov\u00e1n\u00ed jako nap\u0159\u00edklad maloobchodn\u00ed centra nebo hotely, ale jsou v\u00e1z\u00e1ny na velmi dlouhodob\u00e9 smlouvy s jednotliv\u00fdmi n\u00e1jemci, co\u017e jsou v\u011bt\u0161inou mezin\u00e1rodn\u00ed spole\u010dnosti, kter\u00e9 jsou dostate\u010dn\u011b stabiln\u00ed na to, aby p\u0159ekonaly kr\u00e1tkodob\u00fd v\u00fdpadek. St\u00e1le v\u0161ak nen\u00ed jasn\u00e9, jak dlouho sou\u010dasn\u00e1 situace potrv\u00e1 a jak hlubok\u00fd bude hospod\u00e1\u0159sk\u00fd pokles. M\u016f\u017ee pr\u016fmyslov\u00e9 nemovitosti ohrozit p\u0159\u00edpadn\u00fd del\u0161\u00ed v\u00fdpadek v\u00fdroby? M\u016f\u017ee se to st\u00e1t. Pokud tato situace potrv\u00e1 d\u00e9le, je mo\u017en\u00e9, \u017ee jednotliv\u00ed n\u00e1jemci za\u010dnou omezovat v\u00fdrobu. Neznamen\u00e1 to v\u0161ak, \u017ee p\u0159estanou platit n\u00e1jem. St\u00e1le maj\u00ed v\u00fdrobn\u00ed program a je sou\u010d\u00e1st\u00ed dodavatelsko-popt\u00e1vkov\u00e9ho \u0159et\u011bzce, tak\u017ee n\u011bkter\u00e9 \u010dinnosti mus\u00ed udr\u017eovat. Neplat\u00ed to pro obchodn\u00ed centra? To je ten rozd\u00edl. Obchodn\u00ed centra nebo nap\u0159\u00edklad hotely jsou fyzicky uzav\u0159eny nebo maj\u00ed omezen\u00fd provoz. Z dlouhodob\u00e9ho hlediska maj\u00ed vlastn\u00edci pr\u016fmyslov\u00fdch nemovitost\u00ed mnohem v\u011bt\u0161\u00ed kryt\u00ed v podob\u011b bankovn\u00edch z\u00e1ruk nebo z\u00e1ruk sv\u00fdch nadn\u00e1rodn\u00edch mate\u0159sk\u00fdch spole\u010dnost\u00ed. &#8222;Dojde ke korekci cen, kter\u00e9 byly v n\u011bkter\u00fdch segmentech nep\u0159irozen\u011b vysok\u00e9.&#8220; U reziden\u010dn\u00edch nemovitost\u00ed v Praze se mluv\u00ed o dopadu ztr\u00e1ty n\u00e1jm\u016f p\u0159es Airbnb u zhruba 15 tis\u00edc byt\u016f, jejich\u017e majitel\u00e9 mohou m\u00edt probl\u00e9my se spl\u00e1cen\u00edm \u00fav\u011br\u016f a hypot\u00e9k. Jak to ovlivn\u00ed trh? V\u0161e z\u00e1le\u017e\u00ed na tom, jak dlouho tato situace potrv\u00e1. Jedin\u00e9, co lze v dlouhodob\u00e9m horizontu o\u010dek\u00e1vat, jsou n\u011bjak\u00e9 cenov\u00e9 korekce. Investo\u0159i, kte\u0159\u00ed do t\u011bchto nemovitost\u00ed vkl\u00e1daj\u00ed pen\u00edze, budou opatrn\u011bj\u0161\u00ed. Ot\u00e1zkou je, co bude s v\u00fdnosy, kter\u00e9 byly velmi mal\u00e9 a z\u00e1visely v podstat\u011b jen na spekulativn\u00edm r\u016fstu hodnoty bytu. Nev\u00edme, co se stane a zda tyto hodnoty zamrznou. \u010c\u00edm hlub\u0161\u00ed bude tedy krize, t\u00edm v\u00fdrazn\u011bj\u0161\u00ed budou rozd\u00edly mezi jednotliv\u00fdmi segmenty