Core Viewpoint - Kojamo plc reported an improvement in occupancy rates and mixed financial results for the first quarter of 2025, with total revenue slightly increasing while net profit before taxes showed a significant decline compared to the previous year [1][11]. Financial Performance - Total revenue increased by 0.9% to EUR 114.3 million compared to EUR 113.3 million in the same period last year [5][6]. - Net rental income rose by 3.7% to EUR 62.8 million, representing 54.9% of total revenue [5][6]. - Profit before taxes was EUR -11.0 million, a decrease of 128.0% from EUR 39.3 million in the previous year [5][6]. - EBITDA decreased by 73.7% to EUR 16.3 million, with an EBITDA margin of 14.3% [5][6]. - Funds From Operations (FFO) fell by 8.6% to EUR 23.3 million [5][6]. Occupancy and Property Management - The financial occupancy rate improved to 92.8%, up from 92.4% in the previous year, with a notable increase of 1.2 percentage points compared to the previous quarter [5][12]. - The company completed 113 rental apartments and sold 24 during the review period, while the total number of rental apartments owned increased to 40,949 [4][5]. Investment and Valuation - The fair value of investment properties was EUR 7.9 billion, down from EUR 8.1 billion [6][7]. - Gross investments totaled EUR 4.0 million, a decrease of 52.8% from EUR 8.4 million in the previous year [7][6]. Outlook - Kojamo maintains its outlook for 2025, estimating total revenue growth of 1-4% year-on-year and FFO between EUR 135-145 million, excluding non-recurring costs [8][9]. Management Insights - The CEO highlighted that the growth in net rental income was driven by improved occupancy rates and lower maintenance expenses due to milder weather [11]. - The company is focusing on enhancing customer experience, with a Net Promoter Score of 57 indicating improved customer satisfaction [15].

Core Viewpoint - The article discusses five types of properties that may become undesirable in the real estate market starting next year, highlighting the changing dynamics and risks associated with these properties [1]. Group 1: Types of Properties - Old and dilapidated school district houses are losing their appeal due to policy changes like multi-school zoning and teacher rotation, leading to a significant drop in value [1]. - Small property rights houses are problematic as they lack legal ownership certificates, making them vulnerable to disputes and government actions, which could result in financial losses for buyers [3]. - Large suburban houses are becoming less attractive due to long commuting times and inadequate local amenities, leading to difficulties in selling even at reduced prices [3]. - Commercial-residential mixed-use properties have short ownership periods and higher living costs, along with complex living environments that deter potential buyers [4]. - Properties with ownership disputes present significant risks, as unclear ownership can lead to legal troubles for buyers, making them hard to sell [6].

表面上看，一楼拥有得天独厚的便利条件，出门即达、搬运重物不费劲，价格也往往更亲民。但这份 "实惠" 背后，却是生活品质的严重折损。 当城市霓虹点亮万家灯火，你是否曾想过，那扇窗后的生活质量，或许从买房选楼层的那一刻就已注 定？2025 年，随着限购取消、房贷利率下调、契税增值税减免等政策红利释放，无数刚需家庭摩拳擦 掌准备踏入楼市。然而，在这场关乎未来几十年生活品质的 "豪赌" 中，有些楼层就像暗藏陷阱的 "潘 多拉魔盒"，看似诱人，实则藏着让你后悔不迭的隐患。 走进房产中介的那一刻，不少人都会被 "4 楼不吉利""18 楼像地狱" 这类说法左右。诚然，4 与 "死" 谐 音、18 楼与佛教典故的联想，让许多人对这些楼层避之不及。但事实上，这些不过是毫无科学依据的 心理暗示。真正需要购房者警惕的，是那些看似普通，却在居住体验上 "暗藏杀机" 的楼层 —— 一楼、 顶楼和商铺上的楼层。 想象一下，每天清晨被楼下超市的喧闹声吵醒，午休时被餐饮店的抽油烟机轰鸣声打扰，夜晚还要忍受 油烟味从门缝窗缝钻进来 —— 这就是商铺上住户的日常。如果楼下是火锅店、烧烤摊，油烟问题更是 雪上加霜，衣服不敢晾在阳台，家具、墙壁都蒙 ...

