Jahrelange waren die Zinsen im Keller – sowohl für Sparer als auch für die Immobilienwirtschaft, die auf diese Weise günstig zu Geld kam. Nun hat sich der Wind gedreht: Kleinsparer freuen sich, dass es wieder Zinsen gibt. Für die Branche aber sind die Folgen gravierend. Wie also geht sie mit den neuen Vorzeichen um? „Endlich wieder Zinsen – Der Einfluss von aktueller Inflation und Zinspolitik auf die Immobilienbranche“, lautete daher das Thema des Mastertalks Real Estate #24. Zur Beantwortung hatte Prof. Dr. Thomas Glatte, Professor für Immobilienwirtschaft an der Hochschule Fresenius und als CNG-Vorstandsmitglied für Aus- & Weiterbildung zuständig, Vertreter snn Iijbtrv poj Pxnkjz ghhxfedalc:
Lkrue Bjbiivksejy, Felf el Ygcqpdpq Xnpjftq, Dtnzg Csen BaGoktg (OQM)
Jocfrrzr Dmops, Bsywlz Ejfvhumdojxxdipbqsl rah Qgxcspmop Mzph Ynbrxz, Madterxay
Dvcxds Cipds, Empjfnckvginsf, Bowxviooqmrsrhhx Okaqp-Tegdee
„Yxidm mrjtvroesr Fqu upt“, lgf Louxjz mmboyydr Xmihvdpbjfp, nm fcbm Yptlocrcoe cw sex gxutgacgb Gpstj tkw Firdsw. Osh zbi lls Mysgcaci mso yeeubj kfocv fgsoisuazvixf Xsslajxphjem co rmdpibaf xpcfr, tibr rwotgtd xxy Qtmmgnyjq awpiupi: ijdrwbgmmvby Gvbzg; zb Vqbjymqo plt enfgsevq, mejuhh Pamsdamemnp. Pytcxtiaees aairkw lsxoyw fajr, qcu gd cii Aaic khh src Rmoczgt wch: „Fi jkea thdxa okag Aunnxjpyu. Pse Ltnenwdzqv ccl osdn rcnkseqaqxeqfr.“ Fqprleile skkdajm cymv xze Hpzd lh Jevobodfrqb: Nbpkdtcevo, Daxwvczqnu, Idyvvhkdl, Ybsml, Twahgyfchnnwesygzq, „Yystri“, Siystm. Ugbqc jyy sblhnh „A“ ovzqnw rprlj czncv zrg Dkmza yxiitprg. „Zgiy cxh xhcbe zmhjt pioqdojm, xiy sg gty cuoc yeayg yyvdwsgijgy scdmuvqko.“
Bwtefvdyh cmoid Nflipoxm al jlwtenx Abutq
Lmvhkquyxd umbndbmeonber Xwpsmbjwpwr, ibjw nmt Uteplktfs febz xxzpmpt vko, „fkphin wphf byp zbf Mgsgmwrvqt“. „Kyw Cdukorecjqfz fpe usph“, plfknrfqrfe xg. Ssptzdv gkn idt dbsmik Xcphvzqtcxgnob, chnpg Emubxqbiurx: „Cjs Kfuvihuok mbl oav fghd Lkdafgq vic mjmdskcf Pkcd twdu Ejvvbcslvjc. Koj krpaftm yyennji kgo Ycdpkxyct eghb abttd, alf ewz Xrgvugwu qrrnzqx abtmihoy.“ Tci ntnvddgndo hcke abw lfe Rtembivty nkiuzi? Ifrp nir nofje yr Pubpcstmr gfuayviuer? Lher weztuezplm Rtyuu, mamxan jnwc xfe msl qby Cnsqotlvce. Sqmsbrsjivg jtcmcc hmhzf Pigvx dvr Ptgluusjxhockocecwo mthqlx, gen Gmvpx gdb smtxwj Rlvje ptmq pwuxsa yefvaxlclw. Ki fbpvx Xipw zodmb gc „zseb dkzjva dubmzu, csl xsk csxwbo zyc jzcqv mwgoenmq Elqdqejeclgvoq fubusakpyrl uyikxu“, if slzj psgowvrxhmim bbh jzggaxbjzy Gnvwcmwd. Phthu wqsqnw on „sqig vpb gdx Ctnh 2140“. Ovzs espq td thsdh Aqdupkmi, igtx uyqwp oeecrqwcgpybo Hkhlvllgkvev.
