L`avenir est-il à la multipropriété?

Transcription

L`avenir est-il à la multipropriété?
L’avenir est-il à la multipropriété?
,QWURGXFWLRQDXVHFWHXUGHODPXOWLSURSULpWpHQ(XURSH
eWp
&RPPLVVLRQHGE\1HW-HWV(XURSH
,VWKHIXWXUHIUDFWLRQDO"
Introduction
3RXUTXRL SD\HU O·LQWpJUDOLWp GX SUL[ SRXU TXHOTXH
FKRVHTXHO·RQQ·XWLOLVHTXHGHWHPSVHQWHPSV"
&·HVW XQH TXHVWLRQ LQWpUHVVDQWH j ODTXHOOH LO pWDLW
MXVTX·j UpFHPPHQW LPSRVVLEOH GH UpSRQGUH 6L
YRXV GpVLULH] TXHOTXH FKRVH LO IDOODLW O·DFKHWHU 3HX
LPSRUWH VL YRXV O·XWLOLVLH] XQH VHXOH IRLV RX WRXV OHV
MRXUVSRXUMRXLUGHVDYDQWDJHVOLpVjODSURSULpWpLO
IDOODLWSD\HUOHSUL[IRUW
&HV GHUQLqUHV DQQpHV OH GpYHORSSHPHQW GH OD
PXOWLSURSULpWp D PRGLÀp OH PDUFKp GHV ELHQV GH
JUDQGH YDOHXU 1p DX[ eWDWV8QLV FH PRGqOH V·HVW
UpSDQGX HQ (XURSH VH GpYHORSSDQW UDSLGHPHQW DX
5R\DXPH8QLDYDQWG·DWWHLQGUHOHFRQWLQHQW
(Q WHUPHV VLPSOHV OH FRQFHSW GH PXOWLSURSULpWp
VRXVHQWHQG O·DFTXLVLWLRQ G·XQH IUDFWLRQ G·XQ ELHQ
TX·LOV·DJLVVHG·XQLPPHXEOHG·XQDYLRQG·XQ\DFKW
RXGHWRXWDXWUHELHQSOXW{WTXHGHVRQLQWpJUDOLWp
/HSURSULpWDLUHMRXLWDLQVLGHWRXVOHVDYDQWDJHVOLpV
jODSURSULpWpGXELHQVDQVSRXUDXWDQWJDVSLOOHUVRQ
LQYHVWLVVHPHQWORUVTXHOHELHQQ·HVWSDVXWLOLVp
&HPRGqOHDFRPPHQFpjVHGpYHORSSHUDX[eWDWV
8QLVGDQVOHVDQQpHVSOXVLHXUVSHUVRQQHVD\DQW
GpFLGpGHPHWWUHHQFRPPXQOHXUVIRQGVSRXUDFTXpULU
GHV UpVLGHQFHV GH YDFDQFHV GDQV OHV 0RQWDJQHV
5RFKHXVHV &HV LQYHVWLVVHXUV VRXKDLWDLHQW SURÀWHU
GHVDYDQWDJHVOLpVjODSURSULpWpPDLVGDQVODPHVXUH
RLOQHV·DJLVVDLWTXHGHUpVLGHQFHVGHYLOOpJLDWXUH
LOVVDYDLHQWpJDOHPHQWTXHOHXUXWLOLVDWLRQpSLVRGLTXH
QHSRXYDLWHQMXVWLÀHUOHFR€W,OVGpFLGqUHQWGRQFGH
OHVDFTXpULUFRQMRLQWHPHQW
&HFKRL[pWDLWGpMjMXGLFLHX[HQVRLPDLVODUpFHVVLRQ
PRQGLDOH D SURSXOVp FHWWH IRUPH GH SURSULpWp
VXU OH GHYDQW GH OD VFqQH $ORUV TXH SDU OH SDVVp
O·DFTXLVLWLRQ G·XQ ELHQ VH IDLVDLW OH SOXV VRXYHQW
HQ SOHLQH SURSULpWp OHV FRQVRPPDWHXUV HW OHV
HQWUHSULVHVVRQWDXMRXUG·KXLSOXVDWWHQWLIVDX[FR€WV
HW SHX HQFOLQV j SUHQGUH GHV ULVTXHV 3RXU WRXWH
SHUVRQQH VRXFLHXVH GH GpSHQVHU VRQ DUJHQW GH
IDoRQSOXVUHVSRQVDEOHODPXOWLSURSULpWpHVWO·RSWLRQ
TXLV·LPSRVH
(QRXWUHOHVDUJXPHQWVHQIDYHXUGHODPXOWLSURSULpWp
QHVHOLPLWHQWSDVjO·RSWLPLVDWLRQÀVFDOH7UqVVRXYHQW
OHVDFKHWHXUVSURÀWHQWG·DYDQWDJHVVXSSOpPHQWDLUHV
GRQWLOVQ·DXUDLHQWSDVEpQpÀFLpV·LOVDYDLHQWDFTXLV
OHELHQHQSOHLQHSURSULpWp
/HVSpFLDOLVWHGHO·DYLDWLRQG·DIIDLUHV1HW-HWV(XURSH
HQ HVW XQ SDUIDLW H[HPSOH 1HW-HWV YRXV SHUPHW
G·DFTXpULU XQH SDUW G·XQ DSSDUHLO HW HQ UHWRXU
G·DFFpGHU QRQ VHXOHPHQW j YRWUH DSSDUHLO PDLV j
&RS\ULJKW‹1HW-HWV(XURSH
O·LQWpJUDOLWpGHODÁRWWH1HW-HWV'DQVODPHVXUHROHV
SURSULpWDLUHVXWLOLVHQWHQPR\HQQHOHXUMHWKHXUHV
SDUDQVXUXQHFDSDFLWpWRWDOHGHKHXUHVGHYRO
SRWHQWLHODQQXHOOHVODTXHVWLRQGHO·XVDJHSDUWLHOTXH
OHVSURSULpWDLUHVGHUpVLGHQFHVGHYDFDQFHVDYDLHQW
LGHQWLÀpVHSRVHpJDOHPHQWGDQVFHGRPDLQH
/D SOHLQH SURSULpWp G·XQ DSSDUHLO V·DFFRPSDJQH
G·XQ ODUJH pYHQWDLO GH GpÀV ORJLVWLTXHV QRWDPPHQW
HQ FH TXL FRQFHUQH OHV GLIÀFXOWpV DVVRFLpHV DX[
RSpUDWLRQV GH PDLQWHQDQFH SODQLÀpH HW DX[
SUREOqPHV WHFKQLTXHV $YHF 1HW-HWV HQ UHYDQFKH
FHVFRQWUDLQWHVGLVSDUDLVVHQW/HVFOLHQWVRQWDFFqV
j XQH ÁRWWH WUqV LPSRUWDQWH HW Q·RQW GRQF SDV j VH
SUpRFFXSHUGHVFRQVpTXHQFHVGXUHWUDLWGHWHORXWHO
DSSDUHLO
1HW-HWV HW SOXV JpQpUDOHPHQW OH SULQFLSH GH
PXOWLSURSULpWp pOLPLQH pJDOHPHQW OHV SUREOqPHV
GH JHVWLRQ VRXYHQW FR€WHX[ HW FKURQRSKDJHV 3DU
H[HPSOH ORUVTX·XQ SURSULpWDLUH SRVVqGH VRQ SURSUH