Financial Data and Key Metrics Changes - The company reported revenue of $1.2 billion in Q1 2025, roughly in line with the same quarter in 2024, representing 2,946 homes sold [16] - Acquisition volumes increased by 4% year-over-year, with 3,609 homes purchased in Q1 2025 [16] - Contribution profit was $54 million in Q1 2025, down from $57 million in Q1 2024, resulting in a contribution margin of 4.7% [16] - Adjusted EBITDA loss improved to $30 million in Q1 2025 from a loss of $50 million in Q1 2024, driven by reduced operating expenses [17][18] - Fixed operating expenses in Q1 2025 were $19 million lower, down 33% compared to the previous year [14] Business Line Data and Key Metrics Changes - The company is focusing on enhancing its product flow and pricing models to improve conversion rates despite higher spreads [16] - The strategy includes expanding the market approach by leveraging partnerships with agents, which is expected to improve conversion rates and asset-light revenue [9][10] Market Data and Key Metrics Changes - The housing market is experiencing challenges, with mortgage rates exceeding 7%, clearance rates down nearly 25% year-over-year, and delistings up over 30% [6] - The company anticipates that the housing market will continue to deteriorate, impacting performance in the near term [20] Company Strategy and Development Direction - The company aims to drive towards profitability while enhancing product experience and leadership position in the residential real estate market [5] - A shift towards a platform that allows sellers to explore various selling options, including cash offers and listings with agents, is underway [7][8] - The company is piloting a new experience in select markets to improve customer engagement and conversion rates [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging macroeconomic environment and the uncertainty affecting home sellers and buyers [5][6] - The outlook for Q2 2025 includes expected revenue between $1.45 billion and $1.525 billion, with a contribution profit between $65 million and $75 million [20] - The company expects a sequential decline in acquisitions from Q1 to Q2, with a focus on maintaining pricing discipline and improving conversion rates [12][21] Other Important Information - The company ended Q1 2025 with 7,080 homes in inventory, valued at $2.4 billion, a 24% increase from the prior year [19] - The company has a total capital of $1 billion, primarily consisting of $559 million in unrestricted cash [19] Q&A Session Summary Question: Acquisition growth slowdown and market performance - Management expects a sequential decline in acquisitions from Q1 to Q2, with a similar pattern anticipated for the second half of the year [28] Question: Contribution margins of newer homes - Contribution margins are expected to be between 4.5% and 4.9%, with a decline driven by older inventory making up a larger share of homes sold [29] Question: Health of inventory and valuation - Management noted a natural degradation in margins over time, but recent acquisitions are starting at higher contribution margins [34] Question: Agent partnership expansion - The company is leveraging existing relationships with agents to improve conversion and provide local expertise [42] Question: Cost savings opportunities - The company is focused on optimizing its cost structure, with a year-over-year fixed cost reduction of nearly $20 million [52] Question: Marketing expense reduction - The majority of the operating expense reduction is attributed to lower marketing expenses due to seasonal dynamics [57] Question: Economics of the agent partnership - The partnership will generate asset-light revenue through commission sharing on listings and margins on cash offers, minus referral fees [61] Question: Signals for broader rollout of partnerships - Management is looking for improved conversion rates as a signal for expanding the agent partnership program [70]

