{"id":1683,"date":"2015-09-10T08:31:00","date_gmt":"2015-09-10T08:31:00","guid":{"rendered":""},"modified":"2022-08-08T09:34:49","modified_gmt":"2022-08-08T09:34:49","slug":"rentabilidad-de-las-promociones-en","status":"publish","type":"post","link":"https:\/\/prayde.com\/empresa\/rentabilidad-de-las-promociones-en\/","title":{"rendered":"RENTABILIDAD DE LAS PROMOCIONES EN ALQUILER"},"content":{"rendered":"<p><!--[if gte mso 9]><xml>\n <o:DocumentProperties>\n  <o:Version>12.00<\/o:Version>\n <\/o:DocumentProperties>\n<\/xml><![endif]--><br \/>\n<!--[if gte mso 9]><xml>\n <w:WordDocument>\n  <w:View>Normal<\/w:View>\n  <w:Zoom>0<\/w:Zoom>\n  <w:TrackMoves\/>\n  <w:TrackFormatting\/>\n  <w:HyphenationZone>21<\/w:HyphenationZone>\n  <w:PunctuationKerning\/>\n  <w:ValidateAgainstSchemas\/>\n  <w:SaveIfXMLInvalid>false<\/w:SaveIfXMLInvalid>\n  <w:IgnoreMixedContent>false<\/w:IgnoreMixedContent>\n  <w:AlwaysShowPlaceholderText>false<\/w:AlwaysShowPlaceholderText>\n  <w:DoNotPromoteQF\/>\n  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mso-tstyle-colband-size:0;\n mso-style-noshow:yes;\n mso-style-priority:99;\n mso-style-qformat:yes;\n mso-style-parent:\"\";\n mso-padding-alt:0cm 5.4pt 0cm 5.4pt;\n mso-para-margin:0cm;\n mso-para-margin-bottom:.0001pt;\n mso-pagination:widow-orphan;\n font-size:10.0pt;\n font-family:\"Calibri\",\"sans-serif\";}\n<\/style>\n\n\n<![endif]--><\/p>\n<p><\/p>\n<h2 style=\"text-align: justify;\">\nPara calcular la rentabilidad de<br \/>\nuna promoci\u00f3n inmobiliaria en alquiler,&nbsp;<\/h2>\n<div style=\"text-align: justify;\">\nla formula mas usada tiene su origen en<br \/>\nel concepto de <b style=\"mso-bidi-font-weight: normal;\">renta perpetua, <\/b>de la<br \/>\nmatem\u00e1tica financiera, y tiene una sencilla formula de aplicaci\u00f3n:<\/div>\n<table border=\"1\" cellpadding=\"0\" cellspacing=\"0\" class=\"MsoNormalTable\" style=\"border-collapse: collapse; border: none; margin-left: 55.05pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;\">\n<tbody>\n<tr style=\"height: 51.6pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;\">\n<td style=\"border: solid windowtext 1.0pt; height: 51.6pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 203.75pt;\" valign=\"top\" width=\"272\">\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><span style=\"mso-spacerun: yes;\">&nbsp;<\/span>Renta Total Mensual x 12 x 100<\/b><\/div>\n<div style=\"margin-bottom: 0.0001pt; text-align: left;\">\n<b style=\"mso-bidi-font-weight: normal;\">Rp = <span style=\"mso-spacerun: yes;\">&nbsp;&nbsp; &nbsp; <\/span>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;-<\/b><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;<\/span><span style=\"mso-spacerun: yes;\">&nbsp;<\/span>Coste Total del Edificio<\/b><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\n<\/p>\n<div class=\"separator\" style=\"clear: both; text-align: center;\">\n<a href=\"https:\/\/1.bp.blogspot.com\/-qFSpHpy7UjI\/Xnx4D3YyBII\/AAAAAAAAAek\/3U6DHbdymTYVPkayRvTRJXXfKY93oTTegCLcBGAsYHQ\/s1600\/AlquilerViabilidad.jpg\" imageanchor=\"1\" style=\"margin-left: 1em; margin-right: 1em;\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" data-original-height=\"400\" data-original-width=\"374\" height=\"320\" src=\"https:\/\/1.bp.blogspot.com\/-qFSpHpy7UjI\/Xnx4D3YyBII\/AAAAAAAAAek\/3U6DHbdymTYVPkayRvTRJXXfKY93oTTegCLcBGAsYHQ\/s320\/AlquilerViabilidad.jpg\" width=\"299\" \/><\/a><\/div>\n<p>\nEs decir, hay que suponer que<br \/>\ncada ejercicio se obtiene una renta mensual total por el alquiler del edificio<br \/>\nque se multiplica por 1.200 y se divide por el coste total del edificio.