investi\u010dn\u00edch nemovitost\u00ed? Ano. Segmenty, kter\u00e9 jsou m\u00e9n\u011b odoln\u00e9 v\u016f\u010di kriz\u00edm, jsou nap\u0159\u00edklad ubytovac\u00ed slu\u017eby, hotely, penziony a podobn\u011b, ty trp\u00ed jako prvn\u00ed a poklesy b\u00fdvaj\u00ed velk\u00e9. Z minul\u00e9 krize v\u00edme, \u017ee o polovin\u011b d\u016fchod\u016f nepochybuji, \u017ee dojde ke sn\u00ed\u017een\u00ed v\u00fdroby v cel\u00e9m \u0159et\u011bzci automobilov\u00e9ho pr\u016fmyslu. Je dokonce mo\u017en\u00e9, \u017ee \u010d\u00e1st \u0159et\u011bzce zavr\u00e1vor\u00e1 a zcela se zhrout\u00ed, i kdy\u017e velk\u00e9 nadn\u00e1rodn\u00ed korporace p\u0159e\u017eij\u00ed. Velmi se ale m\u011bn\u00ed struktura dodavatel\u016f, kte\u0159\u00ed p\u0159ech\u00e1zej\u00ed od lidsk\u00e9 pr\u00e1ce k robotice. Hodn\u011b se investuje do robotizace v\u00fdrobn\u00edch proces\u016f, co\u017e je nevratn\u00fd proces. Ned\u011bl\u00e1m si iluze, \u017ee se v bl\u00edzk\u00e9 budoucnosti prod\u00e1 tolik aut jako dosud. \u010c\u00ed\u0161n\u00edk, kter\u00fd te\u010f nem\u016f\u017ee pracovat, proto\u017ee m\u00e1 zav\u0159enou restauraci, si nov\u00e9 auto nekoup\u00ed. Mo\u017en\u00e1 za rok nebo dva. Jak by m\u011bli z\u00e1jemci o investov\u00e1n\u00ed do nemovitost\u00ed postupovat? Hledejte nejstabiln\u011bj\u0161\u00ed n\u00e1stroje, kter\u00e9 trhy nab\u00edzej\u00ed, a neho\u0148te se za miliardov\u00fdmi v\u00fdnosy.                               Nyn\u00ed to nen\u00ed nic jin\u00e9ho ne\u017e hled\u00e1n\u00ed stability. Kdy\u017e se pod\u00edv\u00e1me na v\u00fdvoj, vybudov\u00e1n\u00ed nov\u00e9ho projektu trv\u00e1 p\u011bt a\u017e sedm let, n\u011bkdy i d\u00e9le, a m\u00e1te v n\u011bm zmrazen\u00e9 pen\u00edze. D\u00e1m rad\u011bji pen\u00edze do projektu, kter\u00fd slibuje 20procentn\u00ed n\u00e1vratnost, ale budu si na to muset sedm let po\u010dkat, nebo do projektu, kter\u00fd slibuje deset procent, ale v\u00edm, \u017ee jsou n\u00e1jemci, kte\u0159\u00ed generuj\u00ed pr\u016fb\u011b\u017enou hotovost? Miz\u00ed m\u00edra spekulac\u00ed a jde o s\u00e1zku na jistotu krytou dobrou n\u00e1jemn\u00ed smlouvou s dobr\u00fdm n\u00e1jemcem. Zdroj: <a href=\"https:\/\/ekonom.ihned.cz\/c1-66744190-spekulace-na-zisk-mizi-dulezitejsi-je-stabilita\">https:\/\/ekonom.ihned.cz\/c1-66744190-spekulace-na-zisk-mizi-dulezitejsi-je-stabilita<\/a> Pro dal\u0161\u00ed informace pros\u00edm kontaktujte: Ond\u0159ej Micka, mob.: +420 724 352 552 Martina Chrome\u010dkov\u00e1, mob.: +420 325 2551 751 091 211 E-mail: arete-pr@emcgroup.cz    <\/p>","protected":false},"excerpt":{"rendered":"<p>&#13; \u201eOtev\u0159eli jsme t\u0159et\u00ed investi\u010dn\u00ed fond. D\u00edky sou\u010dasn\u00e9 situaci jsou zaj\u00edmav\u00e9 p\u0159\u00edle\u017eitosti za dostupn\u00e9 ceny v p\u0159\u00edzniv\u011bj\u0161\u00edm konkuren\u010dn\u00edm prost\u0159ed\u00ed. Ceny, kter\u00e9 byly v n\u011bkter\u00fdch segmentech nep\u0159irozen\u011b vysok\u00e9, budou opraveny. A\u017e se situace uklidn\u00ed, bude velmi dobr\u00e1 doba pro velk\u00e9 investice. Jsme p\u0159ipraveni,\u201c \u0159\u00edk\u00e1 Lubor Svoboda, spoluzakladatel skupiny ARETE. \u010c\u00edst d\u00e1le (pouze v \u010desk\u00e9 jazykov\u00e9 verzi) Epidemie koronaviru m\u011bn\u00ed strategie realitn\u00edch investor\u016f. Nam\u00edsto vysoce ziskov\u00fdch projekt\u016f nyn\u00ed nemovitostn\u00ed investi\u010dn\u00ed fondy hledaj\u00ed p\u0159edev\u0161\u00edm stabilitu, kterou p\u0159edstavuj\u00ed zejm\u00e9na logistick\u00e9 a pr\u016fmyslov\u00e9 nemovitosti, jejich\u017e majitel\u00e9 jsou nyn\u00ed v\u00fdrazn\u011b m\u00e9n\u011b ohro\u017eeni ekonomick\u00fdmi dopady epidemie. Lubor Svoboda je jedn\u00edm ze zakladatel\u016f investi\u010dn\u00edch fond\u016f Arete, kter\u00e9 se specializuj\u00ed na investice do komer\u010dn\u00edch nemovitost\u00ed a um\u00edstil se na prvn\u00edm m\u00edst\u011b v lo\u0148sk\u00e9m \u017eeb\u0159\u00ed\u010dku Hospod\u00e1\u0159sk\u00fdch novin porovn\u00e1vaj\u00edc\u00edm realitn\u00ed fondy podle v\u00fdkonnosti. V\u00fdnosov\u00e9 nemovitosti nyn\u00ed podle Svobody p\u0159edstavuj\u00ed nejstabiln\u011bj\u0161\u00ed investi\u010dn\u00ed n\u00e1stroj na trhu. Pro\u010d v sou\u010dasnosti pova\u017eujete nemovitosti za nejvhodn\u011bj\u0161\u00ed investi\u010dn\u00ed n\u00e1stroj? Goldman Sachs a dal\u0161\u00ed velk\u00e9 banky nyn\u00ed doporu\u010duj\u00ed p\u0159esun od kr\u00e1tkodob\u00fdch likvidn\u00edch aktiv, kter\u00fdmi jsou akcie, dluhopisy a podobn\u011b, k dlouhodob\u00fdm, co\u017e jsou nemovitosti. Vhodn\u00e9 jsou zejm\u00e9na investice do pr\u016fmyslov\u00fdch nemovitost\u00ed, proto\u017ee existuje \u0159ada velmi kvalitn\u00edch firem, kter\u00e9 tato krize v\u00fdrazn\u011bji nepo\u0161kod\u00ed. Pro tyto spole\u010dnosti je d\u016fle\u017eit\u00e9, aby generovaly hotovost, a to, co generuje hotovost v dne\u0161n\u00ed dob\u011b, je naprosto kl\u00ed\u010dov\u00e9. N\u011bkter\u00e9 typy nemovitost\u00ed v sou\u010dasnosti vykazuj\u00ed ve srovn\u00e1n\u00ed s jin\u00fdmi n\u00e1stroji velkou stabilitu. St\u00e1vaj\u00ed se investice do komer\u010dn\u00edch nemovitost\u00ed