Core Viewpoint - Experts predict that certain types of residential communities may face the risk of becoming "slums" due to changes in the real estate market, prompting many industry insiders to cash out quickly [1] Group 1: Types of Communities to Avoid - Poor property service quality is a significant concern; high-quality property management can enhance property value and provide better living experiences [3] - High-rise buildings over 40 floors are losing appeal as residents prefer more comfortable living spaces like large flats or independent villas [3] - Crowded urban villages pose safety risks due to the complex demographics of residents, with over 70% being outsiders [4] Group 2: Location and Accessibility Issues - Isolated communities far from city centers are risky; they may be marketed as "potential areas," but often lack real infrastructure and long commutes [4] - Properties renovated through urban renewal policies may appear attractive but often hide underlying risks associated with their age and condition [6] Group 3: Occupancy Rates - Low occupancy rates in communities should be a red flag; a simple observation of illuminated units at night can indicate the occupancy level, with less than 30% being a warning sign [8]

楼市的这轮调整，最受打击的无疑是那些硬伤显著的房产。 1. 建筑安全隐患 ①远离城市核心区的"新区" 随着楼市的降温，曾经被宣传为未来发展的新城区和配套设施建设，已经开始面临停滞或放缓的局面。没有了政策的扶持，原本被看好的新区逐渐变得冷 清，甚至有些郊区荒芜到令人不寒而栗。住在这些地方，生活变得异常困难，吃个饭、买个生活用品都成了问题。尤其是到了晚上，许多小区的亮灯率低得 惊人，仿佛进入了一座废弃的城市，那种阴沉的氛围，让人不禁感到毛骨悚然。 ②房龄超20年的老小区 房龄超过20年的老小区无疑是楼市中的"硬伤"代表。正如人随着年龄增长会出现各种健康问题，老旧小区也面临着各式各样的困境。小区内绿化和道路的破 损，户型设计的过时，水电网络频繁出现故障，几乎家家户户都面临漏水或者漏电的困扰，给住户的生活带来了极大的不便。尤其是没有电梯的楼房，底层 住户虽然可以忍受爬楼的困扰，但住得高的住户则面临着极大的挑战，尤其是老人和孩子，爬楼的风险增加了摔跤等安全隐患。 这些老旧小区随着缺陷的愈加突出，其市场价格自然不断下降。在上海等大城市，尽管二手房市场有所回升，但"老破小"和"老破大"依然是降价的主力军。 比如一套原本10 ...

尤其是北上广深一线城市，不仅看房量大幅上升，甚至还出现了量价齐涨。 房子销售回暖，不少空置房业主开始转变思路，一边出租房子，一边等待新一轮房价上涨，以实现更高收益。 然而，一位自称十年行内专家的人却建议：住宅就算空着没人住，也不要轻易出租！这究竟是为啥？ 其中的前因后果都在这里，咱们来一起看看： 01、装修和维护成本高： 为了在竞争激烈的租赁市场脱颖而出，房东往往需要对房子进行精装修，才能实现更高的租金收益。 但现在建材原材料成本不便宜，一套房子装修下来，少则几万，多则十几万。这笔提前支付的成本通常都需要数年的租金才能收回。 如果遇到了不负责任的租客，可能几个月时间就会把新房子变成老破房，这样的话，出租房子损失更大。 2、租不到理想价格 以前出租房子，只要不是毛坯房，做个简单的装修都能租个好价钱。 但是现在呢？除非房东提供更多的配套，比如装修的更好看一点，家庭设备设施更完善一点，否则很难租到好价钱。 有的房子，哪怕是精装房，都要给租客一定的优惠才能出租，租赁市场的竞争压力也很大。 一旦租客不好沟通，就等着天天给邻居道歉吧！ 4、遇上奇葩租客 如果不小心遇上了奇葩的租客，后悔都来不及。 看看过来人的遭遇： 网友 ...