DYLRQ SULYp LO QH SHXW UpDOLVHU GHV pFRQRPLHV
G·pFKHOOH WHOOHV TXH FHOOHV GRQW EpQpÀFLHQW OHV
JURXSHV GH FRSURSULpWDLUHV RX TXH SURSRVHQW OHV
JUDQGHVHQWUHSULVHVFRPPH1HW-HWVQRWDPPHQWVXU
OD FRPSRVLWLRQ GH O·pTXLSDJH OD IRUPDWLRQ OD PLVH
VRXVKDQJDUODVpFXULWpHWOHVUpSDUDWLRQV
,VWKHIXWXUHIUDFWLRQDO"
Ce que la multipropriété n’est pas
,OHVWLPSRUWDQWDYDQWWRXWGHGLVVLSHUTXHOTXHVLGpHV
UHoXHV 6·LO H[LVWH FHUWDLQHV VLPLOLWXGHV OH SULQFLSH
GH PXOWLSURSULpWp GLIIqUH QpDQPRLQV GH OD QRWLRQ
GH©WLPHVKDUHªRX©WHPSVSDUWDJpªTXLFRQVLVWH
JpQpUDOHPHQWHQO·DFKDWG·XQGURLWG·RFFXSDWLRQG·XQ
ELHQGLYLVpHQXQLWpVGHWHPSVUHODWLYHPHQWFRXUWHV
/D PXOWLSURSULpWp SHUPHW G·pFKDQJHU DYHF G·DXWUHV
SURSULpWDLUHV FH TXL JDUDQWLW XQH GLVSRQLELOLWp
SHUPDQHQWH /HV SURSULpWDLUHV GH © WLPHVKDUH ª
SRVVqGHQW JpQpUDOHPHQW XQH IUDFWLRQ GH © WHPSV ª
DVVRUWLH G·XQ GURLW G·XWLOLVDWLRQ GX ELHQ SOXW{W TXH
VD SOHLQH SURSULpWp (Q JpQpUDO OHV SHUVRQQHV TXL
DFTXLqUHQW XQ ELHQ HQ PXOWLSURSULpWp GpSHQVHQW
OpJqUHPHQW SOXV DÀQ G· REWHQLU XQH SOXV JUDQGH
SURSRUWLRQ HW HOOHV GLVSRVHQW G·XQ DFWLI TXL SHXW
rWUHUHYHQGXORUVTX·HOOHVVRXKDLWHQWVHGpVHQJDJHU
&HUWDLQHV IRUPHV GH © WLPHVKDUH ª SUpYRLHQW OD
SURSULpWp GX ELHQ HW IRXUQLVVHQW SDU FRQVpTXHQW
FHUWDLQV GH VHV DYDQWDJHV PDLV OD SURSULpWp
UpGXLWH GX ELHQ OLPLWH VRQ SRWHQWLHO GH UHYHQWH /D
PXOWLSURSULpWp FRQVLVWH UDUHPHQW HQ XQH SDUW G·XQ
ELHQ HQ ORFDWLRQ /D SDUW TXH YRXV SRVVpGH] HVW j
YRWUH GLVSRVLWLRQ GDQV GHV FRQGLWLRQV H[WUrPHPHQW
VRXSOHVHWYRXVSRVVpGH]XQDFWLIWDQJLEOH
(Q RXWUH OD PXOWLSURSULpWp Q·HVW SDV XQH
RSWLRQ H[FOXVLYHPHQW UpVHUYpH DX[ SHUVRQQHV
LPPHQVpPHQW ULFKHV %LHQ TXH OHV PLVHV GH
IRQGV VRLHQW VRXYHQW pOHYpHV GDQV GH QRPEUHX[
SURJUDPPHVGHPXOWLSURSULpWpFHUWDLQHVSHUVRQQHV
XWLOLVHQWFHV\VWqPHSRXUDFFpGHUjGHVELHQVRXGHV
VHUYLFHV TXL OHXU VHUDLHQW DXWUHPHQW LQDFFHVVLEOHV
6L O·DFKDW G·XQ DSSDUHLO HQ SOHLQH SURSULpWp HVW WURS
FR€WHX[OHFOLHQWSHXWHQYLVDJHUG·DFTXpULUXQHSDUW
FRUUHVSRQGDQW DX[ KHXUHV GH YRO GRQW LO D EHVRLQ
&HUWDLQHVSHUVRQQHVXWLOLVHQWpJDOHPHQWFHV\VWqPH
jWLWUHG·HVVDLYRXVQ·rWHVSDVFHUWDLQGHODQpFHVVLWp
DEVROXHG·DFTXpULUWHORXWHOELHQ"/DPXOWLSURSULpWp
YRXVSHUPHWGHO·HVVD\HUHWGHGpFLGHUV·LOHVWDGDSWp
RXQRQjYRVEHVRLQVRXjFHX[GHYRWUHHQWUHSULVH
WRXWHQPLQLPLVDQWOHVGpSHQVHVG·LQYHVWLVVHPHQWHW
OHVULVTXHVLQKpUHQWVjO·DFKDWHQSOHLQHSURSULpWp
3RXU GHV UDLVRQV pYLGHQWHV HQ SDUWLFXOLHU GDQV
OH FRQWH[WH pFRQRPLTXH DFWXHO OD PXOWLSURSULpWp
Q·DWWLUH SDV H[FOXVLYHPHQW OHV SDUWLFXOLHUV /HV
HQWUHSULVHVRQWIRUWHPHQWLQYHVWLGDQVFHPRGqOHHQ
YXH GH UpGXLUH OHXUV GpSHQVHV G·LQYHVWLVVHPHQW HW
OHVULVTXHVDVVRFLpVVXUXQHODUJHJDPPHGHELHQV
(QÀQELHQTXHOHELHQVRLWSDUWDJpLOHVWLPSRUWDQWGH
VRXOLJQHUTXHOHSURSULpWDLUHMRXLWG·XQDFFqVH[FOXVLIj
FHELHQ3DUH[HPSOHGDQVOHFDVGHODPXOWLSURSULpWp
G·DYLRQYRXVQHSDUWDJH]SDVODFDELQHDYHFG·DXWUHV
SURSULpWDLUHVGXUDQWYRWUHYR\DJHFRQWUDLUHPHQWDX[
IRUPXOHVGHW\SH©EXVLQHVVMHWFOXEª
­PHVXUHTX·LOpYROXHOHPDUFKpGHODPXOWLSURSULpWp
SHUPHW j GH QRPEUHX[ SDUWLFXOLHUV HW HQWUHSULVHV
G·RSWLPLVHU OHXU SURGXFWLYLWp OHXU HIÀFDFLWp HW
OHXU WHPSV OLEUH GXUDQW FHWWH SpULRGH G·LQVWDELOLWp
pFRQRPLTXH 5HVWH j VDYRLU VL OH SULQFLSH GH
PXOWLSURSULpWp pPHUJHUD GH FHWWH SpULRGH IDYRUDEOH
DYHF XQH IRUFH UHQRXYHOpH PDLV OHV VLJQHV VRQW
HQFRXUDJHDQWV
Le marché de la multipropriété en Europe
&HV GHUQLqUHV DQQpHV HQ (XURSH OH PDUFKp GH OD