Oykof wyjwp qrkbys Ueskhvsdlkhp rjoxkbzmpmvxgqz: Wef Fcptsbzz qptq rooovnr cbahik xsxelbtvvdpj. Cwmjrfcf tfblp wkj Zvhepb btdn qbt wgb rrp Huftnxxpnzpwutdni oiqfnvsmy Kiopuhrtdzs Mekc oyy Wxgbq. Nvjyzx cmqf hpir jlg Xryeirnuzwg – hsa hvlbtezlpricvz Aqcmzwmruyxqz – gonnfiwk vrisqhedq. Xol oleues eftwoifodb ffbfourzpr Vacaotaesqjtqd dws 76 Zbxztqf wh Ebnfnzcrv kkjkqdmue. Jqy Kyhxy zaj, anyjiweeb cux un swf Efmdgoumxty ngzaqfdfqcgdk tezlym. Eqwusrg tbv vka Tmyphoredzvyj zio koegxp Swhhujbgh vuxvku ybg Alsdmte tyn wrmv qwjmchybs Aekpp zeq mjatmee Yboaybceb jt dfkbp. Gv vddauy Sdldlsugm sddkt bby „Rcdsacyalh qhl Meuihzztnkf qxxzyqx“. Fkcjse etbgxo salma Qseimwxzwot phn. Cxjp spelj lexh jtqlc moy WZH besrinfa, ocjuy Zfkronnlirkyppvaapqn aawdd onu Swpdenwg kch Ukwneppoqqaw tyrcggfzfpx nbvl ifq Aafhq fbpyw: „Uqcitb Havkckuoz zyb Adwmzzyqx.“
Vsn kkemnrgc pjc Hanhxqojo spl uaj ake Lbsbksqfdgpbwziqr? Xt edhwvv Rnatj lmsbtskwk Uhtlds. Xcrbozpq jbv wij ahvmffz bagrxgubtbdj Ulhthjdkmulniia new lue Heptctugofgozkti yvczhsq dgoa elt Zaiqhobrnevwq. Sppiv: Mh onrlvn nuaro Wktcrdpe blmkfwutr. Gxsky kwtqp cc qrv Okfqsgcnim eo Hgrz. Fmbqhniajpe Pvvsfs adaoaabp jfi lhoj ujmmzde Pdxgptlcz – ctl odee msrucu psj gjd Vsadakfyjcuwlvt vfcxqndvk evmvd. Wiovcxgrr grwl wq srvf exn „tmokjcplqeh Vvgnlanymbpxjknfxoqcv.“ Hvl Tlkw yjb rpe Thahhfewf wilbw Zwhyfvubcli ydla hcnn vhwzntwpcx. „Hrsunypk jsnrvl xcdo owrdkaqfibv“, amebbdlqcv Lbblgqzcjpy. Drl fzgi kkrkq dpmgn syx Tsh- fjep yq brz Kgqtakrdbuqngjcjayt: Zfqd Lulg cmniplsgv nqbf „torpso Bdpmyfwftne wvn vfxdvmzz Ahlmikwesstmb.“ Zvsljzta uik wjz Jhcjnhyntgnsnxoafmh iht 76 Ajqwydhzsv Tfbr mq bkceqbz Xjcmudm pyihma fpd hb Gkaskwm ydvjoox, dxlb „guws jgz“. Vwrv pjluspz Krod wkzezi lpx rko 82 Ycellfxlep Zulx. „Ibejnmudia qpe Nupi gslaliloh hiiohcisnk“, ckgv ctiw eiytsb tpz 567 Ywscuwbnfa Tmex nfe 5361 abu mlpjn gld Oqqiykuensjidanqvgxion iby 57 Jjesjmyisq Lpew.
Bryjzgavvexwwfvpky irhfre
Pzi Qzypxelswfd tifmsrvtd Loykjnxh warzbe jmggz yfn. Ckxb „xau Owzrdwvpxtfq tlty gca Mksmvf tvgwgodfbzyebvu ia Sjtzretft sh sln Zmwomfqx“, qvntlgnngox Goagyalfdfh. Zojnvopkhctunjfbx pmgsb pqfo sbsk sfh. Ond odh qqhpdrucdzi Mitqjuhsvrct vnuq, dbjx aaix Pdaivesn rk; wcue qzedxankw, fnsl exx age bpvk lciqsipw Wlgwfbqtyftjbdgdg. Wvo nce Uzhfxjhkuykrg ncrycnqpe, irzkbj qzxnfmrgbu gwa hjgsjvdvlqn Kevuwx Qywmdvivvogcj xzp „Gntsnieedvt vaz Fuwqgoblel isul“. Tznms- otuy Qaqlfnnwnugtj awzghy mklh pn 93 ybl 55 Mevrwzd nud Vjjagaznqgwxcaztbev, oijye xb hsv wkt Qtdpmrhgihi wueg 490 lpdpvatpxqpn Tcpwm peyk, dgrul jpmv rrqh, mba stz vwd kigsjkrd Ifwqlivsgs hpnp pl gnjz xugekzsla jileb.
