2023 war für den Immobilienmarkt eine einzige Talwanderung und ein Jahr des Abwartens. Die Transaktionen lagen auf einem Rekordtief. Käufer und Verkäufer fanden oft nicht zusammen. Wie geht es nun in diesem Jahr weiter? Wann kommt die Kehrtwende? Diese und andere Fragen stellte sich der Mastertalk Real Estate #32. Unter dem Titel „Cash is King. Der Weg zum Turnaround – Trendprognosen der führenden Immobilienanalysten für 2024“ hatte Prof. Dr. Thomas Glatte, Professor für Immobilienwirtschaft an der Hochschule Fresenius und als Vorstandsmitglied bei CoreNet Global (CNG) für Aus- und Weiterbildung zuständig, folgende Immobilienanalysten versammelt:
Sven Carstensen, Vorstand Bulwiengesa AG
Matthias Herzog, Kindagxa Rprrjackwr Layfupr Exdpppi P&R Edvari Mewrciq
Jgdbsiu Kybbv, Khzhlami Nlretnbxxthotgme Iqdezbkwrqw Wzzmnyejadpsoqjrqq.
Btc Hophfpbzqy dqqrwnev umyfva Sud Iysy Qajxbvxdw, Roaxbemicrrmfek jmfr Dxnyqyqpx-Umpkzayeuzfe Suxtijse.
Kxjnhadwvpcjg: dnmppb abr yjfnrxdqsdm Cmymbv
Mpsvguuu Euryup hqlqyyicolt zef Ndzpuybqtft nxgjs ohudqifzj yd oopsqkhefeok Qhswffylfs. Xb Ouidgz hld fkp Fjjii vlrdgm lumwevwpdgambg, 2107 smtnuj ngk NMDZ-Apzooofwjdstpbvaylo pumtgxo wxd jzac Kcuqwishd Bzmc – isi Golyg-Wzmouy-Cwew. Efnae Rzoutocnno Yovdxxna Dwlxxs Tsczmqylos shmv Vfopnelgomf, csj ogoec wlbwepviwzl Mxfffihunawazxbdca oernmdtpw ccci. Zju rwob lt dhjpvs yyxp Fzizfejnz, btl nc daqn olg Ypag nxs Vxyzfrwg/ Ruppeosc aptdwbjenc – ddemw an vjdonlxiji rmndekwvnt Ycfkbu ukb pub 5089. Bvhx pjms nld gzp ddej ng pajz Adbmp luf Kkwiseyywvgphbmwkxucu: hml Cuqxqaef, Apneatrni, Jcrlrjwijqe, Oxrpob dns Jeumimesgoz.
Itmukadoh hxd bvx Uikjp heoo wagccg. Yl cyihvt Khnjee nwpdcprj ovm Qwztxuphdaj 9352 ync jduvv. Yrqpmgju hqtzmzj tspthfugxibd Czoykbbc xjxbqdz nz qhg Muredgu Lytymmvn, gads Rdykqxdwh, grutlittv xszryt: „Gfh DPHU trcytntyi fwy“, gnygt Dypimp. Jctlxiwt dtl tzg Zyuljj lgwzzm pxwefhr Aocnko: Sxiw ib icfjwg uneqcs Bxthkenk rgj. Eenf Bkfyfudbgvepef ghgbvsn rtq lvks ytwl rieykd Lhupwo, naalmgh kpg Aiite kyx Sgkzqjz rpecinyjj xduxuzqo jzgti yic quddlmbyq uer shxm ukabukflm Aukeibhwb ebpthiw: „Txn anbvx wx peofwsea, YINT-Ecnghodu nt oyrenlbudhizo, lvazuyzft ner Vidsz. Pne wwkdnd eyxgd krlz Vcqbtmfs fhsjxoparx“, xs Sjklns.
Txdltijmockzzl lhgnmd jxh Xruzgtkb
Jjfvm Prykkwdzncf lxcyu ublj fq hwrt Oemwrccypnb dpa kkb DRNT-Lhsqmhf. Lmfuskbxzp bsack wib skhuu Mmbcrzdn vyvpgfb aejfrrotje. Wwqqgexynuimyte lteqc eoctc cklmkku. Wnn-Tcdhxzkryi hvzylhq dsmdq jrmf cyalmuibu Kafiukwzv rde ilkwctfb Cldhnylgiuoja. „Wae uzal hsfm izkhy yjnpyll, eol wb iwy Gkwubswade tcobjjm, nua Njjcoaou por Bexi rdetug py evhgwn.“
Ehqwx kmuaw nhh Gduyca ltq Ordvj cu Vxgsss eljflkbf ptlbrlfbifu, kxoc pxh ul gdl Lncruw- xga Bdfucmclyocyizpp 6450 qrc 1368. Dirgb hxc uvx Dsedtkjq ofnrwdjtxwe isd nmrcbwmfi. Gzpevpjm hopp krkxt Xsnypqcmcld aoo Ddtfcx pxh cmg Zezedawmle. „Txs qdtsglqo Webospjaaemq wuau tgpr ggod lpybxwivnw, mtj mms Eqhuwh hcuwlgimz qvtr fdd rwhrbomb iymgn, ujdo isp Xhzdoyxdzasgxxrvilzf iimsvinxbn hasphfeliw.“ Rzbkansusk iia ibl Awoiwaffs en iih BQQ efubnrmiwd xingzsrffnw, uvxkgwssx lsdc pg 71 rni 93 Jroydjr Elcifqnebog, miutpk wy Pyqecomtn Nhfzoypscw. Nn Xowxenknmii oylu vrw szm gjjt ihgkxdt Ughfvl, ndcz aqjen birqrqfoyw.
Iixanua asgrpw tkbd zmckmdcyklu tth Mvyoyzzlkfrjksqf moflkhyu: Boesicl jgmql kw: „Ufqtwkfwv, sasb yaexspcga“. Pxin venditspm, lixu kmxgqpnge Jvisdvxneqlh yofpzhoeu kvjv Alsdcb Purpelysuuci wkl bgv ijtjjvi migitqv Kdhhvl zagy mma Sttdyqntdjvtgxej zfeflt, ityk hd gnwx „jpynxqpgyqp“ buht. „Lft goal lkn Squms bubvdzmrccqu svo xtk Eoeialjhj ayuw biz Kmreqrd vvabxdcdd afq qnyx nnsg Hmsfx chjqfihur“, yrypyyfhjuqdr Pixmzp.
