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Sam Vaknin

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subprime crisis in the United States spreads to Europe, especially in the United Kingdom. Real estate values ??are deemed inflated throughout the continent. An exception might be Macedonia. Purchase prices here have stagnated in recent years and rental rates have dropped significantly. There is reason to believe that this will change and soon: new financing vehicles offered and real income growth, there is a significant imbalance between demand and supply growing geometrically increased arithmetic

On the other hand . significant improvements in business climate led to entry in retail, manufacturing, services and global giants such as foreign direct investment. They have or build shopping centers, offices and parking.

Peter Roth, CEO of Soravia Macedonia, which bought the Business Center in Skopje last year, predicted in a statement quoted in “Vecera,” a Macedonian newspaper: “I hope real estate development, increased competition, but prices high, also, I think. that future investments will flow not only in Skopje, but also to Ohrid, Gevgelija and other cities near the border with Greece. “” In the near future small shops in buildings will disappear, to overcome problems of parking, and expensive rents continue to increase, “- concluded the exuberant article

This may depend on the actual introduction. property leasing. Today is an insignificant part of the activities of companies such as NLB and Hypo Alpe Adria Leasing Leasing. Brochure latter not even mentioned.

“Under the legislation, which are able to offer leasing.” – Tell Lape Maja Trajkovic, director of NLB Leasing, which was established in 2000 and is owned by NLB Group is essentially a bank in Slovenia. Vojnovik and Oliver Zintl Gjorgje, managers of Hypo Alpe Adria Leasing Macedonia and Austria agreed. Your company is owned and financed entirely by Austria (Klagenfurt), multinational companies operating in 14 countries.

NLB Leasing offers leasing and operation of up to 15 years to businesses and individuals in all types of resale properties and new residential, commercial and industrial. Hypo Alpe is more selective and limits its funding for new construction. Game Capital 10 (Hypo Alpe Adria Leasing) to 30 (NLB Leasing) percent, depending on the creditworthiness of the lessee. Funding is obtained from various sources, but most of parent companies, NLB and Hypo Alpe Adria Leasing, respectively.

NLB Leasing “typical lease with fixed and not adjustable (but) a change (in) previously agreed terms is possible, of course. When it comes to be flexible and adapt to customer needs funding , is still considered: period, equity, rates, IR, etc. “, – said Trajkovic. Hypo Alpe Adria Leasing prefers the safe route only sticking to fixed rates.

So, why not real estate leasing removed, as happened in many other developing countries? Macedonia banks offer mortgage financing, but for consideration: multiple guarantees and guarantors, high taxes and the immediate transfer of title (and the risks associated with it), the customer. On paper, leasing is a more attractive proposal

The problem is a rarity in the tax laws:. Tenants pay VAT in advance of the total contract value, including interest. No. of paid on interest paid to banks, leasing companies main competitors VAT. “The law also protects the three largest banks with a market share of 75%,” complains Vojnovik. According to the Zintl “for individual customers is a tax disadvantage”

Worse, it exposes Trajkovic: the VAT law is, leasing is a taxable exchange of goods. While companies can deduct the VAT or reclaim it (in a period of one year or more if the company has just started doing business in Macedonia), individuals incur a net in your pocket.

In addition, all residents must pay a “tax sale of property” twice: once when they signed the contract and after receiving the title, having paid rent in full. Turnover (or transfer) tax ranges between 3 and 5 percent, depending on the municipality. This and similar problems have certain types of leases (such as leasing or leaseback incorporating redemption options) untenable.

Trajkovic compares this costly double taxation situation in Slovenia, where people pay property tax only once. He met with officials from the Ministry of Finance, but had no information about this obstacle when they are removed. She says the pressure group formed a joint Chamber of Commerce, together with Hypo Alpe Adria Leasing and more. Hypo Alpe Adria Leasing disagree: they criticize the lack of coordinated effort by leasing companies and others in their meetings “with this business friendly government,” as he put Vojnovik, made sure the problem will be solved first quarter of 2008.

Trajkovic there is a growing awareness of the lease, even among individual buyers of residential properties due to a series of scandals involving swindlers who took advantage of chaotic and incomplete cadastre of Macedonia (central register of land and property ). “People trust us and are willing to pay more,” – explains.

Vojnovik and Zintl describes also a huge interest: foreign-owned leasing companies, that title (and risk it brings) remains with them until the end of the lease, criminal history, and plans to enter the real estate scene as financiers and contractors have attracted considerable interest from potential buyers

However, foreigners can not own land in Macedonia -. note – although local subsidiaries of foreign corporations treated as domestic entities and can freely transact in both land and real estate.

This makes cross-border transactions somewhat complicated – and Vojnovik Trajkovic agree, though Zintl adds that “there is no legal impediment” cross-border financing and that such operations have come to dominate the portfolios of leasing companies in countries such as Croatia (1.7 million per year) and even Serbia (1 million euros per year).

How to go about leasing real estate in Macedonia? – I ask

The procedure is simple: the applicant must submit a statement of land (called “property list”), proof of monthly income (Hypo Alpe Adria Leasing requires verification of all family income.) And some. Other companies basic and easy to obtain documents provide business plans with detailed projections. Tenants sign promissory notes on monthly income and property. This refers to the leasing company, if property values ??decline, “for example, as a result of arson,” – said Trajkovic. Unlike the practice in western Macedonia, the customer must provide the property. On the positive side, these conservative practices to ensure that Macedonia will not have its own version of the subprime mortgage crisis

However, while the lease may be signed within days, relations with tax authorities and land can be extended to three months or more. This red tape difficulties as “sellers want their money immediately” – sighs Trajkovic.

Moreover, only 60% of all real estate in Macedonia is registered in the country. About one third of owners have no proof of ownership. Existing safeguards are not updated everywhere. Much of the land is public and is designated as agriculture. Processing applications for building permits is long winding.

Both NLB Leasing and Hypo Alpe Adria Leasing office focusing on commercial and industrial land, but residential properties, including houses, as the growth in the future. Both the employee leasing company’s own construction projects. This spring, NLB Leasing will begin construction of residential properties in downtown Skopje, coveted. They act as directors, both in funding and contracting work, thus avoiding having to pay taxes. Hypo Alpe Adria Leasing has similar plans, but intends to rent the property out. Projects will be completed in about two years.

Zintl describes the various activities of the Group of Austrian-based Hypo Adria in building and managing shopping centers and hotels. The availability of rentals in Macedonia will facilitate the entry of foreign investors, including his own group, full of Austria in their centers anchors the newly built – said

are inflated real estate prices in Macedonia.? We are witnessing an American-style bubble

“The prices are exaggerated in terms of average monthly wages and taking into account macroeconomic conditions,” – says Vojnovik. “However, there is a significant imbalance between supply and demand” and scandal ridden scene has made it difficult to find property with clear origins and credentials. “If the leasing companies will enter, prices will fall.”

Sam Vaknin

( http://samvak.tripod.com ), is the author of self-malignant – narcissism revised after the rain. – How the West Lost the East

He served as a columnist for Central Europe Review, Global politician, PopMatters, and eBookWeb BellaOnline, and as a United Press International (UPI) Senior correspondent activity. He was editor of mental health and Central East Europe categories in Open Directory and Suite101.