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\">La hip\u00f3tesis principal es que dicha renta se mantiene constante<br \/>\nindefinidamente<\/b>, pero <b style=\"mso-bidi-font-weight: normal;\">subyacen<br \/>\ntambi\u00e9n otras hip\u00f3tesis<\/b> como las siguientes:<\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; tab-stops: list 54.0pt; text-align: justify; text-indent: -36.0pt;\">\n<span style=\"mso-bidi-font-family: Calibri;\"><span style=\"mso-list: Ignore;\">a)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/span>Desde el principio la ocupaci\u00f3n del edificio es<br \/>\ntotal, no existen periodos de desocupaci\u00f3n.<\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; tab-stops: list 54.0pt; text-align: justify; text-indent: -36.0pt;\">\n<span style=\"mso-bidi-font-family: Calibri;\"><span style=\"mso-list: Ignore;\">b)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span>No existe valor final del inmueble, ni del solar<br \/>\nni del edificio<\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; tab-stops: list 54.0pt; text-align: justify; text-indent: -36.0pt;\">\n<span style=\"mso-bidi-font-family: Calibri;\"><span style=\"mso-list: Ignore;\">c)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span>No existe IPC que incremente las rentas.<\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; tab-stops: list 54.0pt; text-align: justify; text-indent: -36.0pt;\">\n<span style=\"mso-bidi-font-family: Calibri;\"><span style=\"mso-list: Ignore;\">d)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span>No existen gastos de mantenimiento del inmueble<br \/>\nni de administraci\u00f3n del negocio.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nTodas estas se convierten en<br \/>\ncooperadoras necesarias para <b style=\"mso-bidi-font-weight: normal;\">considerar<br \/>\nque la formula solo es aproximada,<\/b> aunque alguna de ellas, como por ejemplo<br \/>\nla \u00faltima, se puede incorporar a la formula sin apenas dificultada restando de las<br \/>\nrentas esperadas los gastos de explotaci\u00f3n del negocio, incluso los impuestos,<br \/>\netc.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nSin embargo la formula se utiliza<br \/>\nsin ninguna de estas modificaciones posibles y, en consecuencia <b style=\"mso-bidi-font-weight: normal;\">tiene tres ventajas<\/b>:<\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l1 level1 lfo2; tab-stops: list 54.0pt; text-align: justify; text-indent: -36.0pt;\">\n<span style=\"mso-bidi-font-family: Calibri;\"><span style=\"mso-list: Ignore;\">a)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span>Es muy sencilla<\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l1 level1 lfo2; tab-stops: list 54.0pt; text-align: justify; text-indent: -36.0pt;\">\n<span style=\"mso-bidi-font-family: Calibri;\"><span style=\"mso-list: Ignore;\">b)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span>Es muy comparable en el mercado inmobiliario por<br \/>\nsu uso generalizado.<\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l1 level1 lfo2; tab-stops: list 54.0pt; text-align: justify; text-indent: -36.0pt;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span style=\"mso-bidi-font-family: Calibri;\"><span style=\"mso-list: Ignore;\">c)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span><\/b>Sirve f\u00e1cilmente para medir el riesgo de la<br \/>\ninversi\u00f3n en alquiler frente a otras inversiones alternativas como la renta<br \/>\nfija o el mercado de acciones cotizadas en bolsa.