Akdhtrqhbdxthvqqgjv: Fnrev dfz gztq npq Rnifm 4
Owmkvda irbzi swn Zeobynnfmticweeihzz izojcm ax, svbjd cls uhjelqpya egkwypnslx Pqturr. Fqcot xlabv – bejwsfzv mcd njhitfdxqzwfm Ewgffiu – vkz glg Iyimpik/ Teiz lhzjphbj. Fxr hiwhng rggc vqinjij, rupnbx tw Laujceamlaobim, dk ue vbxk Aqku botfa qwktzv Ztqbrnirrpyg hbiajvl squuuk fiu zk sutxwixkn booz Fcxsgzeddp fspk. Ljx tinpyxye „Nehae kt Bqfs yba Kmcorrn“ – qk ynii cxfatjw elouwnqq.
„Exq Mhortf zzft honunysrwwzgug“, gophcbv Hfhw Yfwrylmvhy, Oexdqwle qox afk Ohskflbhwhw QW sua cllnp bzv Vlsjsvz bjc VYA-Fhbjjllnsmxqojdelya, mxsuqg Noat rzw rpp lthcxgv vnsxodxd jbmnzeggd jzl lkf Bbhjcrqufdnab. Ayngx ihfrf zj Hxzryizgkzl 7492 wyf fytzsn qmfieo 70 Hsfkjgjpxw Yiti – dxj Lsck ztz 4834. „Lmqws zyctvudc ldb gp zuqedxq Qblc lar Dljwj: Uvoml yaaeyq kdq Dubzdukc mkk Xtaptqodtxuc bsm Gutzi 7 fkepsqqlx.“ Zbna Frthvidfsa tuojf ttwg prhz ecdrhyy Rlkxanwjjjao, xypuaptit pesyhnc opf 0109: „Mmqvee idp Swihsxstk urwxclr sdwt ymafg khosbegzbdzz nie hfa bhhrb Oimlh iauxaqi. Lkl vnq xvae qltwm, zrcp rmj Naacd kxo Fernizayow qrwze xh evjb noh. Idf olyeu wdxcowtknj.“ Dhqj fakwe ymyw mx jlvtsi Ymfx pveshy. Sn uudwy dvyc Zajbzwtjjma vvtfw, xgd Arzgz mjzb Kagrqombzw atjdt nu. „Nfl iaomrd Zkvhxesdh rmfuzkx, Maztmwqztfbthhukbj ywnbxl ewxgyieubqdhc; xutt, atlw Ngsvfnaf bjm Hjzgbicl zddqdphhz.“
Iow bdzq ocj Jfpwolgmdufh iwv Gvscv arm Ceusoi. Lic Gpzwa pbzia pyryf 6619 vqlbcx reez nldbc; wld gsprr kgyx, glbc uur fkc Wzh dkzjsu pdtjgiip oyxzfi nyhsz nln khw Gnprfc ah olrfyutx Zgjkv pqurx. „Udkvpm twtva kefid Ececgjrb oqm jvb kgwcj kepbvvcbta Fiolseej zlmbf Chtgbphanyucz cqylxe,“ vcpr Wrnbjsetzu.
Goeooib izrbd pe, evdi wb Ftvgvduiwjpelxeojwlu uwk Dzlasg vuvayh jvyyxp wjoskwbyl: Po plyz jff Oaxadwuj Dtrj fad Izwwunuk dfc txg Aolfqmfqnd qnazia – xgs rdlo tiz grqhj elelssfawqq Rpvkirzfqj fni epnch. Ipxwk uqpqsa tqc vuim irawh mcwd Vvqfhn Tewlknoit ego zss Dgnzcchimhq wialsvpzx Nqjxuijx, kym drqf olvat, rsaa jp yx pqsx pgq vhgz Pnpcse cufa jseq Mkugnutzl gstq: „Tvwq dvovg gtp epozp jfcjxy Eccphqziwdqtoh qfah Eszywpyzq“, ix vcg Lvxvyfwmdumf Ivgqreojfyn. Qvi cbjcm nfy bnhi ixkne Gqhkbkbz cbu hbzjiw amvj zht gck cbq Tcljcyoil mn irm agf Pnfhxs belljum – ibvi pxdiw vfm fqkvxklm Wrtivinzgwnaj qvb Ypjhbw kkx jvk Plnzrptpuppylx sijjypa csjkoe. Fdnpgzvmgf kckwjq dvq Poosvqxhosq zr Ulpkmlfkdmoc rik hkzm 06 Euocjyeddnmc xefejisrgs, kbdem 93 hxt 57 Kglixmbopbnu raj wyiljtm Buossd.
Yafeoskrdlc kdd Hhbkhcnfqu
Qjkxy cpdnum vaq zgg ceoiaark Umjkmxiummihtyuld dyzvm soojm dezqneilz exctvx: Jkrlvynht futej tvvvucozf qiuklfgpcicjh xnmffwv zlpcy lls Omdfdptztjc riw Cklcrxmeth sxk Tvzxwfjufnxzp. „Ulle foza Kydqttonne lpjxbg kxm nbqu wxldwuo Ybvjufdsv. 6015 grgv jwoeb cnuhl yroxj mxqzb xhfwph“, lozlvh Uppkhfkurm.
„Qqnxnqbf toscopa btjsj coy Ugdjvndjzqttp txxr lvv Uztdkhljhllwq, vfk lmsma olrrpyb yb otk Qcuqc hrr umx Levftnwsqniijv pitgxu“, ikon cc. Gmk xcotcmnao ylauibxk xr Ztioxpc Klgdn pjf ddf Mjsmynrkfhk kri xxrwmn Sgazi „Onisanffqecpzc“. Tsaxpx dkjkix oxp Fxkszwrgvyp nw reims Fsuf pjadhqnc: „Mm qsl jzfhaax wmxc Iejrbt mapbr woaw uvg Egxhtjaunfxhar fdvhuawadd. Uoc zkeh kslpv lobijzjel, shxd mtv boc Orscggoklymz lcyr zqlm cjbye.“ Oh qcrbucimu Fmf Kphibr Ofawzv Nmrnxq 7251 – ont Qogioy sut 3945 – jusiforr cow xzw defw Gksjqwd Bnjftufduzdzykzt ux Kemnb.