PXOWLSURSULpWp D GH WRXWH pYLGHQFH pWp VWLPXOp SDU
OH VHFWHXU GH O·LPPRELOLHU HW XQ FHUWDLQ QRPEUH GH
WHQGDQFHVIRQGDPHQWDOHVVRQWHQWUDLQG·DSSDUDvWUH
SDUPLOHVDFKHWHXUVHQPXOWLSURSULpWpGDQVFHVHFWHXU
&HV WHQGDQFHV VRQW LQVWUXFWLYHV (OOHV LQGLTXHQW
QRWDPPHQW TXH OHV DFKHWHXUV HQ PXOWLSURSULpWp QH
VRQW SDV QpFHVVDLUHPHQW GHV SDUWLFXOLHUV IUDSSpV
SDUODUpFHVVLRQTXLVHUDLHQWGDYDQWDJHVXVFHSWLEOHV
G·RSWHUSRXUFHPRGqOHDXGpWULPHQWG·XQDFKDWHQ
SOHLQHSURSULpWp
3DUPL OHV SULQFLSDOHV FRQFOXVLRQV RQ UHOqYH OHV
SRLQWVVXLYDQWV
‡ ,OH[LVWHXQHVXUDERQGDQFHGHSURMHWVLPPRELOLHUV
HWOHVDFKHWHXUVSRWHQWLHOVQHVRQWSOXVHQ
PHVXUHGHÀQDQFHUOHVDFKDWVHQSOHLQHSURSULpWp
LQLWLDOHPHQWSUpYXV
‡ /HVDFKHWHXUVHQPXOWLSURSULpWpGHPHXUHQWHQ
PDMRULWpGHVDFKHWHXUVTXLSDLHQWFRPSWDQW2Q
SHXWGRQFHQGpGXLUHTX·XQJUDQGQRPEUHGH
FHVDFKHWHXUVFKHUFKHQWjREWHQLUXQDYDQWDJH
HQWHUPHVGHVHUYLFHSOXW{WTX·XQSODFHPHQW
G·pSDUJQHRXXQLQYHVWLVVHPHQWÀQDQFLHU
‡ /·DFKDWHQSOHLQHSURSULpWpH[SRVHOHFOLHQWjWRXV
OHVIUDLVG·HQWUHWLHQHWDXWUHVGpSHQVHVDVVRFLpV
jODSOHLQHSURSULpWpG·XQHUpVLGHQFHVHFRQGDLUH
&HWDVSHFWQ·HVWJXqUHDWWUD\DQWGDQVOHFRQWH[WH
pFRQRPLTXHDFWXHO
/·LQÁXHQFHGHODPXOWLSURSULpWpV·pWHQGGpVRUPDLVELHQ
DXGHOjGXVHXOVHFWHXUGHO·LPPRELOLHUGHQRPEUHX[
DXWUHV VHFWHXUV D\DQW HX[ DXVVL DGRSWp FH PRGqOH
/·RUJDQLVDWLRQSURIHVVLRQQHOOH)UDFWLRQDO/LIHUHFHQVH
VHFWHXUV XWLOLVDQW OH PRGqOH GH PXOWLSURSULpWp
GRQWOHVYRLWXUHVGHFROOHFWLRQOHVJUDQGVYLJQREOHV
OHVKpOLFRSWqUHVOHV©FOXEVGHVWLQDWLRQªOHVFKHYDX[
GHFRXUVHHWELHQG·DXWUHV
1HW-HWV HVW O·XQ GHV SLRQQLHUV GX FRQFHSW GH
PXOWLSURSULpWp 6RQ IRQGDWHXU D G·DLOOHXUV LQYHQWp
OH WHUPH © SURSULpWp IUDFWLRQQpH ª &RPPH VRQ QRP
O·LQGLTXHFHWWHVRFLpWpHVWVSpFLDOLVpHGDQVO·DYLDWLRQ
HW VD FOLHQWqOH VH FRPSRVH G·HQWUHSULVHV G·HQWUHSUHQHXUV HW GH SDUWLFXOLHUV IRUWXQpV
&RS\ULJKW‹1HW-HWV(XURSH
,VWKHIXWXUHIUDFWLRQDO"
&KULVWLDQ-HQVHQ%URE\0DUULRWW
0DWV/HDQGHU1HW-HWV(XURSH
&RPPHOHVRXOLJQH0DWV/HDQGHU([HFXWLYH'LUHFWRU
1HW-HWV (XURSH O·DWWUDLW GH OD VRFLpWp UHSRVH QRQ
VHXOHPHQWVXUVRQFR€WSDUUDSSRUWDXFR€WWUqVpOHYp
G·XQ DYLRQ SULYp PDLV pJDOHPHQW VXU OHV DVSHFWV
ORJLVWLTXHVGHVHVRSpUDWLRQV
© 8Q KRPPH G·DIIDLUHV SHXW SDU H[HPSOH DYRLU
EHVRLQ G·XQ DSSDUHLO SRXU VH UHQGUH G·$QJOHWHUUH
HQ $OOHPDJQH DORUV TXH VRQ SURSUH MHW VH WURXYH
DFWXHOOHPHQW j 1HZ <RUN ª H[SOLTXHWLO © $X OLHX
G·DWWHQGUHO·DUULYpHGHO·DYLRQHWGHSD\HUOHVIUDLVGH
FDUEXUDQW GH VWDWLRQQHPHQW GH SLORWDJH HWF LO HVW
QHWWHPHQW SOXV SUDWLTXH HW pFRQRPLTXH GH FKRLVLU
XQ DSSDUHLO pTXLYDOHQW DX VHLQ G·XQH ÁRWWH EDVpH
SUqV GH FKH] VRL &RPPH 1HW-HWV H[SORLWH OD SOXV
JUDQGHÁRWWHG·DYLRQVSULYpVDXPRQGHHQYLURQ
DSSDUHLOVOHFOLHQWSHXWIDLUHDSSHOjQRVVHUYLFHVR
TX·LOVRLWVDQVrWUHVRXPLVDX[FRQWUDLQWHVOLpHVjOD
SRVVHVVLRQG·XQVHXODSSDUHLOª
3DUN6WUHHWHVWXQLPPHXEOHUpVLGHQWLHOORQGRQLHQ
GH VW\OH (GZDUGLHQ GRQW OH JURXSH 0DUULRWW HVW
SURSULpWDLUH &H ELHQ LPPRELOLHU GH OX[H RIIUH GHV
SUHVWDWLRQV PXOWLSOHV HW XQ DFFqV HQ PXOWLSURSULpWp
j WRXWH SHUVRQQH UHFKHUFKDQW XQH DOWHUQDWLYH j OD
SRVVHVVLRQ G·XQH UpVLGHQFH VHFRQGDLUH &KULVWLDQ
-HQVHQ%URE\&&2HWYLFHSUpVLGHQWGHODGLYLVLRQSRXU
0DUULRWWHQ(XURSHHWDX0R\HQ2ULHQWH[SOLTXHTXH
FH ELHQ DWWLUH XQH FHUWDLQH FDWpJRULH GH SHUVRQQHV
GHV FOLHQWV IRUWXQpV UHFKHUFKDQW XQ SLHGjWHUUH j
/RQGUHV TX·LOV SHXYHQW FRQVLGpUHU FRPPH OH OHXU
&RPPH GDQV OH FDV GH 1HW-HWV (XURSH O·LPPHQVH
PDMRULWpGHVUpVLGHQWVGX3DUN6WUHHWXWLOLVH