去年我们一个老家的堂弟买房，售楼小区一直给他推荐说"这个房子价格最实惠，而且还是整栋楼最佳观景位"，堂弟当时那叫一个高兴，认为自己捡到了 大便宜。 没想到今年交房时，整个人都傻眼了，竟然是腰线层。客厅阳台一条60多公分高的腰线，让落地窗的梦就此破灭。 很多人都有类似的经历，让还没有买房的人不禁疑惑了，究竟怎么买房才不会后悔？ 关于这个问题，今天我们就一起来重点关注这7字真言："买中、买新、不买三！"按照这个来，保你避开99%的坑。 有朋友前两年跑去老小区捡漏，买了顶楼，搬进去有多开心，入住以后就有多痛苦， 一旦电梯维修，爬楼会让人怀疑人生。比如我身边一个朋友，买的30楼，入住半年就出现三次爬楼经历，最后朋友果断挂盘卖房。 所以，顶楼再好，也不建议买，中间楼层倒是不错的选择。 ①采光通风好 一般来讲，中间楼层不会受到前面建筑物的遮挡，所以家里的采光会比较好，阳光会比较充足。 ③逃生容易 居住的越高，逃生难度就越大，而中间楼层在安全逃生方面的烦恼明显远低于高楼。 比如去年，某小区火灾，中间楼层业主只几分钟就撤离，但高楼住户等了20分钟才下来，关键时刻，一分钟也能保命啊。 所以，宁愿多花千八百块买中间楼层，也不买高 ...

首先，有些房东之所以不往外租房子，主要是为了留给自己住。或者是留给孩子住，抱着这样的目的，他们就会把买来的房子，进行精心装修， 要么是当做退休以后的养老房，要么就是给孩子当做婚房。当然装修费肯定要花不少钱。如果说把这样的房子给租出去的话，他们肯定是不愿 意，毕竟自己都还没有住。 第三个原因和租户有关。社会是一个大家庭，人的素质也是参差不齐，如果碰上素质高的租客，基本不会有什么问题，可要是租客的素质很低的 话，那么房东就可能要吃大亏。之所以这么说，是因为网上这样的例子比比皆是，比如说租客把房子转租给其他人，或者是私自更换门锁，对屋 里的设施进行破坏等，。这些行为都让房东伤透了心，也让他们不敢轻易的把房子租出去。所以说，房东宁愿把房子空着，也不往外租，由很多 因素导致。也并不是说他们放着到手的租金不去赚，而是有着自己的想法和顾虑。 有些人买房子是为了自己住，还有一些人是为了炒房，或者是租出去赚点租金。在这些人当中，把房子租出去的人，占了大多数。但是近几年 来，这种现象却是越来越少，很多房东情愿让房子空着，也不往外租。不仅自己赚不到租金，也造成了资源的浪费。那有朋友就感到好奇了，为 什么这些房东，放着到手的钱不赚呢 ...

在中国，购房已经成为了大众的深层文化，但这并不意味着可以随意投资房产，盲目跟风。过去，不少人即便不考虑实际情况，也能从买房中获利，但如今 的房地产市场已经发生了改变，若继续用老方法投资，可能会遭遇损失。 一个典型的例子是曾经非常流行的"凤凰层"——这些被认为是既舒适又性价比高的房型，吸引了大量购房者。人们纷纷跟风选择这样的户型，尤其是在销售 人员的强烈推荐下，许多人觉得住在"凤凰层"会享有更优质的生活体验。但事实并非如此，许多购买此类房产的人后悔不已，认为自己当初被销售策略忽悠 了。 我身边有一个朋友，便是个典型的例子。他在销售人员的推荐下购买了"凤凰层"，即便他也有些犹豫，但销售一直吹嘘该楼层的优势。入住后仅一年多，朋 友已经后悔不已。为什么会有如此多的人在购入"凤凰层"后深感失望？这一问题值得深思。 凤凰层的采光与通风优势也不可忽视。由于处于较高楼层，能够享受更广阔的视野和更充足的阳光，特别是对于边户来说，大面积的玻璃窗设计让光线更为 透亮，通风效果也比其他楼层好。住户可以从这种楼层俯瞰整个城市，享受独特的景观，这也是许多人钟爱这种房型的原因。 3. 居住舒适度更高 凤凰层的优势 1. 减少漏水问题 "凤 ...