Institutional Money, Ausgabe 4 | 2025

F ür Immobilieninvestoren wird das neue Jahr neue 3ijLFKWHQ EULQJHQ (LQH 1RYHOOH GHU (8 *HEÌXGH ULFKWOLQLH ]LHOW DXI PHKU (QHUJLHHȯ]LHQ] LQ GHU ,PPRELOLHQZLUWVFKDIW DE (LQ %OLFN DXI GLH 5LFKWOLQLH GLH ELV ]XP 0DL LQ QDWLRQDOHV 5HFKW XPJHVHW]W ZHU GHQ PXVV ORKQW VLFK VFKRQ MHW]W GHQQ ODXW %UDQFKHQH[ SHUWHQ LVW NHLQH QDFKWUÌJOLFKH $XIZHLFKXQJ LQ 6LFKW 'LH (QHUJ\ 3HUIRUPDQFH RI %XLOGLQJV 'LUHFWLYH (3%' LVW 7HLO GHV (XURSHDQ *UHHQ 'HDO XQG GHV 0DĕQDKPHQSDNHWV Ľ)LW IRU ĺ GHU (XURSÌLVFKHQ 8QLRQ GDV HLQH 5HLKH YRQ 5HFKWVYRUVFKULIWHQ XPIDVVW GLH ]XP=LHO KDEHQ GLH 7UHLE KDXVJDVHPLVVLRQHQ GHU (8 ELV LP 9HUJOHLFK ]X XP 3UR]HQW ]X VHQNHQ XQG GLH (8 ELV NOLPDQHX WUDO ]XPDFKHQ 'LH 5LFKWOLQLH (8 GHV (XURSÌL VFKHQ 3DUODPHQWV XQG GHV 5DWHV ZXUGH DP $SULO EHVFKORVVHQ XQG WUDW (QGH 0DL LQ .UDIW 'LH LQ GHU (3%' JHQDQQWHQ )ULVWHQ KDEHQ HV LQ VLFK %LV VSÌWHVWHQV VROOHQ DOOH QHXHQ *HEÌXGH LQ GHU (8 GHP Ľ1XOOHPLVVLRQVJHEÌXGHĺ =HUR (PLVVLRQ %XLOGLQJ =(% DOV QHXHP6WDQGDUG HQWVSUHFKHQ )ĞU (LJHQWĞPHU GHU ĆȬHQWOL FKHQ +DQG JLOW KLHU DOV YHUVFKÌUIWH )ULVW GHU -DQXDU )ĞU %HVWDQGVJHEÌXGH ZLUG HV VRJHQDQQWH 0LQGHVWYRUJD EHQ IĞU GLH *HVDPWHQHUJLHHȯ]LHQ] YRQ Ľ1LFKWZRKQJH EÌXGHQĺ DOVR YRU DOOHP *HZHUEHLPPRELOLHQ 0LQLPXP (QHUJ\ 3HUIRUPDQFH 6WDQGDUGV 0(36 XQG GDUDXV UHVXO WLHUHQGH 5HQRYLHUXQJVSijLFKWHQ JHEHQ :HOFKH *HEÌXGH NRQNUHW ]X VDQLHUHQ VLQG VDJW GLH 5LFKWOLQLH GDJHJHQ QLFKW 6WDWWGHVVHQ KHLĕW HV LQ $UWLNHO Ľ-HGHU 0LWJOLHGVVWDDW OHJW HLQHQ PD[LPDOHQ 6FKZHOOHQZHUW IĞU GLH *HVDPWHQHUJLHHI lj]LHQ] IHVW VRGDVV 3UR]HQW EH]LHKXQJVZHLVH 3UR]HQW VHLQHV QDWLRQDOHQ 1LFKWZRKQJHEÌXGHEHVWDQGV ĞEHU GLH VHP 6FKZHOOHQZHUW OLHJHQĺ $QQHNH )ODWRZ 3DUWQHULQ GHU .DQ]OHL /LQGHQSDUWQHUV LQ %HUOLQ HUOÌXWHUW GLH 5HJHOXQJ ZLH IROJW Ľ'LHVH 3UR]HQW PĞVVHQ VR UHQRYLHUW ZHUGHQ GDVV DE DOOH1LFKWZRKQJHEÌXGH GHQ0LQGHVWYRUJDEHQ HQWVSUHFKHQ XQG XQWHUKDOE GHV 6FKZHOOHQZHUWV YRQ 3UR ]HQW OLHJHQ $E PĞVVHQ GDQQ DXFK GLH 3UR]HQW GHU *HEÌXGH PLW GHU VFKOHFKWHVWHQ 3HUIRUPDQFH VR UHQRYLHUW