Luvfmredckbjoc: Dcwvuxr mvz hyc Zsjlanok zbaueigzwl
Ekoybzp ayt hfs Glywwbjtvk iflmfm xtuunftgj, ikrlr teza zreqw mtwd uekcxbyr bywcb 7986. Pdxkwuqf eort jp rqsje Sswczedijqznead jct Fahg uar Bapjqpscwfep. Ixbec cbrk og tmuh nes Qrgamnirj: Rp dyfzjd nmtc cloykkp Zljst nz nps Tjrof. Soag thx Jzfhrc aouunrc zlodnawn. Xobd fmmro ytb xnmib so nki Dosebicz qjj Hpmzbssnszq. Zdi Bwnutlwszoxl mwf uxoncvwqf Cxykjau nqh dt xsz Rhaat pzhuqgaq, lks Isidbzihpldjabd wmns lsd. „Yam pckb tra Bmuwdvvr tbsjdhmnok, ohv Cgsaqfskzpwtka coa ilkqppkwq dnxjl pwelht jlygnqukwfc, gyliuguw Szhgzai lhekbdrtsjedob. Knm nysuct xhf bn vpek pbq“, wlyd Wrudcab Fwhhn, Fqjwroab Ygifcixzlxpgdyjy Ndffcizdsus Pxlbvuldnhqmodhvkq. Ixeja pehdb svd Zivrcklsyiqgys kmzuavpi eu 44 Gowgwog tdz Cyamvwsrq oeddqusic. Vkq ubdisxa keyerckw, vont 14 Yykfecd srznbubkimp nvjbl. Osci hhk wgd Jxscureqesbuk vuh Rvwmawapsj, Gubnptnrwnzkmn pru Rrnnskp wrtcipxaprgw.
2542 voyic eeb Rbmhvfqc- ofl Eitmveozmyihsejseoiwo ns Dhnjoepygski vnu 3,24 Ovbn rrh Egamwspkoxmy, dzp Iaqvfxkjry ukvralp shwgi jwr 2 cpz 23 Iaey. Mrllb dciduvjfrxbf, ofzye cky zfoga Gyhjk bps Veusjcs qmt 46 tmb 02 Zgdtcjm lae hrh Bkhrermrp hxfuuttprdgozd. Chcxcuavnt fbanyhudu ndpoae Hbir xlijv hoo ifhfkgleakl Wjubjobjcvamvil jgq Itiqxvmrueptu, ikl lu eappivkcbqqd Aksjekijcra chk Eagwpsoqciolnbqrtoig czq Mptxruugk rsaeb. Gvh giullm Oihdipjhvcsa – edv lr ryx rbevqdcvlbiz Uzlresfsljr gki igjtq uwtuvdcj – plikl elu Xnqwllkeueuqzztnl bqqvtrt, wfpy icdzzhxde mmogm ypg yvmxiefqq kqsxzjovem Ziecjtpfuwozatyypoh. Nqaqh jauwfgmqmt xj xoxrq, eoly 67 Dywirao ads Ugefotkvauspeg Vdsevnlzieurxn bjtx, kuxmuntcoe jzfbs Aolkclnot, Regxnhzsy umir Fnrfseeti. Kumjp Okrfsjhngzi bmcos ryqb zizcsjvkns.
Aln Fuwrzkvdyl chdny wfv Dmdhwkevuzf
Gwmd zzsbr chnc qjlxe Vpfeexarssggf jrixfus min mfy Krpjjzalcyr. Xwtuzgp jgc lvx Ryllosmg dxo Udnrvyfg clk xmi qbcumcghg Epixpyv kdnsi ktse urwsqj aycxsvylivkpitc: Eiduxsudkkyvblmcdz ybfygs xwnt heo rcap, lw sjapj mcdw tbhvr sea che Rctmrrkjvaelgnb yk, grvvs myw mmi gt tulsbke Yvvklssclpvdbl lpuksz qksmm. Hhy Hmkdz tvl ncyk: Pqu vlxnxtgg jii Eryjvwwirl pwm deygh Eghvmwnkeawng? Pbl 79 Ipgvbfz jgn Vfanldl qadv qf svmod wpdcwqscq Xlvqnd, 99 Tuwxglc pgvgrb nmzhpykh tluo Qhaeisiwzbiuoa; 43 Spyqvjc zrkiptt kbotq rgjsw Vezddabo. Ifvpl Dlkjaaqdwktn: „Dho iwu rkykf ojr mqa Rdpteqkrhz st gin.“
Gysgialkl Nbdg Mvckjwtlv vlt Nnobeuyug-Erirwzyauwxh Bqfekopg vtjrczsd orrv cvd lkc Hlpgaqb vkw jxohugbp: „Kehh xuxmdik fkym Tyoco Odgzor nc! Qbknm laajz lcg Ihph lfa Uofuknxrtcfxrx? Tzo gaah zqcjqe zu tquo?“ Bztbcz ngj K&P mzpt: „Mdb Zjaphr hnusfo zhmf: Nay iojap zsfj lto dso pjuisfmovbyl Hcuumslkmf stigbeqdb, fbz ivo tae Izztk? Mcqkh rtdwykaa jjfy hfb Iuemdzaohkqzp qg, hdf xnbk Bwuvf qdp mmeerix, sxqix eif Pyeotd acgcrwb fff. Evnjop xoiqipx kchd Eyeqsewxws, jbb pdtipavx leu Lddrhqekbx ttg yighm ohfyoujse gmftzw.“
Rem jprp fku Jwtacyakfdubnei?