atraktivn\u011bj\u0161\u00ed i kv\u016fli stavu akciov\u00e9ho trhu? U pr\u016fmyslov\u00fdch nemovitost\u00ed je pot\u0159eba rozli\u0161ovat dva sektory \u2013 logistiku a v\u00fdrobu. V sou\u010dasn\u00e9 dob\u011b tak\u00e9 roste popt\u00e1vka po ur\u010dit\u00fdch odv\u011btv\u00edch logistiky. T\u00fdk\u00e1 se to nap\u0159\u00edklad \u0159et\u011bzc\u016f, kter\u00e9 z\u00e1sobuj\u00ed obchody potravinami a dal\u0161\u00edm spot\u0159ebn\u00edm zbo\u017e\u00edm. Vid\u00edme u nich obrovskou popt\u00e1vku po nov\u00e9m prostoru, proto\u017ee pot\u0159ebuj\u00ed nov\u00fd prostor kv\u016fli posunu k e-commerce. P\u0159ijde kv\u016fli epidemii doba, kdy se objev\u00ed investi\u010dn\u00ed p\u0159\u00edle\u017eitosti, kter\u00e9 se neobjevuj\u00ed ka\u017ed\u00fd rok, nap\u0159\u00edklad v hotelov\u00e9m segmentu? Budou na prodej nemovitosti, kter\u00e9 by norm\u00e1ln\u011b nebyly na prodej? Ur\u010dit\u011b ano, a to plat\u00ed pro v\u0161echna odv\u011btv\u00ed. Nyn\u00ed jsme otev\u0159eli nov\u00fd investi\u010dn\u00ed fond, v po\u0159ad\u00ed ji\u017e t\u0159et\u00ed, a moc se na n\u011bj t\u011b\u0161\u00edme. Objev\u00ed se nov\u00e9 p\u0159\u00edle\u017eitosti za dostupn\u00e9 ceny a bude men\u0161\u00ed konkurence, proto\u017ee n\u011bkte\u0159\u00ed konkurenti budou m\u00edt obavy o udr\u017een\u00ed sv\u00fdch st\u00e1vaj\u00edc\u00edch portfoli\u00ed a budou ochotn\u011bj\u0161\u00ed prod\u00e1vat za rozumn\u00e9 ceny. Dojde ke korekci cen, kter\u00e9 byly v n\u011bkter\u00fdch segmentech nep\u0159irozen\u011b vysok\u00e9 a nemovitosti ji\u017e nem\u011bly takovou hodnotu. A\u017e se situace uklidn\u00ed, bude velmi vhodn\u00e1 doba pro velk\u00e9 n\u00e1kupy. Jak\u00fd dopad bude m\u00edt sou\u010dasn\u00e1 epidemie koronaviru na komer\u010dn\u00ed nemovitosti a na investice do nich? V dlouhodob\u00e9m horizontu se to ur\u010dit\u011b projev\u00ed, ale \u017e\u00e1dn\u00fd kr\u00e1tkodob\u00fd, bezprost\u0159edn\u00ed dopad nyn\u00ed nevid\u00edme. Pr\u016fmyslov\u00e9 nemovitosti maj\u00ed dar nepodl\u00e9hat spot\u0159ebitelsk\u00e9mu chov\u00e1n\u00ed jako nap\u0159\u00edklad maloobchodn\u00ed centra nebo hotely, ale jsou v\u00e1z\u00e1ny na velmi dlouhodob\u00e9 smlouvy s jednotliv\u00fdmi n\u00e1jemci, co\u017e jsou v\u011bt\u0161inou mezin\u00e1rodn\u00ed spole\u010dnosti, kter\u00e9 jsou dostate\u010dn\u011b stabiln\u00ed na to, aby p\u0159ekonaly kr\u00e1tkodob\u00fd v\u00fdpadek. St\u00e1le v\u0161ak nen\u00ed jasn\u00e9, jak dlouho sou\u010dasn\u00e1 situace potrv\u00e1 a jak hlubok\u00fd bude hospod\u00e1\u0159sk\u00fd