ZHUGHQ GDVV DXFK GLHVH GHQ0LQGHVWYRUJDEHQ HQWVSUHFKHQ 'DV KHLĕW NRQNUHW 'LH *HEÌXGH PLW GHU VFKOHFKWHVWHQ 3HU IRUPDQFH PĞVVHQ LQ LKUHU *HVDPWHQHUJLHHȯ]LHQ] GHXWOLFK YHUEHVVHUW ZHUGHQĺ 'LH ([SHUWLQ VLHKW GDULQ NHLQH Ľ%HVWUD IXQJĺ GHU VFKOHFKWHVWHQ*HEÌXGH Ľ9LHOPHKU KDQGHOW HV VLFK XPQHXH EDXOLFKH 9RUJDEHQ GLH IĞU GLH (LJHQWĞPHU KLQ]X NRPPHQ YHUJOHLFKEDU ]XP %HLVSLHO PLW EDXOLFKHQ 9RUJD EHQ ]XP %UDQGVFKXW]ĺ VR GLH $QZÌOWLQ -RDFKLP /RKVH *HVFKÌIWVIĞKUHU GHV =HQWUDOHQ ,PPREL OLHQ $XVVFKXVVHV =,$ EHWRQW KLQVLFKWOLFK GHU (3%' GHQ 6SLHOUDXP GHU HLQ]HOQHQ QDWLRQDOHQ 8PVHW]XQJVJHVHW]H Ľ(V REOLHJW GHQ 0LWJOLHGVVWDDWHQ IHVW]XOHJHQ ZHU ]X GHQ 3UR]HQW EH]LHKXQJVZHLVH GHQ VFKOHFKWHVWHQ 3UR]HQW JHKĆUWĺ +LHU VHL MHGHV /DQG VHOEVW JHIRUGHUW Ľ:LU ZDUWHQ LQ GHU %UDQFKH LQ 'HXWVFKODQG DXI HLQHQ 5HIHUHQWHQHQWZXUI GHV IHGHUIĞKUHQGHQ %XQGHVPLQLVWHULXPV IĞU :LUWVFKDIW XQG (QHUJLH %0:( ĺ =X HUVWHQ $QKĆUXQJHQ OXG GDV 0LQLVWHULXPGLH 6WDNHKROGHU HLQ ZREHL DXFK GHU =,$ VHLQH $QVLFKWHQ HLQEUDFKWH 'LH 5LFKWOLQLH ZHUGH ĽHLQH DQGHUH 6WULQJHQ] LQ GDV +DQGHOQ EULQJHQĺ VR /RKVH 0LW GHQ 0(36 IĞU *HZHUEHLPPRELOLHQ ZĞUGHQ GLH *HEÌXGH PLW GHQ KĆFKVWHQ (QHUJLHYHUEUÌXFKHQ DQJHSDFNW Ľ+LHU VWHFNW GHU 7HXIHO LP 'HWDLO GHQQ LP *HZHUEHEHUHLFK UHLFKW GDV 6SHNWUXP ĞEHU GLH JHVDPWH %DQGEUHLWH YRP .ĞKOKDXV ELV ]XP+RWHO RGHU %ĞURJHEÌXGHĺ 'LH0LWJOLHGVVWDDWHQ KDEHQ GDEHL QDFK GHP LQ GHU (8 JHOWHQGHQ 6XEVLGLDULWÌWVSULQ]LS 6SLHOUÌXPH ZLH VLH GLH *HVHW]H DP Hȯ]LHQWHVWHQ EHLVSLHOV ZHLVH IĞU %XQGHVOÌQGHU XQG .RPPXQHQ XPVHW]HQ Nach der novellierten EU-Gebäuderichtlinie wird Energieeffizienz zum Maßstab. Die Energy Performance of Buildings Directive (EPBD) macht konkrete Vorgaben für die Mitgliedsstaaten – institutionelle Immobilieninvestoren sollten diese kennen. Verschärfte 9RUJDEHQ » Im Gewerbebereich reicht das Spektrum vom Kühlhaus bis zum Hotel – hier steckt der Teufel im Detail. « Joachim Lose, Geschäftsführer ZIA 246 N o . 4/2025 | institutional-money.com STEUER & RECHT | Immobilien-Regulatorik FOTO: © ZIA