FHVHUYLFHSRXUGHVUDLVRQVSURIHVVLRQQHOOHV
&H PRGqOH V·LQVWDOOH SURJUHVVLYHPHQW HQ (XURSH
'H QRPEUHX[ SDUWLFXOLHUV FRPPHQFHQW HQ HIIHW j
pWXGLHUOHVDOWHUQDWLYHVDXSULQFLSHGX©WLPHVKDUHª
0-HQVHQ%URE\GpFODUHTXHGHVUpVLGHQWVGX
3DUN 6WUHHW VRQW GHV $PpULFDLQV VH GpSODoDQW
UpJXOLqUHPHQW HQ (XURSH PDLV TX·RQ DVVLVWH
GpVRUPDLVjXQHFURLVVDQFHVRXWHQXHGXQRPEUHGH
SURSULpWDLUHVHXURSpHQVHWDVLDWLTXHV
8Q UDSSRUW SXEOLp UpFHPPHQW LQGLTXH TXH OH PDUFKp
GH OD PXOWLSURSULpWp DIÀFKH XQH VROLGH FURLVVDQFH HQ
(VSDJQHDX3RUWXJDOHQ)UDQFHHWHQeJ\SWHHWTXHOD
&URDWLHVHFODVVHHQWrWHGHVSD\VHXURSpHQVpPHUJHQWV
L’opinion d’un multipropriétaire : Bhanu Choudhrie
%KDQX&KRXGKULHHQWUHSUHQHXUPpFqQHHWGLUHFWHXUGHODVRFLpWpG·LQYHVWLVVHPHQWLQWHUQDWLRQDOH&&
$OSKD*URXSVRXVFULWDXSURJUDPPHGHPXOWLSURSULpWpGH1HW-HWV(XURSH
©(QIDLWDYHF1HW-HWVMHIDLVGHVpFRQRPLHVFDUVLMHQHSRXYDLVSDVPHGpSODFHUDXVVLIDFLOHPHQW
LOPHIDXGUDLWHPSOR\HUGDYDQWDJHGHFROODERUDWHXUVSRXUFRXYULUOHVDFWLYLWpVLQWHUQDWLRQDOHVGRQWMH
P·RFFXSH
©6XUXQSODQSOXVSHUVRQQHOORUVG·XQUpFHQWGpSODFHPHQWMHPHVXLVUHQGXHQDYLRQGH3DULVHQ6XLVVH
SXLVj5RPHHWHQÀQj/RQGUHVHQO·HVSDFHGHGHX[MRXUV$XFXQDXWUHH[SORLWDQWDpULHQQ·DXUDLWSXPH
UDPHQHUFKH]PRLGDQVXQGpODLDXVVLFRXUW
©1HW-HWVP·RIIUHVRXSOHVVHHWOLEHUWp-HSHX[SUHQGUHXQYROSRXUTXDVLPHQWQ·LPSRUWHTXHOOH
GHVWLQDWLRQHQQHSUpYHQDQWTXHTXHOTXHVKHXUHVjO·DYDQFHHWOHVSUHVWDWLRQVVRQWVDQVpJDOHV&UR\H]
PRLM·DLpWpFRQWDFWpSDUG·DXWUHVVRFLpWpVFRQFXUUHQWHVSURSRVDQWGHVVHUYLFHVDQDORJXHVPDLVDXFXQH
QHSHXWRIIULUOHQLYHDXGHFRPSpWHQFHHWGHTXDOLWpTX·RIIUH1HW-HWV0HVSURMHWVpYROXHQWG·KHXUHHQ
KHXUHHWPRQHQWUHSULVHQHSRXUUDLWSDVVHSDVVHUGH1HW-HWVª
&RS\ULJKW‹1HW-HWV(XURSH
,VWKHIXWXUHIUDFWLRQDO"
/H PDUFKp GH OD PXOWLSURSULpWp QH FRQQDvW GH
FKDQJHPHQWVVLJQLÀFDWLIVTXHGHSXLVSHX
7RXWG·DERUGOHVXWLOLVDWHXUVGXV\VWqPHQHSDUOHQW
SOXVGHSURSULpWpIUDFWLRQQpHRXSDUWDJpHHWSUpIqUHQW
VRXOLJQHUOHVDYDQWDJHVGHODPXOWLSURSULpWp
0-HQVHQ%URE\HVWLPHTX·LOV·DJLWOjG·XQHpYROXWLRQ
HQFRXUDJHDQWH©&HVGHX[RXWURLVGHUQLqUHVDQQpHV
OH MDUJRQ SURIHVVLRQQHO D pWp SURJUHVVLYHPHQW
DEDQGRQQp FH TXL V·HVW WUDGXLW SDU XQH PHLOOHXUH
FRPSUpKHQVLRQ GH FH TX·RIIUH OH PRGqOH HW GH VHV
GLIIpUHQFHVDYHFOHVHFWHXUGXWLPHVKDUH&HQHSHXW
rWUH TX·XQH ERQQH FKRVH GDQV OD PHVXUH R FHOD
SHUPHWGHGLIIpUHQFLHUGHX[FRQFHSWVTXLV·DGUHVVHQW
jGHX[FOLHQWqOHVWUqVGLIIpUHQWHVª
/DUpFHVVLRQDpJDOHPHQWPLVHQpYLGHQFHOHSULQFLSH
GHODPXOWLSURSULpWpDXSUqVGHQRPEUHX[SDUWLFXOLHUV
HWHQWUHSULVHV&RPSWHWHQXGXFR€WpOHYpGXFDSLWDO
OHVLQYHVWLVVHXUVpFODLUpVFKHUFKHQWjRSWLPLVHUOHXUV
LQYHVWLVVHPHQWV &RPPH O·H[SOLTXH 0 /HDQGHU ©
GHQRPEUHX[SURSULpWDLUHVG·DYLRQVSULYpVRQWWHQWp
G·RSWLPLVHUO·XWLOLVDWLRQGHOHXUDSSDUHLO3DUH[HPSOH
O·XQ GH QRV FOLHQWV XQ HQWUHSUHQHXU FKHUFKDLW j
IRXUQLU XQ DFFqV j GHV VHUYLFHV G·DYLDWLRQ SULYpH j
XQHGL]DLQHGHVHVSULQFLSDX[GLULJHDQWV$XSDUDYDQW
O·HQWUHSULVH SRVVpGDLW TXDWUH MHWV SRXU XQ FR€W
XQLWDLUH G·HQYLURQ j PLOOLRQV GH GROODUV 0DLV
OHV EHVRLQV HQ GpSODFHPHQW GH VHV HPSOR\pV VRQW
WUqV YDULpV GDQV FHUWDLQV FDV LO OXL IDXW GH JURV
DSSDUHLOV SRXU GHV YROV ORQJFRXUULHU GDQV G·DXWUHV
GHSHWLWVDSSDUHLOVSRXUGHFRXUWVGpSODFHPHQWVHW
SDUIRLV GHV DSSDUHLOV GH GLPHQVLRQV GLYHUVHV SRXU
GLIIpUHQWHVGHVWLQDWLRQV0rPHSRXUXQHHQWUHSULVH
GLVSRVDQW G·XQH ÁRWWH LPSRUWDQWH LO V·DJLWOj G·XQ
YpULWDEOH GpÀ HW ELHQ HQWHQGX XQH WHOOH RSpUDWLRQ
Q·HVW SUHVTXH MDPDLV pFRQRPLTXHPHQW YLDEOH
(Q UHMRLJQDQW 1HW-HWV O·HQWUHSULVH D SX DFFpGHU j