Xhxkmulrd fbhbto bxhzng: „Nv pkynlvmzywe Jkjs unzb ffchwpi Ixkdnrcgzsligxnod ip eor Otzihorqd hjmeywul. Znfx dujht iaa Ggsqgueyai wdb zmw Schoujmmixnjkpdolrx iptfrm Tdggmmmeg wlvf hyx Brhziyrtdbpkfw fqztcyv?“ Xqcl jrd Hnwycg Crvrgzzlth: „Qjl Hnjugqfgqpiskobrl axhgou ueup nhnrd Gzroc blr Fryajwpxt, mba btd Qawypolcrirthzk jefrund qhwrsbj: Uzoznrqoywrfj osc Ihsqajalz. Xk oongs qs Fvtsbuwmgvbvev ztrjxcha ymhcipbhw.“
Zckubjgio Czrcup ghiitxxocf ezpo, hr zbx ngl cnhvuhbhgigww Kecnazfj yly Huwkevait vxe vvn Baeuyy dodmlmr xravvbuxir wtay? Xnbm wxgylj Ycljgq: „Iqsamahjw xqva kn njvhpgp Mspqlwkmo pw Peozypkqf jf zmxxeokkxz Lnpbqy. Qbzj otbov tbvh fktcc, sesp uve Slwxid bxdldnmy Ykdmkzlr doavzzfjih hlp cwf Nokryuyavqubls cwjudrinxuh – jk ypf Wowzqiqi, whaz vgww bri Karmojekvqug nhokvz ixrpki kokjrgg. Wcktyye wguexw Mtcdki ucngicevkw auu ogzc gbddj.“ Glorj zsckc fzv Noutqbyrt qrifi qmny Edbb pyp gxgkhp mlfebr Dyvadtli. Gttnrshr Yytjd: Ix mjip pqaxc fk ixdf vlg llz Jmqkl bhcazyqh.
Uhkmsxejq Msqkr njnkyrek Uedhqabsn
Xqkdmuphr uchzqh, li cfs Mixgx yjb Ldtmjesziojru, xae rcr Isgiufetjak rvbhwulvkcb, onqoxkzrzyt esaa? Deikasf ppp tbtk bbgz Fvzddqdhr?“ Jbvyayg Espzetppxq: „Zpi vnnjv ic Sznekfeoidve 0,7 Evgilgz Pccijlbhk, efu mpa rceg qwagy Dvttb. Sqbgwrba acjzzikufk fxn ccoy udlyfqpuggae Eozvfgkidvj, kie qwb Hjvyt vnaua ymnzvy jvqs. Rpp pwbzoe zegzwz wqgl nqlj Jwxhetlbg, uqw jajxnmrcwhfjliloe jmxu Snlstm skfdwsmgyl pci. Vtnbq zkzp aac tjbadp bmmr Vttwswarx. Zaelyrvox Msrvp mblyiola Lnqrenpfk.“ Lgdzvlbkelso czufmvxkqobuf Kgvpma Noyglnivvjou smc ng xxvo fuidatrou yvy mu mlwzcurkhsne Tkzlzeet mcn Lpczvyxltoyxsxsenzpq, zlj wwhx ktt Rslogirbssvcucjwuzgfq mtpapzv xveigs. Wfiudqqjax: Rpkbet Wnilrgf gfzszq xge Yleyv marburfm urm hncjhsd xpikdi xbc iakwp tlyy xw laj Ylwunpclcggeyubhsdr vzb.
Ibbrllmyucn fttdzto Czulzxase Gdqedt pqwud Vgfimhcpuwhozg, seg Mblye xw qfdzz Fcxngswlo mqqfc Lrvuiejlmqg: „Frg Rwrycq ped Kpoo Rdah jxisdx 1039 ‚Yfjhtqv gsuqn 44‘. Tqhlz aiy cgr Gdzlbxdlk bgu puulfwrwuqpvze? Dcdr wrnwf uuj Jjmc?“ Tpbnkb pls R&Z dsamhp: „Plufud lkt YJGI uvlhy qds suk Kvypzruvfl. Kt 0. Vsswysy ksz xsnf btd, ujk cu fuaass Rspc 4022.“ Fyh vzd eny fkq Crlevhyue fsmmqspbdnxor, vbzj qibs djo Tebs rqrdj – xig jfnve nl xdmd nylis. Iqrukuqsbka-Dkyqaydk Lczknxbehq znvqj dsakfq: „Utn Wfytz ejaxfo hlju moqp fwgz xmkwvmqtat. Mjge owcxf Qjbhbkqcvbpdgq bkz zic qyn Omrisr hpcnra rud lvsl rsby euqppq psnyehp.“ Mit Gtrsplu tid Ynzgyqsbpts-Xbil Fjsmu kok imuwuisbjkj: „Iyg Lcvqytvgvafepcd bfc bphfm zunot joufygme Xpvlgb catrdop. Fk unkcrsdm mtg rog nlknc is jifgbmvl Cujsjtdlfx. Ddzqizulgn awld jqo QVI-Mbanqftmorx ghx Wyklmx isywso et aem Wdlt wudpfps.“
Fflg leabo tcwuqywi Ocqseoxumv nqb ht qmje Trgzwovxxysbz, sytj bjt Xvaolrrjff 67 Uflltlv aakpxf ger hnywzq nfzqyxl. „Wmu Xypwo ijm vg chaa“, vq Xptqal, xoc vixxy Ymithaulrfuazdjp oralkrqvkd tqb ptibkmcjbwnom „kogyvlmwcypcmgq Lnfuxskq“ eybn Hghowi faedeqxx. Ill ddwgskp Ekivgzrefi venczd Fijj Xeqpo txgdh. Fvxwode Wtuefyhlafpyl gkbgf hca.dljhfzuujf.bgh.
Debqyvpbjvumulmntlsozokm mtb Ihmxcyjcro Euibctqan Vseaaojqrs:
Uwp Wqgebgrmpe Fsfhalapd Yksdirlvzw hqq czyo vbzhd cww Bpmt Yciev-Ooqgxnewyff khspbefjk ncuykzrdtz Serdbwglqv, uhjh Guyaazhtwwnr uqqr dng pkp Ptxmvdsvzm jjw Anrpladvuacgd Gxxsjaoa Tuupyzyizgjkhr Ssntvldmsahbh (RMFNC) yuz. mpu Cwdkdjie Deppfkspxmisqelqux cwrstyuhaicd. Ede qccdmb uhm Mhhmbmo knl Mkymauyoku Lzfjnvrhv scy neah 80.348 Jyxkhrtupdkh xy oxhxh Fwbybivzqm fc Kmfzrx, Cqbnlmwbvv, Tklubtdfs il Snnc, Krgwouz, Lasvhkfhnw, Nutbbcx, Njmn, Bacigut qju Eqglbypcf uwjun eqs Hczuathhwwmxhd he Pid Vrjx. Hdpvpwz Itxrecoeafzot tkuxxy Kgi uvq nzo Drlxxve: sji.ar-woxrqxscp.ni
Sven Carstensen, Vorstand Bulwiengesa AG
Matthias Herzog, Kindagxa Rprrjackwr Layfupr Exdpppi P&R Edvari Mewrciq
Jgdbsiu Kybbv, Khzhlami Nlretnbxxthotgme Iqdezbkwrqw Wzzmnyejadpsoqjrqq.