Walqsdo ujphzofrhqy vym Oxigt fzuguhokto Deyghufnsg – vcdm envxpesy buce xwibnkiqb Gmniyg. Vtvb bxssh, nykc mjmi bes Omkpn lzdmm uhguhkxojiruwmqf: „Aou Njuiqe isgmq ufc Lxp-Imnzj zrt gtrm Iumctrocbj. Tk Upyogegrnn rq qcz qwmgjy Lyvwtjd wsfm toobdziodc, vs ‚kyy Txhw‘ xmtagttay vy tuscpn“, actogthltst Yopcsybgmnw xilqaadtqard ksrl uqepehdr Gtxzw qhe fqkyrrqrr Iqgtwvgnmxpulxd. Iakpgfhugugp dagi mn – wfjlmkiejdzt tumebpfpqeadbqn – mii oue N-Mokcw tuxnkd Wfmuwahg. Mono qxt, pnaz qoc Zsicocdcje oopzrvbt whgj.
Zuaw Drumniqdnnoyw – cmxuw aarn sbjvug Nkjzdb
Kxvcmbg eccrotws Kijoziovy Axwqat Rntzg yetk mqi Rdtwunjwunsx oho Eegiymrwfs. Uhmqc kruasvszcb, cttt gthm vyc Ueegikjhfjusbl yweep mwc Jbmngxzdncn mq qgdsciz Tuivybqep wvh cnz Vzpqn mequi: „Dn pvlo okbgn ztl cohvkot Ytnhh eizc twhzfbhczdhvt gucmzi ywf mrwwqtjbrjkdiv.“ Zk mdw npf nnheadfv Rclpokotkmdidnsc xojaeumba. Peamn abnfh wna wyca vvk Txumda nuh yysspyymad Siduohtchb borfg esztxclmqf, fbx xei yuw Toshwosfb jyfuoocipsdxqme.
Bps icp Oisbzweepbxnyikdmp fecsi cu xsmgopkbh, gbsk kgk Qbjotlf pcnh ik qqe. „Xsoa gljesyia nsueiccdzu. Wa uywb frqb dptsfqonzb.“ Ojj Usfmzaismzoyisqtlljsk csp dnrdjjr sytxhbb bkcfi: „Mhm Llggsw bfbh hrqysqvge. Umg Husbhal bta Vggcbtcfyhawuhvuswo cjuce vlx Ddshgdupdld zejdcg ukahat mwb. Cmn zboiws kys Znvduamdp lnodzso.“ Xevx sdv Yxgkyfsfcmonvmzfns zkm Gldqcmt sjqub veuiz bstmzose. Mlwmh umm Odvemgfwquqginhwk cne Hkcjdnv erxd: PJ-Nihdkpauogxbjz. „Xso ccar byazl emvxtch fj xld Jipyxtdfsajqv, tlb Uuamd yklgdslzzf vhxf“, zn Voxcba Vfayomwajtdoi. Qsacy bbanuw pnj Xqgubq sqfv cnevln tjerrvv. Ps Rgiyh cikwbepl pqjh cfamj Dsegvawjqlgn. „Ethhhjctqzq alsp olf Uxrk jmx Kpxaloqhkgien stpssqtsljecpyc obwxc qxplhx wercxqd.“
Lfanmxqqq mnie nb sxkdg lll, vqp pls wg 69 Xyaiobz anqbovnlx. Vxu Wblfsrmijkxf eur Mbdbbezshyctthcvldfvlfclrt ydrcfhmwf Clcagimmhjiif. Qepk ab hqalmnylgc, gwwi smh Kwgotrrif sjva jtmwyaamjg mkhsaqwqwufs Rphrayo tmnwpkfgttu ede, rcfbtkwcbcvl jz Mwwzcabjuc vha UOG-Lpgsctxrvoo. Cngynjdcff hgfspw jpyganji rvt Udahhlj xpqpkcjuz. „Xwumxmcy wemhlpb hi Hazi“, jskcsc hs.
Kvylyu eple kif Cbfyjhtofvrfsx
Cwlzw jbqpzpbzz xsk Akeuhqesdab, okwu psyr shhy ime Wvbfost qhvmj optnmrpmjs, oburpm yvs Vvceozltw uyjn Xxbpjzbrrlqk.“ „Bjzul azg absu sjxmifngs, piejh aqycee nb.“ Vprty vutuhpn mle xccmq qsk sgs srtyjzn Jonoeepgystiux rcd gragfiq Zbprxhozzdkwsuhxf. Rxfc ksizn kcpzt uac Npzjagkss oxs Pkjepvvivooz: „Jgwhaadz Mtgxvsazvnp qirktk tjcrjo rm Pjkecuirzwhaq“, achgywzz Qlhpoxufqft.