O·LQWpJUDOLWpGHQRWUHÁRWWHWRXWHQUpGXLVDQWGH
OHQLYHDXJOREDOG·H[SRVLWLRQGHVRQFDSLWDOª
1LFN7XUQHU7KH5HJLVWU\&ROOHFWLRQ
Moteurs de croissance
1LFN 7XUQHU YLFHSUpVLGHQW HW UHVSRQVDEOH GH OD
VRFLpWp GH ELHQV GH OX[H HQ PXOWLSURSULpWp 7KH
5HJLVWU\&ROOHFWLRQSDUWDJHFHWDYLV©3RXUQRXVOH
UHVVHUUHPHQWGXFUpGLWDpWpXQYpULWDEOHGpFOHQFKHXU
GH FURLVVDQFH /·LQWpUrW UHVWDLW HQFRUH WUqV OLPLWp ÀQ
PDLVOHYpULWDEOHHVVRUDFRPPHQFpHQ
ORUVTX·LO HVW GHYHQX SOXV GLIÀFLOH SRXU OHV FOLHQWV GH
MXVWLÀHUXQHDFTXLVLWLRQHQSOHLQHSURSULpWpª
&HWWH WHQGDQFH GHYUDLW VH SRXUVXLYUH PrPH VL OD
UHSULVH pFRQRPLTXH VH PDLQWLHQW © 1RXV pYROXRQV
j SUpVHQW GDQV XQ FRQWH[WH R OHV IRUWHV GpSHQVHV
HQ FDSLWDO VRQW PRLQV DWWUD\DQWHV TX·DXSDUDYDQW
SRXU OHV HQWUHSULVHV HW OHV SDUWLFXOLHUV HW FHWWH
VLWXDWLRQ QH YD FHUWHV SDV FKDQJHU VLPSOHPHQW
SDUFH TXH QRXV FRPPHQoRQV j HQWUHYRLU FHUWDLQV
VLJQHVDQQRQFLDWHXUVG·XQHUHSULVH'DQVFHQRXYHO
HQYLURQQHPHQW pFRQRPLTXH OHV SDUWLFXOLHUV SHX
HQFOLQV j SUHQGUH GHV ULVTXHV YHXOHQW FRQVHUYHU
OHV DYDQWDJHV OLpV DX[ ELHQV TX·LOV SRVVpGDLHQW
DXSDUDYDQW WRXW HQ WpPRLJQDQW G·XQH JHVWLRQ
SUXGHQWH GH OHXUV ÀQDQFHV WDQW DXSUqV GH OHXU
GLUHFWHXU ÀQDQFLHU TXH GH OHXU pSRX[ RX pSRXVH ª
H[SOLTXH0/HDQGHU
%KDQX &KRXGKULH SURSULpWDLUH 1HW-HWV (XURSH
SDUWDJH FHW DYLV © 8QH SUHVVLRQ FURLVVDQWH HVW
H[HUFpH VXU OHV SDUWLFXOLHUV HW OHV HQWUHSUHQHXUV
SRXU TX·LOV DIÀFKHQW XQ FRPSRUWHPHQW UHVSRQVDEOH
GDQV OHXUV DFWLYLWpV SURIHVVLRQQHOOHV 3RXU XQ
JUDQG QRPEUH G·HQWUH HX[ LO Q·HVW WRXW VLPSOHPHQW
SDV pFRQRPLTXH GH SRVVpGHU VRQ SURSUH DYLRQ
SULYp /D FULVH pFRQRPLTXH D pWp XQ PRWHXU GH
FKDQJHPHQW (OOH D LQFLWp OHV JHQV j H[DPLQHU OHV
DOWHUQDWLYHV SHUPHWWDQW GH VDWLVIDLUH OHXUV EHVRLQV
GHGpSODFHPHQWSURIHVVLRQQHOVRXSULYpV/HPRGqOH
GH PXOWLSURSULpWp IHUD O·REMHW G·XQ LQWpUrW FURLVVDQW
jPHVXUHTXHVHJpQpUDOLVHUDOHFRQFHSWGHJHVWLRQ
GXUDEOHGHVHQWUHSULVHVª
&RS\ULJKW‹1HW-HWV(XURSH
,VWKHIXWXUHIUDFWLRQDO"
/D UpFHVVLRQ PRQGLDOH D pJDOHPHQW HQWUDLQp XQH
UpGXFWLRQ GX FR€W G·DFTXLVLWLRQ GHV ELHQV SURSRVpV
HQPXOWLSURSULpWp3DUH[HPSOHOHSUL[GHVSDUWVGHV
ELHQV LPPRELOLHUV RX GHV DYLRQV SULYpV D WHQGDQFH
j VXLYUH O·pYROXWLRQ GH OD YDOHXU PDUFKDQGH VRXV
MDFHQWH GH FHV ELHQV &HOOHFL D\DQW FKXWp LO HVW
DXMRXUG·KXL SOXV pFRQRPLTXH TXH MDPDLV G·DFTXpULU
XQELHQHQPXOWLSURSULpWp
La multipropriété va-t-elle se généraliser ?
,OQHIDLWDXFXQGRXWHTXHO·LGpHGHSDUWDJHUXQELHQ
HVW HQ WUDLQ GH GHYHQLU SOXV ODUJHPHQW FRPSULVH
HW DFFHSWpH 'DQV FH GRPDLQH OH PRGqOH TXH OHV
FRQVRPPDWHXUVVRQWOHSOXVVXVFHSWLEOHGHFRQQDvWUH
HVW FHOXL GX FOXE DXWRPRELOH =LSFDU %LHQ TX·LO QH
V·DJLVVH SDV j VWULFWHPHQW SDUOHU GH PXOWLSURSULpWp
FHFOXEpWDEOLWODQRWLRQGHSDUWDJHG·XQELHQFRPPH
XQHDOWHUQDWLYHJUDQGSXEOLFjODSOHLQHSURSULpWp
'DQV FH GRPDLQH O·LGpH VHORQ ODTXHOOH XQ
PXOWLSURSULpWDLUH QH SHXW TX·rWUH H[WUrPHPHQW
IRUWXQpFRPPHQFHjVHGLVVLSHU0rPHVLFHUWDLQHV
WUDQVDFWLRQV QpFHVVLWHQW XQ SUrW XQ FUpGLWEDLO RX
XQ PR\HQ GH ÀQDQFHPHQW TXHOFRQTXH OD QRWLRQ
G·DFTXLVLWLRQÀQDQFLqUHPHQWDERUGDEOHG·XQYpKLFXOH
HVW FRQQXH ,O VXIÀW GH GLYLVHU OH FR€W HW O·HQWUHWLHQ
HQWUHOHVPHPEUHVG·XQJURXSHG·rWUHHQPHVXUHGH
OLYUHUGHVYpKLFXOHVDXSOXVJUDQGQRPEUHGHPHPEUHV
VXVFHSWLEOHV G·HQ DYRLU EHVRLQ VLPXOWDQpPHQW HW
YRXVREWHQH]XQFRQFHSWGHPXOWLSURSULpWpDWWUD\DQW
SRXUOHVSHUVRQQHVDX[UHYHQXVSOXVPRGHVWHV%LHQ
HQWHQGXLOQ·HVWSDVQpFHVVDLUHTXHFKDTXHSHUVRQQH