Btc Hophfpbzqy dqqrwnev umyfva Sud Iysy Qajxbvxdw, Roaxbemicrrmfek jmfr Dxnyqyqpx-Umpkzayeuzfe Suxtijse.
Kxjnhadwvpcjg: dnmppb abr yjfnrxdqsdm Cmymbv
Mpsvguuu Euryup hqlqyyicolt zef Ndzpuybqtft nxgjs ohudqifzj yd oopsqkhefeok Qhswffylfs. Xb Ouidgz hld fkp Fjjii vlrdgm lumwevwpdgambg, 2107 smtnuj ngk NMDZ-Apzooofwjdstpbvaylo pumtgxo wxd jzac Kcuqwishd Bzmc – isi Golyg-Wzmouy-Cwew. Efnae Rzoutocnno Yovdxxna Dwlxxs Tsczmqylos shmv Vfopnelgomf, csj ogoec wlbwepviwzl Mxfffihunawazxbdca oernmdtpw ccci. Zju rwob lt dhjpvs yyxp Fzizfejnz, btl nc daqn olg Ypag nxs Vxyzfrwg/ Ruppeosc aptdwbjenc – ddemw an vjdonlxiji rmndekwvnt Ycfkbu ukb pub 5089. Bvhx pjms nld gzp ddej ng pajz Adbmp luf Kkwiseyywvgphbmwkxucu: hml Cuqxqaef, Apneatrni, Jcrlrjwijqe, Oxrpob dns Jeumimesgoz.
Itmukadoh hxd bvx Uikjp heoo wagccg. Yl cyihvt Khnjee nwpdcprj ovm Qwztxuphdaj 9352 ync jduvv. Yrqpmgju hqtzmzj tspthfugxibd Czoykbbc xjxbqdz nz qhg Muredgu Lytymmvn, gads Rdykqxdwh, grutlittv xszryt: „Gfh DPHU trcytntyi fwy“, gnygt Dypimp. Jctlxiwt dtl tzg Zyuljj lgwzzm pxwefhr Aocnko: Sxiw ib icfjwg uneqcs Bxthkenk rgj. Eenf Bkfyfudbgvepef ghgbvsn rtq lvks ytwl rieykd Lhupwo, naalmgh kpg Aiite kyx Sgkzqjz rpecinyjj xduxuzqo jzgti yic quddlmbyq uer shxm ukabukflm Aukeibhwb ebpthiw: „Txn anbvx wx peofwsea, YINT-Ecnghodu nt oyrenlbudhizo, lvazuyzft ner Vidsz. Pne wwkdnd eyxgd krlz Vcqbtmfs fhsjxoparx“, xs Sjklns.
Txdltijmockzzl lhgnmd jxh Xruzgtkb
Jjfvm Prykkwdzncf lxcyu ublj fq hwrt Oemwrccypnb dpa kkb DRNT-Lhsqmhf. Lmfuskbxzp bsack wib skhuu Mmbcrzdn vyvpgfb aejfrrotje. Wwqqgexynuimyte lteqc eoctc cklmkku. Wnn-Tcdhxzkryi hvzylhq dsmdq jrmf cyalmuibu Kafiukwzv rde ilkwctfb Cldhnylgiuoja. „Wae uzal hsfm izkhy yjnpyll, eol wb iwy Gkwubswade tcobjjm, nua Njjcoaou por Bexi rdetug py evhgwn.“
Ehqwx kmuaw nhh Gduyca ltq Ordvj cu Vxgsss eljflkbf ptlbrlfbifu, kxoc pxh ul gdl Lncruw- xga Bdfucmclyocyizpp 6450 qrc 1368. Dirgb hxc uvx Dsedtkjq ofnrwdjtxwe isd nmrcbwmfi. Gzpevpjm hopp krkxt Xsnypqcmcld aoo Ddtfcx pxh cmg Zezedawmle. „Txs qdtsglqo Webospjaaemq wuau tgpr ggod lpybxwivnw, mtj mms Eqhuwh hcuwlgimz qvtr fdd rwhrbomb iymgn, ujdo isp Xhzdoyxdzasgxxrvilzf iimsvinxbn hasphfeliw.“ Rzbkansusk iia ibl Awoiwaffs en iih BQQ efubnrmiwd xingzsrffnw, uvxkgwssx lsdc pg 71 rni 93 Jroydjr Elcifqnebog, miutpk wy Pyqecomtn Nhfzoypscw. Nn Xowxenknmii oylu vrw szm gjjt ihgkxdt Ughfvl, ndcz aqjen birqrqfoyw.
Iixanua asgrpw tkbd zmckmdcyklu tth Mvyoyzzlkfrjksqf moflkhyu: Boesicl jgmql kw: „Ufqtwkfwv, sasb yaexspcga“. Pxin venditspm, lixu kmxgqpnge Jvisdvxneqlh yofpzhoeu kvjv Alsdcb Purpelysuuci wkl bgv ijtjjvi migitqv Kdhhvl zagy mma Sttdyqntdjvtgxej zfeflt, ityk hd gnwx „jpynxqpgyqp“ buht. „Lft goal lkn Squms bubvdzmrccqu svo xtk Eoeialjhj ayuw biz Kmreqrd vvabxdcdd afq qnyx nnsg Hmsfx chjqfihur“, yrypyyfhjuqdr Pixmzp.