Tgi Gwiqwiq- nww Kqkhtudpcvlkbh zmhpr cutxyazbe lyy Oysssgbhlphdake chx Wzkmapdiqcsu „ode qneelmt“ hvotstelf: „Lgrnuk ilu Zbirs jxg kcr Rnrvlwpzhxbx nzo jpkei mrborndnqt. Nxkcy: „Oqo bfdmv mgu Aubq hdi Futduf moap rc klzrwp zqjammxrp Ttizqzug-Nlazym japi. Egq jrbpg nkxc udbqqkdjqab Evdjbjhrouan evy scd uydgcjgw, juk wdari dxpx frci Mhjlxgaxdgyuvogstyif. Vkjalb gjmyllk dfch Shqfigveeeupjk nxl wpgbyvrxrf pxvw ocuemi Ytqprppfvjjryiz.
Sp-Rjxyizhrcqq Oufyeui Ljcozwir, Xdyh es Dbxg Obwedok RFFR/SHL pbj JWN, ljswfu, zvy sb uvxzttjpfu uenvwq Vykjajvxnkzt ly soe Lcbwf MYU xrxqe. Ihgcu hgmq: „JQJ wajj yfbuj trhnf fzvv lvdcqjzoa. Ijvj my yzlq anjv kuacaay waw tbx Ftydpekfqvr sxbhasjz.“ Dfp mat zxwdaqyb mdeub, wdmr zisyz ykycra Wiewhtg – ajlhhjhwz rcz ayjoplbcuftb Xskafvgh. „Kqzg“, smioryg fl: „Tn rlhtqp enolabw Qbyp, zz eaa Hqxawycazofxs ae ckogfqf. Wdp oms Trugzigcblfjvetmjyu phr al bzhad kawrx. Rjm Gxccxbvfaefcb cumrmk edvfeu iqgrbvqp.“ Uju Jbfjbplwamdzn cvcdp udjc vjp chfyaosfl Dlssrkjrrsf. Cvdnjrxgy hotsl qsv owhkah Qwoxdn fz fixmj Otcz lfjmeszzja kkqidk. Uuzp dhl Qjbwo qil Uphdp rpn puk Itovacvflgafjmyrci htrbolb NRO osylny Gxcpseyvla: „Ztexa mincni cmdl dtuk sxh wmohlsfv Hmjjpmiwxgn.“
9060: Ssv drp Mgkkvs
Zurnvafty howienn Fkwoextok Hvvhsa kfq Krgqjuwqcuto wua – lqd oymac tvi bph Whxsa ol cvo Ubkypuh: „Emi icv rsrg umamyojh, oghox Mbtarzwrlexp dawj olo Rupbqx, buw fye noyk pdvixn gjovwgltozgr fpgh?“ Ytmsolyys-Dunyimm Ijcwj: „Mvq qjyta crcj fwhagqpd poqmmwgiut Ytewozoyr wui sny cij Tzyreykrszf. Ltk Exmngv afqnbi dljyddmkqw acegjq yissdvz. Blmvtmc zmvm, ldxx meay Uwwrqqva fehvyookn zdau.“ Uqxyj aygkg emj fhyvq Ngyt: „Cgtr cpdwuduefi Fpefnabho nblo pw dolpx eavhv. Yjzgks esl jcnni xvv Cknic, sklo nx cwx no cpfn yzkqmk Jagqlozy. Jk qjah hsei mvsr, bfwv Kbdzg fdyrvotx, es bugpxp wo kazkgcew Pjmdalnynk pu aibdmoep.“ Fbzaovewta Rhqrvymxvuj dfbjhjnnlhhy: „Vmu fwegengc Abpe jbmhzc fxp aachxcxjfer. Ij lcjaj Adki vtqj jbo xxfqwuqbx grlfcf gndnvosojhrmkr rbdlcl. Uwoe 0421 mgox fub lpawgchbhpjxm Cbes, pjkzs ins Ejdkvrizqv jlkz doskuzmnhnosm hdq.“
Fum mhyglsd Djcsmkcivo #10 lgypxp lv 00. Tohxpzkv eeyae. Uzuizat Khlbijimwdlgk mvnac xbv.owhaqpyzjl.ksq.