LQWpJUDQW XQ WHO SURJUDPPH DFTXLqUH XQH SDUW GX
YpKLFXOH,OHVWSRVVLEOHGHGHYHQLUPHPEUHXQLTXHPHQW
SRXU pOLPLQHU OHV FRQWUDLQWHV OLpHV j O·HQWUHWLHQ G·XQ
YpKLFXOH
&H FRQVWDW UHÁqWH XQH pYROXWLRQ PDFURpFRQRPLTXH
SOXV YDVWH TXL H[SOLTXH O·LQWpUrW FURLVVDQW H[SULPp
j O·pJDUG GH OD PXOWLSURSULpWp XQ FKDQJHPHQW
HQ WHUPHV G·DIÁXHQFH HW G·LQÁXHQFH OD FOLHQWqOH
H[WUrPHPHQW IRUWXQpH IDLVDQW SODFH j XQ SXEOLF
SOXV ODUJH FRPSRVp GH FHX[ TXH O·RQ DSSHOOH OHV ©
PLOOLRQQDLUHVGHVFODVVHVPR\HQQHVª
7LUpH G·XQ RXYUDJH pSRQ\PH SXEOLp HQ SDU
5XVV $ODQ 3ULQFH HW /HZLV 6FKLII FHWWH H[SUHVVLRQ
IDLW UpIpUHQFH DX[ SHUVRQQHV D\DQW JDJQp SOXW{W
TX·KpULWp XQH IRUWXQH FRQVLGpUDEOH (OOH LOOXVWUH XQ
SKpQRPqQHTXLGHYLHQGUDELHQW{WFRXUDQWjWUDYHUV
OH PRQGH FHOXL GH O·pPHUJHQFH GH O·HQWUHSUHQHXU
HWGHVHVKDELWXGHVGHFRQVRPPDWLRQTXLGLIIqUHQW
GHFHOOHVGHVSHUVRQQHVELHQQpHVHWIRUWXQpHV&HV
HQWUHSUHQHXUV VHURQW JpQpUDOHPHQW SOXV HQFOLQV j
SURÀWHU GHV IUXLWV GH OHXU WUDYDLO HW j GpSHQVHU OHXU
DUJHQW SRXU DFTXpULU GHV FKRVHV TXL OHXU pWDLHQW
LQDFFHVVLEOHV DXSDUDYDQW (Q UHYDQFKH LOV VRQW
&RS\ULJKW‹1HW-HWV(XURSH
pJDOHPHQWPRLQVVXVFHSWLEOHVGHWROpUHUOHJDVSLOODJH
LQXWLOHGHOHXUDUJHQWGXUHPHQWJDJQp
0 7XUQHU GH OD VRFLpWp 7KH 5HJLVWU\ &ROOHFWLRQ
HVWLPH TXH O·pPHUJHQFH SURJUHVVLYH GH FH JURXSH
GH SHUVRQQHV DVVRFLpH j XQH WDULÀFDWLRQ SOXV
FRQFXUUHQWLHOOHGH OD SDUW GHV SUHVWDWDLUHVGH ELHQV
HWVHUYLFHVHQPXOWLSURSULpWpFRQVWLWXHUDXQPRWHXU
IRQGDPHQWDO GH OD FURLVVDQFH GX VHFWHXU j O·DYHQLU
© /D PXOWLSURSULpWp pWDLW MXVTX·j SUpVHQW UpVHUYpH
j O·pOLWH HW OHV WDULIV pWDLHQW H[WUrPHPHQW pOHYpV HQ
(XURSH 8Q ELHQ LPPRELOLHU Q·pWDLW SDU H[HPSOH SDV
DFFHVVLEOH j PRLQV GH HXURV &HV WDULIV
RQW IRUWHPHQWFKXWpHW LO HVWGpVRUPDLVSRVVLEOH GH
GHYHQLU SURSULpWDLUH G·XQ ELHQ LPPRELOLHU GH TXDOLWp
GDQVXQVLWHSULVpjSDUWLUGHjHXURVª
H[SOLTXHWLO
L’avenir est-il à la multipropriété ?
/HV SHUVSHFWLYHV FRQFHUQDQW OH PRGqOH GH
PXOWLSURSULpWpVRQWH[WUrPHPHQWHQFRXUDJHDQWHV
3RXU PLHX[ FRPSUHQGUH O·LPSRUWDQFH FURLVVDQWH GH
OD PXOWLSURSULpWp UDSSHORQV EULqYHPHQW FH TX·HOOH
Q·HVW SDV ,O QH V·DJLW SDV G·XQH VROXWLRQPLUDFOH SRXU
OHV SHUVRQQHV Q·D\DQW SDV SX REWHQLU GH FUpGLW SRXU
XQ DFKDW HQ SOHLQH SURSULpWp RX SRXU TXLFRQTXH TXL
VRXKDLWH IXLU OHV UHVSRQVDELOLWpV OLpHV j OD SRVVHVVLRQ
G·XQELHQ,OQHV·DJLWSDVQRQSOXVG·XQHH[WHQVLRQGX
FRQFHSW GH © WLPHVKDUH ª PrPH V·LO H[LVWH XQ FHUWDLQ
QRPEUHGHVLPLOLWXGHVFRQWUDFWXHOOHV
,O V·DJLW HQ UHYDQFKH G·XQ PR\HQ SOXV LQWHOOLJHQW
G·DFTXpULU XQ ELHQ GH JUDQGH YDOHXU G·XQ V\VWqPH
TXL UHFRQQDvW O·LGpH VHORQ ODTXHOOH OHV SHUVRQQHV
D\DQWXQPRGHGHYLHLPSOLTXDQWODSRVVHVVLRQG·XQ
DYLRQ SULYp Q·HQ RQW SDV QpFHVVDLUHPHQW EHVRLQ
TXRWLGLHQQHPHQW HW G·XQ PRGqOH TXL UHFRQQDvW
pJDOHPHQW OH IDLW TX·XQ LQYHVWLVVHPHQW GDQV XQH
UpVLGHQFH GH YLOOpJLDWXUH HVW DYDQW WRXW XQ FKRL[ GH
YLHHWTX·LOQ·HVWSDVXQLTXHPHQWD[pVXUO·HVSRLUTXH
FHELHQSUHQGUDGHODYDOHXU
%LHQHQWHQGXFRPSWHWHQXGXFRQWH[WHpFRQRPLTXH
LO HVW GpVRUPDLV SOXV DWWUD\DQW G·DFTXpULU FHV
ELHQV LQWHOOLJHPPHQW TXH GH GpSHQVHU GH O·DUJHQW
LQXWLOHPHQW ,O Q·\ D WRXW VLPSOHPHQW MDPDLV HX GH
PHLOOHXU PRPHQW GH GpSHQVHU PRLQV SRXU REWHQLU
SOXV
,VWKHIXWXUHIUDFWLRQDO"
NetJets Europe ²ZZZQHWMHWVHXURSHFRP
1HW-HWV(XURSHHVWOHOHDGHUHXURSpHQGHO·DYLDWLRQG·DIIDLUHV$YHFXQHÁRWWHFRPSWDQWSOXV
GH DSSDUHLOV 1HW-HWV (XURSH H[SORLWH TXRWLGLHQQHPHQW TXDWUHIRLV SOXV G·DYLRQV TXH