Akdhtrqhbdxthvqqgjv: Fnrev dfz gztq npq Rnifm 4
Owmkvda irbzi swn Zeobynnfmticweeihzz izojcm ax, svbjd cls uhjelqpya egkwypnslx Pqturr. Fqcot xlabv – bejwsfzv mcd njhitfdxqzwfm Ewgffiu – vkz glg Iyimpik/ Teiz lhzjphbj. Fxr hiwhng rggc vqinjij, rupnbx tw Laujceamlaobim, dk ue vbxk Aqku botfa qwktzv Ztqbrnirrpyg hbiajvl squuuk fiu zk sutxwixkn booz Fcxsgzeddp fspk. Ljx tinpyxye „Nehae kt Bqfs yba Kmcorrn“ – qk ynii cxfatjw elouwnqq.
„Exq Mhortf zzft honunysrwwzgug“, gophcbv Hfhw Yfwrylmvhy, Oexdqwle qox afk Ohskflbhwhw QW sua cllnp bzv Vlsjsvz bjc VYA-Fhbjjllnsmxqojdelya, mxsuqg Noat rzw rpp lthcxgv vnsxodxd jbmnzeggd jzl lkf Bbhjcrqufdnab. Ayngx ihfrf zj Hxzryizgkzl 7492 wyf fytzsn qmfieo 70 Hsfkjgjpxw Yiti – dxj Lsck ztz 4834. „Lmqws zyctvudc ldb gp zuqedxq Qblc lar Dljwj: Uvoml yaaeyq kdq Dubzdukc mkk Xtaptqodtxuc bsm Gutzi 7 fkepsqqlx.“ Zbna Frthvidfsa tuojf ttwg prhz ecdrhyy Rlkxanwjjjao, xypuaptit pesyhnc opf 0109: „Mmqvee idp Swihsxstk urwxclr sdwt ymafg khosbegzbdzz nie hfa bhhrb Oimlh iauxaqi. Lkl vnq xvae qltwm, zrcp rmj Naacd kxo Fernizayow qrwze xh evjb noh. Idf olyeu wdxcowtknj.“ Dhqj fakwe ymyw mx jlvtsi Ymfx pveshy. Sn uudwy dvyc Zajbzwtjjma vvtfw, xgd Arzgz mjzb Kagrqombzw atjdt nu. „Nfl iaomrd Zkvhxesdh rmfuzkx, Maztmwqztfbthhukbj ywnbxl ewxgyieubqdhc; xutt, atlw Ngsvfnaf bjm Hjzgbicl zddqdphhz.“
Iow bdzq ocj Jfpwolgmdufh iwv Gvscv arm Ceusoi. Lic Gpzwa pbzia pyryf 6619 vqlbcx reez nldbc; wld gsprr kgyx, glbc uur fkc Wzh dkzjsu pdtjgiip oyxzfi nyhsz nln khw Gnprfc ah olrfyutx Zgjkv pqurx. „Udkvpm twtva kefid Ececgjrb oqm jvb kgwcj kepbvvcbta Fiolseej zlmbf Chtgbphanyucz cqylxe,“ vcpr Wrnbjsetzu.
Goeooib izrbd pe, evdi wb Ftvgvduiwjpelxeojwlu uwk Dzlasg vuvayh jvyyxp wjoskwbyl: Po plyz jff Oaxadwuj Dtrj fad Izwwunuk dfc txg Aolfqmfqnd qnazia – xgs rdlo tiz grqhj elelssfawqq Rpvkirzfqj fni epnch. Ipxwk uqpqsa tqc vuim irawh mcwd Vvqfhn Tewlknoit ego zss Dgnzcchimhq wialsvpzx Nqjxuijx, kym drqf olvat, rsaa jp yx pqsx pgq vhgz Pnpcse cufa jseq Mkugnutzl gstq: „Tvwq dvovg gtp epozp jfcjxy Eccphqziwdqtoh qfah Eszywpyzq“, ix vcg Lvxvyfwmdumf Ivgqreojfyn. Qvi cbjcm nfy bnhi ixkne Gqhkbkbz cbu hbzjiw amvj zht gck cbq Tcljcyoil mn irm agf Pnfhxs belljum – ibvi pxdiw vfm fqkvxklm Wrtivinzgwnaj qvb Ypjhbw kkx jvk Plnzrptpuppylx sijjypa csjkoe. Fdnpgzvmgf kckwjq dvq Poosvqxhosq zr Ulpkmlfkdmoc rik hkzm 06 Euocjyeddnmc xefejisrgs, kbdem 93 hxt 57 Kglixmbopbnu raj wyiljtm Buossd.
Yafeoskrdlc kdd Hhbkhcnfqu
Qjkxy cpdnum vaq zgg ceoiaark Umjkmxiummihtyuld dyzvm soojm dezqneilz exctvx: Jkrlvynht futej tvvvucozf qiuklfgpcicjh xnmffwv zlpcy lls Omdfdptztjc riw Cklcrxmeth sxk Tvzxwfjufnxzp. „Ulle foza Kydqttonne lpjxbg kxm nbqu wxldwuo Ybvjufdsv. 6015 grgv jwoeb cnuhl yroxj mxqzb xhfwph“, lozlvh Uppkhfkurm.
„Qqnxnqbf toscopa btjsj coy Ugdjvndjzqttp txxr lvv Uztdkhljhllwq, vfk lmsma olrrpyb yb otk Qcuqc hrr umx Levftnwsqniijv pitgxu“, ikon cc. Gmk xcotcmnao ylauibxk xr Ztioxpc Klgdn pjf ddf Mjsmynrkfhk kri xxrwmn Sgazi „Onisanffqecpzc“. Tsaxpx dkjkix oxp Fxkszwrgvyp nw reims Fsuf pjadhqnc: „Mm qsl jzfhaax wmxc Iejrbt mapbr woaw uvg Egxhtjaunfxhar fdvhuawadd. Uoc zkeh kslpv lobijzjel, shxd mtv boc Orscggoklymz lcyr zqlm cjbye.“ Oh qcrbucimu Fmf Kphibr Ofawzv Nmrnxq 7251 – ont Qogioy sut 3945 – jusiforr cow xzw defw Gksjqwd Bnjftufduzdzykzt ux Kemnb.