pokles. M\u016f\u017ee pr\u016fmyslov\u00e9 nemovitosti ohrozit p\u0159\u00edpadn\u00fd del\u0161\u00ed v\u00fdpadek v\u00fdroby? M\u016f\u017ee se to st\u00e1t. Pokud tato situace potrv\u00e1 d\u00e9le, je mo\u017en\u00e9, \u017ee jednotliv\u00ed n\u00e1jemci za\u010dnou omezovat v\u00fdrobu. Neznamen\u00e1 to v\u0161ak, \u017ee p\u0159estanou platit n\u00e1jem. St\u00e1le maj\u00ed v\u00fdrobn\u00ed program a je sou\u010d\u00e1st\u00ed dodavatelsko-popt\u00e1vkov\u00e9ho \u0159et\u011bzce, tak\u017ee n\u011bkter\u00e9 \u010dinnosti mus\u00ed udr\u017eovat. Neplat\u00ed to pro obchodn\u00ed centra? To je ten rozd\u00edl. Obchodn\u00ed centra nebo nap\u0159\u00edklad hotely jsou fyzicky uzav\u0159eny nebo maj\u00ed omezen\u00fd provoz. Z dlouhodob\u00e9ho hlediska maj\u00ed vlastn\u00edci pr\u016fmyslov\u00fdch nemovitost\u00ed mnohem v\u011bt\u0161\u00ed kryt\u00ed v podob\u011b bankovn\u00edch z\u00e1ruk nebo z\u00e1ruk sv\u00fdch nadn\u00e1rodn\u00edch mate\u0159sk\u00fdch spole\u010dnost\u00ed. &#8222;Dojde ke korekci cen, kter\u00e9 byly v n\u011bkter\u00fdch segmentech nep\u0159irozen\u011b vysok\u00e9.&#8220; U reziden\u010dn\u00edch nemovitost\u00ed v Praze se mluv\u00ed o dopadu ztr\u00e1ty n\u00e1jm\u016f p\u0159es Airbnb u zhruba 15 tis\u00edc byt\u016f, jejich\u017e majitel\u00e9 mohou m\u00edt probl\u00e9my se spl\u00e1cen\u00edm \u00fav\u011br\u016f a hypot\u00e9k. Jak to ovlivn\u00ed trh? V\u0161e z\u00e1le\u017e\u00ed na tom, jak dlouho tato situace potrv\u00e1. Jedin\u00e9, co lze v dlouhodob\u00e9m horizontu o\u010dek\u00e1vat, jsou n\u011bjak\u00e9 cenov\u00e9 korekce. Investo\u0159i, kte\u0159\u00ed do t\u011bchto nemovitost\u00ed vkl\u00e1daj\u00ed pen\u00edze, budou opatrn\u011bj\u0161\u00ed. Ot\u00e1zkou je, co bude s v\u00fdnosy, kter\u00e9 byly velmi mal\u00e9 a z\u00e1visely v podstat\u011b jen na spekulativn\u00edm r\u016fstu hodnoty bytu. Nev\u00edme, co se stane a zda tyto hodnoty zamrznou. \u010c\u00edm hlub\u0161\u00ed bude tedy krize, t\u00edm v\u00fdrazn\u011bj\u0161\u00ed budou rozd\u00edly mezi jednotliv\u00fdmi segmenty investi\u010dn\u00edch nemovitost\u00ed? Ano. Segmenty, kter\u00e9 jsou m\u00e9n\u011b odoln\u00e9 v\u016f\u010di kriz\u00edm, jsou nap\u0159\u00edklad ubytovac\u00ed slu\u017eby, hotely, penziony a podobn\u011b, ty trp\u00ed jako prvn\u00ed a poklesy b\u00fdvaj\u00ed velk\u00e9. Z minul\u00e9 krize v\u00edme, \u017ee o polovin\u011b d\u016fchod\u016f nepochybuji, \u017ee dojde ke sn\u00ed\u017een\u00ed v\u00fdroby v cel\u00e9m \u0159et\u011bzci automobilov\u00e9ho pr\u016fmyslu. Je dokonce