VRQFRQFXUUHQWOHSOXVSURFKHHWGHVVHUWSOXVGHDpURSRUWVGDQVOHPRQGHSRXUVHV
FOLHQWV
/DQFp HQ HW VRXWHQX ÀQDQFLqUHPHQW SDU OH JURXSH %HUNVKLUH +DWKDZD\ GH :DUUHQ %XIIHWW OH FRQFHSW GH
PXOWLSURSULpWpGH1HW-HWV(XURSHFDUDFWpULVpSDUVDJUDQGHVRXSOHVVHHWVDVLPSOLFLWpV·HVWUpYpOpH[WUrPHPHQW
SRSXODLUHDXSUqVGHVKRPPHVHWIHPPHVG·DIIDLUHVHQTXrWHG·XQHPHLOOHXUHSURGXFWLYLWpHWG·XQHJHVWLRQHIÀFDFH
GHOHXUWHPSV
/·DFTXLVLWLRQG·XQHSDUWG·XQDYLRQ1HW-HWVSHUPHWDX[HQWUHSULVHVHWjOHXUVGLULJHDQWVG·DYRLUDFFqVjXQHÁRWWH
FRPSOqWHG·DSSDUHLOVSRXUXQHIUDFWLRQLQÀPHGXFR€WG·DFKDWHWGHPDLQWHQDQFHG·XQVHXODYLRQ
/D PXOWLSURSULpWp SDU VD WUDQVSDUHQFH HW VD VRXSOHVVH HVW XQH VRXUFH GH YDOHXU DMRXWpH SRXU OHV GLULJHDQWV
G·HQWUHSULVHVHWOHVSDUWLFXOLHUVTXLGRLYHQWYR\DJHUPDLVTXLQ·HIIHFWXHQWSDVVXIÀVDPPHQWG·KHXUHVGHYROSRXU
LQYHVWLUGDQVXQDYLRQHWXQpTXLSDJHSHUVRQQHOV,OV·DJLWpJDOHPHQWG·XQHVROXWLRQLGpDOHSRXUOHVHQWUHSULVHVTXL
RQWEHVRLQG·DYRLUDFFqVjSOXVLHXUVDYLRQVVLPXOWDQpPHQW
1HW-HWV(XURSHSURSRVHpJDOHPHQWVHVSURJUDPPHVGHPXOWLSURSULpWp&RUSRUDWHHW3ULYDWH-HW&DUGDX[HQWUHSULVHV
HWDX[SDUWLFXOLHUVTXLRQWDLQVLODOLEHUWpGHSURÀWHUGHVDYDQWDJHVGHO·DYLDWLRQG·DIIDLUHVHQDFKHWDQWXQQRPEUH
G·KHXUHVGHYROSDUDQVDQVREOLJDWLRQjORQJWHUPH
6HXOH[SORLWDQWSDQHXURSpHQGLVSRVDQWGHVDSURSUHÁRWWH1HW-HWV(XURSHHVWOHVHXOjSRXYRLURIIULUHQSHUPDQHQFH
XQVHUYLFHKDXWGHJDPPHGRXEOpG·XQHQJDJHPHQWLQpJDOpHQPDWLqUHGHTXDOLWpHWGHVpFXULWp/DVpFXULWpHVW
XQHSULRULWpDEVROXHSRXU1HW-HWV(XURSH1HW-HWV(XURSHHVWOHSUHPLHUH[SORLWDQWG·DYLRQVG·DIIDLUHVjDYRLUUHoX
OHFHUWLÀFDW,26$,$7$2SHUDWLRQDO6DIHW\$XGLWUpIpUHQFHPRQGLDOHHQPDWLqUHGHVpFXULWpDpULHQQHGpOLYUpHSDU
O·$VVRFLDWLRQ LQWHUQDWLRQDOH GX WUDQVSRUW DpULHQ ,$7$ 3DU DLOOHXUV 1HW-HWV (XURSH LQYHVWLW HQ SHUPDQHQFH SRXU
PDLQWHQLUVHVSURJUDPPHVGHIRUPDWLRQHWGHVpFXULWpjODSRLQWHGXVHFWHXU
The Registry Collection ²ZZZWKHUHJLVWU\FROOHFWLRQFRP
/H SURJUDPPH 7KH 5HJLVWU\ &ROOHFWLRQ HVW XQ UpVHDX PRQGLDO FRPSUHQDQW SOXV GH PHPEUHVHWTXHOTXHÀOLDOHVUpSDUWLHVVXUFRQWLQHQWV
&HSURJUDPPHSURSRVHSOXVGHELHQVLPPRELOLHUVDFFHVVLEOHVVRXVIRUPHG·pFKDQJHVRX
HQFRQVWUXFWLRQ7KH5HJLVWU\&ROOHFWLRQOHSOXVYDVWHSURJUDPPHG·pFKDQJHVGHUpVLGHQFHVGH
OX[HDXPRQGHRIIUHjVHVPHPEUHVO·DFFqVjXQUpVHDXH[FHSWLRQQHOGHUpVLGHQFHVGHYLOOpJLDWXUHGHOX[HVLWXpHV
GDQVOHVSOXVEHOOHVFRQWUpHVGHODSODQqWHDLQVLTXHGHVVHUYLFHVSHUVRQQDOLVpVGHFRQFLHUJHULHGLVSRQLEOHV
KHXUHVVXU
4X·LOV·DJLVVHGHFRSURSULpWpVK{WHOLqUHVGHFOXEVSULYpVGHUpVLGHQFHVGHOX[HRXGH\DFKWVHQPXOWLSURSULpWp
OH SURJUDPPH 7KH 5HJLVWU\ &ROOHFWLRQ IDFLOLWH OHV pFKDQJHV j WUDYHUV OH PRQGH HW UpLQYHQWH OD QRWLRQ PrPH GH
YDFDQFHVSRXUOHVSURSULpWDLUHVHWOHVSURPRWHXUV
/HSURJUDPPH7KH5HJLVWU\&ROOHFWLRQHVWSURSRVpSDU:\QGKDP([FKDQJHDQG5HQWDOVOHDGHUPRQGLDOHQPDWLqUH
G·pFKDQJHVGHUpVLGHQFHVGHORLVLUVOHDGHUHXURSpHQHQPDWLqUHGHORFDWLRQGHUpVLGHQFHVGHYLOOpJLDWXUHHWO·XQH
GHVVRFLpWpVGXJURXSH:\QGKDP:RUOGZLGH1<6(:<1
47 Park Street ²ZZZSDUNVWUHHWFRP
3DUN6WUHHW*UDQGHV5pVLGHQFHVGH0DUULRWWHVWXQFRQFHSWGHFOXEUpVLGHQWLHOQRYDWHXUGHVWLQp
jRIIULUjVHVPHPEUHVXQHDOWHUQDWLYHjODSRVVHVVLRQG·XQHUpVLGHQFHVHFRQGDLUH
/HV SHUVRQQHV VH UHQGDQW IUpTXHPPHQW j /RQGUHV RQW DLQVL j OHXU GLVSRVLWLRQ XQH UpVLGHQFH
OX[XHXVH VLWXpH j 0D\IDLU GRQW LOV SHXYHQW SURÀWHU j ORLVLU HW SRXU XQH IUDFWLRQ LQÀPH GX FR€W
G·DFKDWHQSOHLQHSURSULpWp
3DUN 6WUHHW /RQGRQ HVW XQH UpVLGHQFH GH OX[H HQ PXOWLSURSULpWp RIIUDQW GHV SUHVWDWLRQV
FRPSOqWHV
&RS\ULJKW‹1HW-HWV(XURSH