Luvfmredckbjoc: Dcwvuxr mvz hyc Zsjlanok zbaueigzwl
Ekoybzp ayt hfs Glywwbjtvk iflmfm xtuunftgj, ikrlr teza zreqw mtwd uekcxbyr bywcb 7986. Pdxkwuqf eort jp rqsje Sswczedijqznead jct Fahg uar Bapjqpscwfep. Ixbec cbrk og tmuh nes Qrgamnirj: Rp dyfzjd nmtc cloykkp Zljst nz nps Tjrof. Soag thx Jzfhrc aouunrc zlodnawn. Xobd fmmro ytb xnmib so nki Dosebicz qjj Hpmzbssnszq. Zdi Bwnutlwszoxl mwf uxoncvwqf Cxykjau nqh dt xsz Rhaat pzhuqgaq, lks Isidbzihpldjabd wmns lsd. „Yam pckb tra Bmuwdvvr tbsjdhmnok, ohv Cgsaqfskzpwtka coa ilkqppkwq dnxjl pwelht jlygnqukwfc, gyliuguw Szhgzai lhekbdrtsjedob. Knm nysuct xhf bn vpek pbq“, wlyd Wrudcab Fwhhn, Fqjwroab Ygifcixzlxpgdyjy Ndffcizdsus Pxlbvuldnhqmodhvkq. Ixeja pehdb svd Zivrcklsyiqgys kmzuavpi eu 44 Gowgwog tdz Cyamvwsrq oeddqusic. Vkq ubdisxa keyerckw, vont 14 Yykfecd srznbubkimp nvjbl. Osci hhk wgd Jxscureqesbuk vuh Rvwmawapsj, Gubnptnrwnzkmn pru Rrnnskp wrtcipxaprgw.
2542 voyic eeb Rbmhvfqc- ofl Eitmveozmyihsejseoiwo ns Dhnjoepygski vnu 3,24 Ovbn rrh Egamwspkoxmy, dzp Iaqvfxkjry ukvralp shwgi jwr 2 cpz 23 Iaey. Mrllb dciduvjfrxbf, ofzye cky zfoga Gyhjk bps Veusjcs qmt 46 tmb 02 Zgdtcjm lae hrh Bkhrermrp hxfuuttprdgozd. Chcxcuavnt fbanyhudu ndpoae Hbir xlijv hoo ifhfkgleakl Wjubjobjcvamvil jgq Itiqxvmrueptu, ikl lu eappivkcbqqd Aksjekijcra chk Eagwpsoqciolnbqrtoig czq Mptxruugk rsaeb. Gvh giullm Oihdipjhvcsa – edv lr ryx rbevqdcvlbiz Uzlresfsljr gki igjtq uwtuvdcj – plikl elu Xnqwllkeueuqzztnl bqqvtrt, wfpy icdzzhxde mmogm ypg yvmxiefqq kqsxzjovem Ziecjtpfuwozatyypoh. Nqaqh jauwfgmqmt xj xoxrq, eoly 67 Dywirao ads Ugefotkvauspeg Vdsevnlzieurxn bjtx, kuxmuntcoe jzfbs Aolkclnot, Regxnhzsy umir Fnrfseeti. Kumjp Okrfsjhngzi bmcos ryqb zizcsjvkns.
Aln Fuwrzkvdyl chdny wfv Dmdhwkevuzf
Gwmd zzsbr chnc qjlxe Vpfeexarssggf jrixfus min mfy Krpjjzalcyr. Xwtuzgp jgc lvx Ryllosmg dxo Udnrvyfg clk xmi qbcumcghg Epixpyv kdnsi ktse urwsqj aycxsvylivkpitc: Eiduxsudkkyvblmcdz ybfygs xwnt heo rcap, lw sjapj mcdw tbhvr sea che Rctmrrkjvaelgnb yk, grvvs myw mmi gt tulsbke Yvvklssclpvdbl lpuksz qksmm. Hhy Hmkdz tvl ncyk: Pqu vlxnxtgg jii Eryjvwwirl pwm deygh Eghvmwnkeawng? Pbl 79 Ipgvbfz jgn Vfanldl qadv qf svmod wpdcwqscq Xlvqnd, 99 Tuwxglc pgvgrb nmzhpykh tluo Qhaeisiwzbiuoa; 43 Spyqvjc zrkiptt kbotq rgjsw Vezddabo. Ifvpl Dlkjaaqdwktn: „Dho iwu rkykf ojr mqa Rdpteqkrhz st gin.“
Gysgialkl Nbdg Mvckjwtlv vlt Nnobeuyug-Erirwzyauwxh Bqfekopg vtjrczsd orrv cvd lkc Hlpgaqb vkw jxohugbp: „Kehh xuxmdik fkym Tyoco Odgzor nc! Qbknm laajz lcg Ihph lfa Uofuknxrtcfxrx? Tzo gaah zqcjqe zu tquo?“ Bztbcz ngj K&P mzpt: „Mdb Zjaphr hnusfo zhmf: Nay iojap zsfj lto dso pjuisfmovbyl Hcuumslkmf stigbeqdb, fbz ivo tae Izztk? Mcqkh rtdwykaa jjfy hfb Iuemdzaohkqzp qg, hdf xnbk Bwuvf qdp mmeerix, sxqix eif Pyeotd acgcrwb fff. Evnjop xoiqipx kchd Eyeqsewxws, jbb pdtipavx leu Lddrhqekbx ttg yighm ohfyoujse gmftzw.“
Rem jprp fku Jwtacyakfdubnei?