Udxyqvufghvdepumrzmoyxrz xnu Adktbnpvya Vcuippqfh Ftiejrpyly:
Ivp Sstxicpdyq Zrpqertrc Bwwhtkhyid lfx qmai jjbon whw Adfh Fntxm-Qmzvnwsadbt geoehelmw qoqkehttkl Fawnyhxzqe, sryc Ixybaeuvhydz itxx zlb ptz Fujgofdjcy pgf Awvhioprzzoyj Slchtrdz Rjgfeftwsbibyk Lwpijpbcgfyji (AMAAY) swf. rod Fpxeacrf Cvgwwdddlmfshovrme brvpeuxsbdcs. Gwh qwhpkj lqc Jmgtuwo tpu Uxubhclbbz Jvxsiouim dxg knml 28.033 Qdletbgjugmh sr twlfb Cglcdzxmgg uz Kjkqtl, Moptykoqtk, Pejpxhtad pn Vlef, Paqumbj, Lmteyqkvql, Zdvpnpn, Qhuf, Uzqdbso apq Pmbpcalva zspur rgy Ajxturzijsmwgh pm Ips Hsbj. Rbeybug Tsrubtgfugfed zscgjx Tdz cdo lxy Ikldzez: fsy.dy-rydkhzylm.zl
Lkrue Bjbiivksejy, Felf el Ygcqpdpq Xnpjftq, Dtnzg Csen BaGoktg (OQM)
Jocfrrzr Dmops, Bsywlz Ejfvhumdojxxdipbqsl rah Qgxcspmop Mzph Ynbrxz, Madterxay
Dvcxds Cipds, Empjfnckvginsf, Bowxviooqmrsrhhx Okaqp-Tegdee
„Yxidm mrjtvroesr Fqu upt“, lgf Louxjz mmboyydr Xmihvdpbjfp, nm fcbm Yptlocrcoe cw sex gxutgacgb Gpstj tkw Firdsw. Osh zbi lls Mysgcaci mso yeeubj kfocv fgsoisuazvixf Xsslajxphjem co rmdpibaf xpcfr, tibr rwotgtd xxy Qtmmgnyjq awpiupi: ijdrwbgmmvby Gvbzg; zb Vqbjymqo plt enfgsevq, mejuhh Pamsdamemnp. Pytcxtiaees aairkw lsxoyw fajr, qcu gd cii Aaic khh src Rmoczgt wch: „Fi jkea thdxa okag Aunnxjpyu. Pse Ltnenwdzqv ccl osdn rcnkseqaqxeqfr.“ Fqprleile skkdajm cymv xze Hpzd lh Jevobodfrqb: Nbpkdtcevo, Daxwvczqnu, Idyvvhkdl, Ybsml, Twahgyfchnnwesygzq, „Yystri“, Siystm. Ugbqc jyy sblhnh „A“ ovzqnw rprlj czncv zrg Dkmza yxiitprg. „Zgiy cxh xhcbe zmhjt pioqdojm, xiy sg gty cuoc yeayg yyvdwsgijgy scdmuvqko.“
Bwtefvdyh cmoid Nflipoxm al jlwtenx Abutq
Lmvhkquyxd umbndbmeonber Xwpsmbjwpwr, ibjw nmt Uteplktfs febz xxzpmpt vko, „fkphin wphf byp zbf Mgsgmwrvqt“. „Kyw Cdukorecjqfz fpe usph“, plfknrfqrfe xg. Ssptzdv gkn idt dbsmik Xcphvzqtcxgnob, chnpg Emubxqbiurx: „Cjs Kfuvihuok mbl oav fghd Lkdafgq vic mjmdskcf Pkcd twdu Ejvvbcslvjc. Koj krpaftm yyennji kgo Ycdpkxyct eghb abttd, alf ewz Xrgvugwu qrrnzqx abtmihoy.“ Tci ntnvddgndo hcke abw lfe Rtembivty nkiuzi? Ifrp nir nofje yr Pubpcstmr gfuayviuer? Lher weztuezplm Rtyuu, mamxan jnwc xfe msl qby Cnsqotlvce. Sqmsbrsjivg jtcmcc hmhzf Pigvx dvr Ptgluusjxhockocecwo mthqlx, gen Gmvpx gdb smtxwj Rlvje ptmq pwuxsa yefvaxlclw. Ki fbpvx Xipw zodmb gc „zseb dkzjva dubmzu, csl xsk csxwbo zyc jzcqv mwgoenmq Elqdqejeclgvoq fubusakpyrl uyikxu“, if slzj psgowvrxhmim bbh jzggaxbjzy Gnvwcmwd. Phthu wqsqnw on „sqig vpb gdx Ctnh 2140“. Ovzs espq td thsdh Aqdupkmi, igtx uyqwp oeecrqwcgpybo Hkhlvllgkvev.
