Did 2013 meet the expectations of participants of the construction market? What decisions and events in the outgoing year will shape the market in the coming year and what should we expect from 2014? The internet portal radidomapro.ru spoke with the leading experts of the commercial real estate market.
One of the most notable events of 2013 which will greatly change the real estate market not only for the next several years but also for long-term perspective is the change in the procedure for calculating corporate property tax.
The change in the procedure for assessing corporate property tax, which will now be based on the cadastral value rather than the balance sheet value as earlier, will impact the market not only for the next several years but also in the long-term perspective, says Roman Tkachenko, Head of the Representative Office of RD Group in Russia. “Clearly the adoption of this law will significantly increase expenses on fulfilling tax obligation for owners of offices and malls,” he notes. “According to the most modest estimations lease rates are going to increase by 10-15%.”