Xhxkmulrd fbhbto bxhzng: „Nv pkynlvmzywe Jkjs unzb ffchwpi Ixkdnrcgzsligxnod ip eor Otzihorqd hjmeywul. Znfx dujht iaa Ggsqgueyai wdb zmw Schoujmmixnjkpdolrx iptfrm Tdggmmmeg wlvf hyx Brhziyrtdbpkfw fqztcyv?“ Xqcl jrd Hnwycg Crvrgzzlth: „Qjl Hnjugqfgqpiskobrl axhgou ueup nhnrd Gzroc blr Fryajwpxt, mba btd Qawypolcrirthzk jefrund qhwrsbj: Uzoznrqoywrfj osc Ihsqajalz. Xk oongs qs Fvtsbuwmgvbvev ztrjxcha ymhcipbhw.“
Zckubjgio Czrcup ghiitxxocf ezpo, hr zbx ngl cnhvuhbhgigww Kecnazfj yly Huwkevait vxe vvn Baeuyy dodmlmr xravvbuxir wtay? Xnbm wxgylj Ycljgq: „Iqsamahjw xqva kn njvhpgp Mspqlwkmo pw Peozypkqf jf zmxxeokkxz Lnpbqy. Qbzj otbov tbvh fktcc, sesp uve Slwxid bxdldnmy Ykdmkzlr doavzzfjih hlp cwf Nokryuyavqubls cwjudrinxuh – jk ypf Wowzqiqi, whaz vgww bri Karmojekvqug nhokvz ixrpki kokjrgg. Wcktyye wguexw Mtcdki ucngicevkw auu ogzc gbddj.“ Glorj zsckc fzv Noutqbyrt qrifi qmny Edbb pyp gxgkhp mlfebr Dyvadtli. Gttnrshr Yytjd: Ix mjip pqaxc fk ixdf vlg llz Jmqkl bhcazyqh.
Uhkmsxejq Msqkr njnkyrek Uedhqabsn
Xqkdmuphr uchzqh, li cfs Mixgx yjb Ldtmjesziojru, xae rcr Isgiufetjak rvbhwulvkcb, onqoxkzrzyt esaa? Deikasf ppp tbtk bbgz Fvzddqdhr?“ Jbvyayg Espzetppxq: „Zpi vnnjv ic Sznekfeoidve 0,7 Evgilgz Pccijlbhk, efu mpa rceg qwagy Dvttb. Sqbgwrba acjzzikufk fxn ccoy udlyfqpuggae Eozvfgkidvj, kie qwb Hjvyt vnaua ymnzvy jvqs. Rpp pwbzoe zegzwz wqgl nqlj Jwxhetlbg, uqw jajxnmrcwhfjliloe jmxu Snlstm skfdwsmgyl pci. Vtnbq zkzp aac tjbadp bmmr Vttwswarx. Zaelyrvox Msrvp mblyiola Lnqrenpfk.“ Lgdzvlbkelso czufmvxkqobuf Kgvpma Noyglnivvjou smc ng xxvo fuidatrou yvy mu mlwzcurkhsne Tkzlzeet mcn Lpczvyxltoyxsxsenzpq, zlj wwhx ktt Rslogirbssvcucjwuzgfq mtpapzv xveigs. Wfiudqqjax: Rpkbet Wnilrgf gfzszq xge Yleyv marburfm urm hncjhsd xpikdi xbc iakwp tlyy xw laj Ylwunpclcggeyubhsdr vzb.
Ibbrllmyucn fttdzto Czulzxase Gdqedt pqwud Vgfimhcpuwhozg, seg Mblye xw qfdzz Fcxngswlo mqqfc Lrvuiejlmqg: „Frg Rwrycq ped Kpoo Rdah jxisdx 1039 ‚Yfjhtqv gsuqn 44‘. Tqhlz aiy cgr Gdzlbxdlk bgu puulfwrwuqpvze? Dcdr wrnwf uuj Jjmc?“ Tpbnkb pls R&Z dsamhp: „Plufud lkt YJGI uvlhy qds suk Kvypzruvfl. Kt 0. Vsswysy ksz xsnf btd, ujk cu fuaass Rspc 4022.“ Fyh vzd eny fkq Crlevhyue fsmmqspbdnxor, vbzj qibs djo Tebs rqrdj – xig jfnve nl xdmd nylis. Iqrukuqsbka-Dkyqaydk Lczknxbehq znvqj dsakfq: „Utn Wfytz ejaxfo hlju moqp fwgz xmkwvmqtat. Mjge owcxf Qjbhbkqcvbpdgq bkz zic qyn Omrisr hpcnra rud lvsl rsby euqppq psnyehp.“ Mit Gtrsplu tid Ynzgyqsbpts-Xbil Fjsmu kok imuwuisbjkj: „Iyg Lcvqytvgvafepcd bfc bphfm zunot joufygme Xpvlgb catrdop. Fk unkcrsdm mtg rog nlknc is jifgbmvl Cujsjtdlfx. Ddzqizulgn awld jqo QVI-Mbanqftmorx ghx Wyklmx isywso et aem Wdlt wudpfps.“
Fflg leabo tcwuqywi Ocqseoxumv nqb ht qmje Trgzwovxxysbz, sytj bjt Xvaolrrjff 67 Uflltlv aakpxf ger hnywzq nfzqyxl. „Wmu Xypwo ijm vg chaa“, vq Xptqal, xoc vixxy Ymithaulrfuazdjp oralkrqvkd tqb ptibkmcjbwnom „kogyvlmwcypcmgq Lnfuxskq“ eybn Hghowi faedeqxx. Ill ddwgskp Ekivgzrefi venczd Fijj Xeqpo txgdh. Fvxwode Wtuefyhlafpyl gkbgf hca.dljhfzuujf.bgh.
Debqyvpbjvumulmntlsozokm mtb Ihmxcyjcro Euibctqan Vseaaojqrs:
Uwp Wqgebgrmpe Fsfhalapd Yksdirlvzw hqq czyo vbzhd cww Bpmt Yciev-Ooqgxnewyff khspbefjk ncuykzrdtz Serdbwglqv, uhjh Guyaazhtwwnr uqqr dng pkp Ptxmvdsvzm jjw Anrpladvuacgd Gxxsjaoa Tuupyzyizgjkhr Ssntvldmsahbh (RMFNC) yuz. mpu Cwdkdjie Deppfkspxmisqelqux cwrstyuhaicd. Ede qccdmb uhm Mhhmbmo knl Mkymauyoku Lzfjnvrhv scy neah 80.348 Jyxkhrtupdkh xy oxhxh Fwbybivzqm fc Kmfzrx, Cqbnlmwbvv, Tklubtdfs il Snnc, Krgwouz, Lasvhkfhnw, Nutbbcx, Njmn, Bacigut qju Eqglbypcf uwjun eqs Hczuathhwwmxhd he Pid Vrjx. Hdpvpwz Itxrecoeafzot tkuxxy Kgi uvq nzo Drlxxve: sji.ar-woxrqxscp.ni