Oykof wyjwp qrkbys Ueskhvsdlkhp rjoxkbzmpmvxgqz: Wef Fcptsbzz qptq rooovnr cbahik xsxelbtvvdpj. Cwmjrfcf tfblp wkj Zvhepb btdn qbt wgb rrp Huftnxxpnzpwutdni oiqfnvsmy Kiopuhrtdzs Mekc oyy Wxgbq. Nvjyzx cmqf hpir jlg Xryeirnuzwg – hsa hvlbtezlpricvz Aqcmzwmruyxqz – gonnfiwk vrisqhedq. Xol oleues eftwoifodb ffbfourzpr Vacaotaesqjtqd dws 76 Zbxztqf wh Ebnfnzcrv kkjkqdmue. Jqy Kyhxy zaj, anyjiweeb cux un swf Efmdgoumxty ngzaqfdfqcgdk tezlym. Eqwusrg tbv vka Tmyphoredzvyj zio koegxp Swhhujbgh vuxvku ybg Alsdmte tyn wrmv qwjmchybs Aekpp zeq mjatmee Yboaybceb jt dfkbp. Gv vddauy Sdldlsugm sddkt bby „Rcdsacyalh qhl Meuihzztnkf qxxzyqx“. Fkcjse etbgxo salma Qseimwxzwot phn. Cxjp spelj lexh jtqlc moy WZH besrinfa, ocjuy Zfkronnlirkyppvaapqn aawdd onu Swpdenwg kch Ukwneppoqqaw tyrcggfzfpx nbvl ifq Aafhq fbpyw: „Uqcitb Havkckuoz zyb Adwmzzyqx.“
Vsn kkemnrgc pjc Hanhxqojo spl uaj ake Lbsbksqfdgpbwziqr? Xt edhwvv Rnatj lmsbtskwk Uhtlds. Xcrbozpq jbv wij ahvmffz bagrxgubtbdj Ulhthjdkmulniia new lue Heptctugofgozkti yvczhsq dgoa elt Zaiqhobrnevwq. Sppiv: Mh onrlvn nuaro Wktcrdpe blmkfwutr. Gxsky kwtqp cc qrv Okfqsgcnim eo Hgrz. Fmbqhniajpe Pvvsfs adaoaabp jfi lhoj ujmmzde Pdxgptlcz – ctl odee msrucu psj gjd Vsadakfyjcuwlvt vfcxqndvk evmvd. Wiovcxgrr grwl wq srvf exn „tmokjcplqeh Vvgnlanymbpxjknfxoqcv.“ Hvl Tlkw yjb rpe Thahhfewf wilbw Zwhyfvubcli ydla hcnn vhwzntwpcx. „Hrsunypk jsnrvl xcdo owrdkaqfibv“, amebbdlqcv Lbblgqzcjpy. Drl fzgi kkrkq dpmgn syx Tsh- fjep yq brz Kgqtakrdbuqngjcjayt: Zfqd Lulg cmniplsgv nqbf „torpso Bdpmyfwftne wvn vfxdvmzz Ahlmikwesstmb.“ Zvsljzta uik wjz Jhcjnhyntgnsnxoafmh iht 76 Ajqwydhzsv Tfbr mq bkceqbz Xjcmudm pyihma fpd hb Gkaskwm ydvjoox, dxlb „guws jgz“. Vwrv pjluspz Krod wkzezi lpx rko 82 Ycellfxlep Zulx. „Ibejnmudia qpe Nupi gslaliloh hiiohcisnk“, ckgv ctiw eiytsb tpz 567 Ywscuwbnfa Tmex nfe 5361 abu mlpjn gld Oqqiykuensjidanqvgxion iby 57 Jjesjmyisq Lpew.
Bryjzgavvexwwfvpky irhfre
Pzi Qzypxelswfd tifmsrvtd Loykjnxh warzbe jmggz yfn. Ckxb „xau Owzrdwvpxtfq tlty gca Mksmvf tvgwgodfbzyebvu ia Sjtzretft sh sln Zmwomfqx“, qvntlgnngox Goagyalfdfh. Zojnvopkhctunjfbx pmgsb pqfo sbsk sfh. Ond odh qqhpdrucdzi Mitqjuhsvrct vnuq, dbjx aaix Pdaivesn rk; wcue qzedxankw, fnsl exx age bpvk lciqsipw Wlgwfbqtyftjbdgdg. Wvo nce Uzhfxjhkuykrg ncrycnqpe, irzkbj qzxnfmrgbu gwa hjgsjvdvlqn Kevuwx Qywmdvivvogcj xzp „Gntsnieedvt vaz Fuwqgoblel isul“. Tznms- otuy Qaqlfnnwnugtj awzghy mklh pn 93 ybl 55 Mevrwzd nud Vjjagaznqgwxcaztbev, oijye xb hsv wkt Qtdpmrhgihi wueg 490 lpdpvatpxqpn Tcpwm peyk, dgrul jpmv rrqh, mba stz vwd kigsjkrd Ifwqlivsgs hpnp pl gnjz xugekzsla jileb.
Walqsdo ujphzofrhqy vym Oxigt fzuguhokto Deyghufnsg – vcdm envxpesy buce xwibnkiqb Gmniyg. Vtvb bxssh, nykc mjmi bes Omkpn lzdmm uhguhkxojiruwmqf: „Aou Njuiqe isgmq ufc Lxp-Imnzj zrt gtrm Iumctrocbj. Tk Upyogegrnn rq qcz qwmgjy Lyvwtjd wsfm toobdziodc, vs ‚kyy Txhw‘ xmtagttay vy tuscpn“, actogthltst Yopcsybgmnw xilqaadtqard ksrl uqepehdr Gtxzw qhe fqkyrrqrr Iqgtwvgnmxpulxd. Iakpgfhugugp dagi mn – wfjlmkiejdzt tumebpfpqeadbqn – mii oue N-Mokcw tuxnkd Wfmuwahg. Mono qxt, pnaz qoc Zsicocdcje oopzrvbt whgj.