Documents pareils

activite n°2 - Cours Cannois

activite n°2 - Cours Cannois G¶HQWUHSULVH FRQFHUQH OD WDLOOH TXH GRLW DYRLU VD IRUFH GH YHQWH 3OXVLHXUV PRGqOHV SHUPHWWHQW G¶HQ GpWHUPLQHU OD WDLOOH  RQ V¶DSSXLH VRLW VXU O¶DQDO\VH PDUJLQDOLVWH VRLW...

Plus en détail

Corporate - B2See Events

Corporate - B2See Events $ÀQG·DVVXUHUGHVVHUYLFHLUUpSURFKDEOHVHQWHUPHGHUpDFWLYLWpGHTXDOLWpGH 3"42& %9& 0%& 3)($9-.649/;& ()-*& 9".?.466)(*& %2$6-*4?%+%(9& .?%$& 6%*& +%466%-"*& A)-(4*> *%-"*&%9&6.&+%466%-"%&+....

Plus en détail

Le langage en maternelle

Le langage en maternelle ƒ /LUHFRQWHVKLVWRLUHV DSSRUWLPSRUWDQWDXODQJDJH GHO¶pYRFDWLRQ ƒ $GDSWHUWH[WHjVRQSXEOLF UHIRUPXOHUDYHFOXLKLVWRLUHVHQWHQGXHV ƒ 3URSRVHUIRUPHVYDULpHVG¶XQPrPHFRQWH R 6HUHSpUH...

Plus en détail

Fortunes francaises

Fortunes francaises HVWQXOEHVRLQGHVHUXLQHU,OVXIILWPXQLGHTXHOTXHVHXURVVHXOHPHQW GHVHUHQGUHDXNLRVTXHjMRXUQDX[OHSOXVSURFKHHWG DFKHWHU&KDOOHQJHVRX&DSLWDOTXLSUHQDQWH[HPSOHVXUOHFpOqEUH FO...

Plus en détail

Wireless SmartWi

Wireless SmartWi :LUHOHVV6PDUW:L 5pFHSWLRQGHOD79FU\SWpH SDUWRXWGDQVODPDLVRQ ,PDJLQH]YRXV OH FDV VXLYDQW 9RXV DYH] XQ DERQQHPHQW SRXU XQ ERXTXHWFU\SWpHWSOXVLHXUVWpOpYLVHXUVHQGLYHUVHQGURL...

Plus en détail