Investeringsstöd, en investering i framtiden? - Hur värderas hyreshus med investeringsstöd i jämförelse med andra hyreshus?
Sammanfattning: The Swedish legislation, SFS 2016:881, provides investment support for rental properties. It is a long-term support aimed to achieve profitable and sustainable investments, primarily for a lower rent over 15 years. It is important to understand how the investment support is appraised from the perspective of appraisers and investors. This is to set the value correctly and to make profitable investments. There are previous researches in this field, which discuss and evaluate whether the support has been suitable, if it affects decision-making concerning investment, and how appraisers tackle the support. There are also articles about subsidization and the problems it comes with regarding valuation. However, a comprehensive view is still missing regarding how the market values the investment support. How do property owners/investors, transaction advisors, and appraisers tackle the investment support? Furthermore, when the support was decided to end, in 2021, the possibility to build this type of rental properties disappeared. In addition, the possibility to build has been greatly affected by the current economic situation. The report aims to explain how the actors in the rental property market value the various parameters and how these differ toward rental properties built without the support. In this report, a qualitative interview study was used. The main focus to answer the aim was put on the following topics; • Are rental properties built with the investment support attractive according to tenants and investors? • Which is the most likely development for the rent after 15 years? • How is the rental market affected regarding the investment support being phased out? Does the current economy have any impact on decision-making? • Are there any similarities or differences between rental properties built with investment support and the 15 years long presumptive/assumed rent? This study has found that the investment support is an attractive option for all parties involved, by making it affordable to build at certain locations. Property values differ, depending on location and the location’s rent concerning utility value. In general, rental properties established with investment support has a lower value compared to other rental properties This is due to a lower net operating income, as a result of a lower rent. The required yield can be adjusted downwards by 0.5 percent due to lower vacancies and turnover. The vacancy differs, but the difference is generally small, which means that rental properties with investment support do not differ significantly from other rental properties. Given the current state of the housing markets, these rental properties may be of greater interest to the various actors. There are speculations about the rental potential after 15 years, but it is generally too far in the future to take into serious consideration. The presumptive rent could be seen as the investment support opposite. As a result of a court order, in June 2022, the value of properties with the presumptive rent decreased by around ten percent.
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