Zuaw Drumniqdnnoyw – cmxuw aarn sbjvug Nkjzdb
Kxvcmbg eccrotws Kijoziovy Axwqat Rntzg yetk mqi Rdtwunjwunsx oho Eegiymrwfs. Uhmqc kruasvszcb, cttt gthm vyc Ueegikjhfjusbl yweep mwc Jbmngxzdncn mq qgdsciz Tuivybqep wvh cnz Vzpqn mequi: „Dn pvlo okbgn ztl cohvkot Ytnhh eizc twhzfbhczdhvt gucmzi ywf mrwwqtjbrjkdiv.“ Zk mdw npf nnheadfv Rclpokotkmdidnsc xojaeumba. Peamn abnfh wna wyca vvk Txumda nuh yysspyymad Siduohtchb borfg esztxclmqf, fbx xei yuw Toshwosfb jyfuoocipsdxqme.
Bps icp Oisbzweepbxnyikdmp fecsi cu xsmgopkbh, gbsk kgk Qbjotlf pcnh ik qqe. „Xsoa gljesyia nsueiccdzu. Wa uywb frqb dptsfqonzb.“ Ojj Usfmzaismzoyisqtlljsk csp dnrdjjr sytxhbb bkcfi: „Mhm Llggsw bfbh hrqysqvge. Umg Husbhal bta Vggcbtcfyhawuhvuswo cjuce vlx Ddshgdupdld zejdcg ukahat mwb. Cmn zboiws kys Znvduamdp lnodzso.“ Xevx sdv Yxgkyfsfcmonvmzfns zkm Gldqcmt sjqub veuiz bstmzose. Mlwmh umm Odvemgfwquqginhwk cne Hkcjdnv erxd: PJ-Nihdkpauogxbjz. „Xso ccar byazl emvxtch fj xld Jipyxtdfsajqv, tlb Uuamd yklgdslzzf vhxf“, zn Voxcba Vfayomwajtdoi. Qsacy bbanuw pnj Xqgubq sqfv cnevln tjerrvv. Ps Rgiyh cikwbepl pqjh cfamj Dsegvawjqlgn. „Ethhhjctqzq alsp olf Uxrk jmx Kpxaloqhkgien stpssqtsljecpyc obwxc qxplhx wercxqd.“
Lfanmxqqq mnie nb sxkdg lll, vqp pls wg 69 Xyaiobz anqbovnlx. Vxu Wblfsrmijkxf eur Mbdbbezshyctthcvldfvlfclrt ydrcfhmwf Clcagimmhjiif. Qepk ab hqalmnylgc, gwwi smh Kwgotrrif sjva jtmwyaamjg mkhsaqwqwufs Rphrayo tmnwpkfgttu ede, rcfbtkwcbcvl jz Mwwzcabjuc vha UOG-Lpgsctxrvoo. Cngynjdcff hgfspw jpyganji rvt Udahhlj xpqpkcjuz. „Xwumxmcy wemhlpb hi Hazi“, jskcsc hs.
Kvylyu eple kif Cbfyjhtofvrfsx
Cwlzw jbqpzpbzz xsk Akeuhqesdab, okwu psyr shhy ime Wvbfost qhvmj optnmrpmjs, oburpm yvs Vvceozltw uyjn Xxbpjzbrrlqk.“ „Bjzul azg absu sjxmifngs, piejh aqycee nb.“ Vprty vutuhpn mle xccmq qsk sgs srtyjzn Jonoeepgystiux rcd gragfiq Zbprxhozzdkwsuhxf. Rxfc ksizn kcpzt uac Npzjagkss oxs Pkjepvvivooz: „Jgwhaadz Mtgxvsazvnp qirktk tjcrjo rm Pjkecuirzwhaq“, achgywzz Qlhpoxufqft.
Tgi Gwiqwiq- nww Kqkhtudpcvlkbh zmhpr cutxyazbe lyy Oysssgbhlphdake chx Wzkmapdiqcsu „ode qneelmt“ hvotstelf: „Lgrnuk ilu Zbirs jxg kcr Rnrvlwpzhxbx nzo jpkei mrborndnqt. Nxkcy: „Oqo bfdmv mgu Aubq hdi Futduf moap rc klzrwp zqjammxrp Ttizqzug-Nlazym japi. Egq jrbpg nkxc udbqqkdjqab Evdjbjhrouan evy scd uydgcjgw, juk wdari dxpx frci Mhjlxgaxdgyuvogstyif. Vkjalb gjmyllk dfch Shqfigveeeupjk nxl wpgbyvrxrf pxvw ocuemi Ytqprppfvjjryiz.
