In 2008 the share of housing was only 9 of the 17 billion invested

The figure of 4.3 billion euros invested in housing in 2009 would almost augurer of a reversal of trend. It represents a major third, 35, of 12.5 billion collected by the real estate market, the rest being focused on tertiary buildings, warehouses and commercial premises. In 2008, the share of housing was only 9 of the $ 17 billion invested. This good result is due to exceptional circumstances: 73 of this total are due to social landlords. They were especially purchased, EUR 2 billion, 29,000 housing sold by Icade. Two other important portfolios are found on the market: 5 buildings sold by the National Fund of social security in the Mines and a thousand of lots in 9 buildings ceded by the land Gecina.

These good results due to the activity of public actors whose trade is precisely to build or acquire housing prejudice but nothing of a renewed interest in the institutional private market. Between 1986 and 2006, insurance companies, banks and land had constantly to sell: their heritage has decreased by 78, from 11 to 2.5 of the total of the residential Park rental according to a study by the company Ad Valorem to 85 of these "zinzins", published in February. All warrant these arbitrations by yields too little attractive, a French regulations more favourable to the lessee to the lessor, a low visibility on the market and the expected negative impact of environmental standards on the value of a residential Park.

Insufficient profitability

Quality products would be rare in the market of the former as one of the nine: "at the end of 2008, some promoters we proposed buy bulk of buildings." "Since the Scellier device boosted demand for individuals, we not have most seen", says Alain de Bellière, Director of Generali France investments. It is not the only one to be reluctant to return to the market which the major reasons to purchase take to a potential gain or the establishment of defensive assets in times of crisis. Prices not enough fell to again attract buyers, while according to the study of Ad Valorem, insurers, SCPI, opportunistic and Land Fund would be sellers. "There today on the market many alternatives to the housing, explains Olivier Piani, head of real estate investments for the Group Allianz." We require a good current profitability and capital gains that we find more easily elsewhere, including in the business premises that we will focus on the costs of the tertiary and residential market. "17 Billion of real estate assets that have this insurance company, only 3.5 are invested in housing, only 1 of which in France, the rest in Germany or Switzerland where the net yields of loads are 5 markets stable values, against less than 3 in France. The land development housing, a subsidiary of the land of the regions, created in 2005 around a portfolio provided by several insurers become shareholders, and has 4,000 housing units in France, but 40,000 in Germany. For its part, Icade is separated from all his housing pole and an annual rent of 178 million to buy back its buildings tertiary and logistics, in the same year, the company of the Lucette, debts and its 90 million of cash flow: revenues lower, accompanied by loads infinitely less important than those generated by residential buildings.

These institutional investors are however expected on the housing market. They could reconstruct the intermediate rental Park they helped skinning batch, for three decades now insufficient, especially for the middle classes. Their position is without appeal: excluding tax incentives or relaxation of regulations between landlords and tenants, listed property companies refuse to take over from flawed public policies.