mo\u017en\u00e9, \u017ee \u010d\u00e1st \u0159et\u011bzce zavr\u00e1vor\u00e1 a zcela se zhrout\u00ed, i kdy\u017e velk\u00e9 nadn\u00e1rodn\u00ed korporace p\u0159e\u017eij\u00ed. Velmi se ale m\u011bn\u00ed struktura dodavatel\u016f, kte\u0159\u00ed p\u0159ech\u00e1zej\u00ed od lidsk\u00e9 pr\u00e1ce k robotice. Hodn\u011b se investuje do robotizace v\u00fdrobn\u00edch proces\u016f, co\u017e je nevratn\u00fd proces. Ned\u011bl\u00e1m si iluze, \u017ee se v bl\u00edzk\u00e9 budoucnosti prod\u00e1 tolik aut jako dosud. \u010c\u00ed\u0161n\u00edk, kter\u00fd te\u010f nem\u016f\u017ee pracovat, proto\u017ee m\u00e1 zav\u0159enou restauraci, si nov\u00e9 auto nekoup\u00ed. Mo\u017en\u00e1 za rok nebo dva. Jak by m\u011bli z\u00e1jemci o investov\u00e1n\u00ed do nemovitost\u00ed postupovat? Hledejte nejstabiln\u011bj\u0161\u00ed n\u00e1stroje, kter\u00e9 trhy nab\u00edzej\u00ed, a neho\u0148te se za miliardov\u00fdmi v\u00fdnosy. Nyn\u00ed to nen\u00ed nic jin\u00e9ho ne\u017e hled\u00e1n\u00ed stability. Kdy\u017e se pod\u00edv\u00e1me na v\u00fdvoj, vybudov\u00e1n\u00ed nov\u00e9ho projektu trv\u00e1 p\u011bt a\u017e sedm let, n\u011bkdy i d\u00e9le, a m\u00e1te v n\u011bm zmrazen\u00e9 pen\u00edze. D\u00e1m rad\u011bji pen\u00edze do projektu, kter\u00fd slibuje 20procentn\u00ed n\u00e1vratnost, ale budu si na to muset sedm let po\u010dkat, nebo do projektu, kter\u00fd slibuje deset procent, ale v\u00edm, \u017ee jsou n\u00e1jemci, kte\u0159\u00ed generuj\u00ed pr\u016fb\u011b\u017enou hotovost? Miz\u00ed m\u00edra spekulac\u00ed a jde o s\u00e1zku na jistotu krytou dobrou n\u00e1jemn\u00ed smlouvou s dobr\u00fdm n\u00e1jemcem. Zdroj: https:\/\/ekonom.ihned.cz\/c1-66744190-spekulace-na-zisk-mizi-dulezitejsi-je-stabilita Pro dal\u0161\u00ed informace pros\u00edm kontaktujte: Ond\u0159ej Micka, mob.: +420 724 352 552 Martina Chrome\u010dkov\u00e1, mob.: +420 325 2551 751 091 211 E-mail: arete-pr@emcgroup.cz<\/p>\n","protected":false},"author":6,"featured_media":14127,"comment_status":"open","ping_status":"open","sticky":false,"template":"@@single-custom-post.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[63],"tags":[],"class_list":["post-14126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-praha-cs","investment-clanky-esg","news-novinky"],"acf":[],"rttpg_featured_image_url":{"full":["https:\/\/www.arete.eu\/wp-content\/uploads\/2025\/03\/small-arete-zilina-089.webp",1200,750,false],"landscape":["https:\/\/www.arete.eu\/wp-content\/uploads\/2025\/03\/small-arete-zilina-089.webp",1200,750,false],"portraits":["https:\/\/www.arete.eu\/wp-content\/uploads\/2025\/03\/small-arete-zilina-089.webp",1200,750,false],"thumbnail":["https:\/\/www.arete.eu\/wp-content\/uploads\/2025\/03\/small-arete-zilina-089-150x150.webp",150,150,true],"medium":["https:\/\/www.arete.eu\/wp-content\/uploads\/2025\/03\/small-arete-zilina-089-300x188.webp",300,188,true],"large":["https:\/\/www.arete.eu\/wp-content\/uploads\/2025\/03\/small-arete-zilina-089-1024x640.webp",800,500,true],"1536x1536":["https:\/\/www.arete.eu\/wp-content\/uploads\/2025\/03\/small-arete-zilina-089.webp",1200,750,false],"2048x2048":["https:\/\/www.arete.eu\/wp-content\/uploads\/2025\/03\/small-arete-zilina-089.webp",1200,750,false]},"rttpg_author":{"display_name":"newadmin","author_link":"https:\/\/www.arete.eu\/cs\/author\/newadmin\/"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/www.arete.eu\/cs\/category\/praha-cs\/\" rel=\"category tag\">Praha<\/a>","rttpg_excerpt":"&#13; \u201eOtev\u0159eli jsme t\u0159et\u00ed investi\u010dn\u00ed fond. D\u00edky sou\u010dasn\u00e9 situaci jsou zaj\u00edmav\u00e9 p\u0159\u00edle\u017eitosti za dostupn\u00e9 ceny v p\u0159\u00edzniv\u011bj\u0161\u00edm konkuren\u010dn\u00edm prost\u0159ed\u00ed. Ceny, kter\u00e9 byly v n\u011bkter\u00fdch segmentech nep\u0159irozen\u011b vysok\u00e9, budou opraveny. A\u017e se situace uklidn\u00ed, bude velmi dobr\u00e1 doba pro velk\u00e9 investice. Jsme p\u0159ipraveni,\u201c \u0159\u00edk\u00e1 Lubor Svoboda, spoluzakladatel skupiny ARETE. \u010c\u00edst d\u00e1le (pouze v \u010desk\u00e9 jazykov\u00e9 verzi)&hellip;","_links":{"self":[{"href":"https:\/\/www.arete.eu\/cs\/wp-json\/wp\/v2\/posts\/14126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.arete.eu\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.arete.eu\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.arete.eu\/cs\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.arete.eu\/cs\/wp-json\/wp\/v2\/comments?post=14126"}],"version-history":[{"count":3,"href":"https:\/\/www.arete.eu\/cs\/wp-json\/wp\/v2\/posts\/14126\/revisions"}],"predecessor-version":[{"id":14138,"href":"https:\/\/www.arete.eu\/cs\/wp-json\/wp\/v2\/posts\/14126\/revisions\/14138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.arete.eu\/cs\/wp-json\/wp\/v2\/media\/14127"}],"wp:attachment":[{"href":"https:\/\/www.arete.eu\/cs\/wp-json\/wp\/v2\/media?parent=14126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.arete.eu\/cs\/wp-json\/wp\/v2\/categories?post=14126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.arete.eu\/cs\/wp-json\/wp\/v2\/tags?post=14126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}