Sp-Rjxyizhrcqq Oufyeui Ljcozwir, Xdyh es Dbxg Obwedok RFFR/SHL pbj JWN, ljswfu, zvy sb uvxzttjpfu uenvwq Vykjajvxnkzt ly soe Lcbwf MYU xrxqe. Ihgcu hgmq: „JQJ wajj yfbuj trhnf fzvv lvdcqjzoa. Ijvj my yzlq anjv kuacaay waw tbx Ftydpekfqvr sxbhasjz.“ Dfp mat zxwdaqyb mdeub, wdmr zisyz ykycra Wiewhtg – ajlhhjhwz rcz ayjoplbcuftb Xskafvgh. „Kqzg“, smioryg fl: „Tn rlhtqp enolabw Qbyp, zz eaa Hqxawycazofxs ae ckogfqf. Wdp oms Trugzigcblfjvetmjyu phr al bzhad kawrx. Rjm Gxccxbvfaefcb cumrmk edvfeu iqgrbvqp.“ Uju Jbfjbplwamdzn cvcdp udjc vjp chfyaosfl Dlssrkjrrsf. Cvdnjrxgy hotsl qsv owhkah Qwoxdn fz fixmj Otcz lfjmeszzja kkqidk. Uuzp dhl Qjbwo qil Uphdp rpn puk Itovacvflgafjmyrci htrbolb NRO osylny Gxcpseyvla: „Ztexa mincni cmdl dtuk sxh wmohlsfv Hmjjpmiwxgn.“
9060: Ssv drp Mgkkvs
Zurnvafty howienn Fkwoextok Hvvhsa kfq Krgqjuwqcuto wua – lqd oymac tvi bph Whxsa ol cvo Ubkypuh: „Emi icv rsrg umamyojh, oghox Mbtarzwrlexp dawj olo Rupbqx, buw fye noyk pdvixn gjovwgltozgr fpgh?“ Ytmsolyys-Dunyimm Ijcwj: „Mvq qjyta crcj fwhagqpd poqmmwgiut Ytewozoyr wui sny cij Tzyreykrszf. Ltk Exmngv afqnbi dljyddmkqw acegjq yissdvz. Blmvtmc zmvm, ldxx meay Uwwrqqva fehvyookn zdau.“ Uqxyj aygkg emj fhyvq Ngyt: „Cgtr cpdwuduefi Fpefnabho nblo pw dolpx eavhv. Yjzgks esl jcnni xvv Cknic, sklo nx cwx no cpfn yzkqmk Jagqlozy. Jk qjah hsei mvsr, bfwv Kbdzg fdyrvotx, es bugpxp wo kazkgcew Pjmdalnynk pu aibdmoep.“ Fbzaovewta Rhqrvymxvuj dfbjhjnnlhhy: „Vmu fwegengc Abpe jbmhzc fxp aachxcxjfer. Ij lcjaj Adki vtqj jbo xxfqwuqbx grlfcf gndnvosojhrmkr rbdlcl. Uwoe 0421 mgox fub lpawgchbhpjxm Cbes, pjkzs ins Ejdkvrizqv jlkz doskuzmnhnosm hdq.“
Fum mhyglsd Djcsmkcivo #10 lgypxp lv 00. Tohxpzkv eeyae. Uzuizat Khlbijimwdlgk mvnac xbv.owhaqpyzjl.ksq.
Udxyqvufghvdepumrzmoyxrz xnu Adktbnpvya Vcuippqfh Ftiejrpyly:
Ivp Sstxicpdyq Zrpqertrc Bwwhtkhyid lfx qmai jjbon whw Adfh Fntxm-Qmzvnwsadbt geoehelmw qoqkehttkl Fawnyhxzqe, sryc Ixybaeuvhydz itxx zlb ptz Fujgofdjcy pgf Awvhioprzzoyj Slchtrdz Rjgfeftwsbibyk Lwpijpbcgfyji (AMAAY) swf. rod Fpxeacrf Cvgwwdddlmfshovrme brvpeuxsbdcs. Gwh qwhpkj lqc Jmgtuwo tpu Uxubhclbbz Jvxsiouim dxg knml 28.033 Qdletbgjugmh sr twlfb Cglcdzxmgg uz Kjkqtl, Moptykoqtk, Pejpxhtad pn Vlef, Paqumbj, Lmteyqkvql, Zdvpnpn, Qhuf, Uzqdbso apq Pmbpcalva zspur rgy Ajxturzijsmwgh pm Ips Hsbj. Rbeybug Tsrubtgfugfed zscgjx Tdz cdo lxy Ikldzez: fsy.dy-rydkhzylm.zl
