Ich habe heute Morgen mal wieder mit einem „alten“ Freund telefoniert. Nach 2 Minuten waren wir beim Lieblingsthema aller Entwickler angelangt – wie schwierig es derzeit ist an vernünftige Grundstücke zu kommen. Ich habe das Thema in meinem Blog „Herausforderung Grundstücksakquisition“ vor einigen Wochen behandelt – heute gehe ich konkret auf die Chancen und Risiken des Baurechtes als Alternative zum klassischen Kauf ein.
Im Gegensatz zu anderen Ländern wie UK oder Holland ist das Erbbaurecht in Österreich noch relativ neu. Die Grundidee besteht darin, dass man das Grundstück nicht kauft, sondern an diesem ein Nutzungsrecht für einen längeren Zeitraum (typischerweise 60 oder 100 Jahre) erhält. Auf diesem Grundstück werden beispielsweise Wohnungen errichtet, die als Eigentum abverkauft werden können. Im Gegenzug für die Bereitstellung des Grundstückes leistet der Entwickler oder der spätere Wohnungseigentümer eine einmalige oder laufende Zahlung eines Baurechtszinses. Im Falle von Vorsorgewohnungen wir dieser analog den Betriebskosten an den Mieter weiterverrechnet.
Die Vorteile für den Entwickler liegen auf der Hand. Zum einen bietet das Baurecht die Chance an Grundstücke zu kommen, die als Eigentum nicht verkauft werden. Hierzu zählen beispielsweise Grundstücke im Besitz der Kirche, sehr langfristig orientierter family offices oder auch von sehr konservativ agierenden Versicherungen. Zum anderen sind Baurechtskonstruktionen aus Finanzierungssicht vor allem bei einem niedrigen und somit leicht über die Betriebskosten verrechenbaren Baurechtzinsen durchaus attraktiv. Hierdurch sinken die GIK, doch stellt das Baurecht einen Wert dar, was in der LTV Darstellung hilft.
Auf der anderen Seite bringt das Baurecht natürlich einige Einschränkungen im Vertrieb mit sich, da sowohl einige Private als auch einige institutionelle Investoren den Erwerb von Wohnungen auf Baurechtsgrund ausschießen.
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- Sofern Sie an Private verkaufen möchten setzen Sie das Produkt im Mittelklassesegment an und sichern Sie sich nach Möglichkeit ein 100-jähriges Baurecht. Nach meiner Beobachtung ist die potenzielle Rückgabeverpflichtung in 100 Jahren den meisten privaten Mittelstandsfamilien relativ egal, da die emotionale Bindung stets nur bis zu den letzten lebenden Nachfahren (d.s. meist die Enkelkinder im Kleinkindalter) reicht. Bei einem 100-jährigen Baurecht ist davon auszugehen, dass diese bis zu ihrem Lebensende in der Wohnung leben können. Bei einem nur 60-jährigen Baurecht fällt die Großelterngeneration zumindest schon teilweise weg. Sehr wohlhabende Menschen denken nach meiner Erfahrung öfters in Generationen, sodass Luxusobjekte schwieriger im Baurecht vermarktbar sind.
- Beim Verkauf an institutionelle Investoren ist das Baurecht zumindest in Wien tendenziell weniger Problem. Das Kernargument hier ist, dass der 101te CF abgezinst auf den heutigen Barwert fast unabhängig vom Abzinsungsfaktor nichts wert ist. Hinzukommt, dass das Baurecht steuerliche Vorteile bringt. In Summe ergeben sich nach meiner Erfahrung hinsichtlich des yields kaum Unterschiede zwischen Baurecht und Eigentum. Wie bei jeder Regel gibt es Ausnahmen. Hierzu zählen oftmals Investoren aus Osteuropa (kulturell bedingt) und Versicherungen. Und natürlich Family Offices. Vermutlich schadet hier der oftmals transparente Stammbaum, der daran erinnert, dass das Erbe in vielen Generationen weitergegeben wird.
- Wichtig ist die Auswahl des richtigen Maklers, da nicht alle gleich gut mit Baurecht umgehen können. Tendenziell tun sich Investmentmakler leichter als jene mit Privatkundenfokus, doch lassen Sie sich doch einfach eine Liste der erfolgreich vermittelten Baurechtsobjekte geben.
Für alle Glücklichen die ein Wohnungsgrundstück in Wien in ihrem Besitz haben und sich überlegen dieses zu entwickeln und als Eigentumswohnungen abzuverkaufen noch ein Denkansatz zur Renditeoptimierung. Legen Sie Grundstück und Entwicklung in 3 unterschiedliche SPVs, vergeben Sie gruppenintern ein Baurecht und verkaufen Sie beides getrennt ab. Der yield für das baurechtsgebende Grundstück liegt mitunter deutlich unter dem Gebäudeyield. Sie fragen sich wer die Käufer der baurechtsgebenden Liegenschaft sind? Auch wieder alte Bekannte: Versicherungen, die Kirche und jetzt möglicherweise auch Family Offices.
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