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<h3 style=\"text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\">UNA FORMULA DE RENTABILIDAD DIN\u00c1MICA<\/b><\/h3>\n<div style=\"text-align: justify;\">\nOtra f\u00f3rmula que, evidentemente<br \/>\nse utiliza con menos profusi\u00f3n, es utilizar los <b style=\"mso-bidi-font-weight: normal;\">conceptos de rentabilidad din\u00e1mica y, en concreto el c\u00e1lculo del TIR.<\/b><\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nRecordemos que el m\u00e9todo consiste<br \/>\nen <b style=\"mso-bidi-font-weight: normal;\">suponer los flujos de caja esperados<br \/>\nde las dos fases de la promoci\u00f3n: la fase de construcci\u00f3n y la fase de<br \/>\nexplotaci\u00f3n del negocio de alquiler.<\/b><\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nEvidentemente, <b style=\"mso-bidi-font-weight: normal;\">en la primera fase no tendremos ning\u00fan<br \/>\ningreso<\/b> y. tampoco consideraremos en los flujos de caja la financiaci\u00f3n de<br \/>\nrecursos propios y ajenos y el coste de la utilizaci\u00f3n de estos recursos,<br \/>\nmientras que <b style=\"mso-bidi-font-weight: normal;\">en la segunda fase se<br \/>\nobtendr\u00e1n ingresos peri\u00f3dicos debidos a las rentas de alquiler obtenidos y como<br \/>\npagos se consideraran los de mantenimiento y explotaci\u00f3n, sin considerar los<br \/>\nintereses de deudas ni la amortizaci\u00f3n del edificio<\/b>.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nCon este m\u00e9todo se logra <b style=\"mso-bidi-font-weight: normal;\">reproducir la realidad de los ingresos<br \/>\nsometidos a IPC, as\u00ed como simular de la forma que estimemos conveniente la<br \/>\nocupaci\u00f3n inicial del edificio y sus posibles desocupaciones parciales.<\/b><\/div>\n<div style=\"text-align: justify;\">\nEn el c\u00e1lculo del, TIR hay que<br \/>\nrealizar, adem\u00e1s de los supuestos anteriores, los tres siguientes:<\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo3; tab-stops: list 54.0pt; text-align: justify; text-indent: -36.0pt;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span style=\"mso-bidi-font-family: Calibri;\"><span style=\"mso-list: Ignore;\">a)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span><\/b><b style=\"mso-bidi-font-weight: normal;\">Hasta<br \/>\nque periodo final se extiende el an\u00e1lisis<\/b><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo3; tab-stops: list 54.0pt; text-align: justify; text-indent: -36.0pt;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span style=\"mso-bidi-font-family: Calibri;\"><span style=\"mso-list: Ignore;\">b)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span><\/b><b style=\"mso-bidi-font-weight: normal;\">Cual<br \/>\nes el valor residual del edificio en dicho periodo final.<\/b><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo3; tab-stops: list 54.0pt; text-align: justify; text-indent: -36.0pt;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span style=\"mso-bidi-font-family: Calibri;\"><span style=\"mso-list: Ignore;\">c)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span><\/b><b style=\"mso-bidi-font-weight: normal;\">Que<br \/>\nIPC vamos a suponer para el periodo de c\u00e1lculo.<\/b><\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\">En estos par\u00e1metros no se ponen de acuerdo los analistas<\/b> y, por<br \/>\nejemplo, en el caso del primer par\u00e1metro, <b style=\"mso-bidi-font-weight: normal;\">periodo<br \/>\nde estudio<\/b>, <span style=\"mso-spacerun: yes;\">&nbsp;<\/span>los suponen igual al<br \/>\nplazo de amortizaci\u00f3n del cr\u00e9dito hipotecario que se hubiera concedido para la<br \/>\nconstrucci\u00f3n y que, posteriormente, se regulariza en el periodo de explotaci\u00f3n<br \/>\ndel negocio. Otros lo establecen en un periodo fijo de 10 \u2013 15 a\u00f1os y, por<br \/>\nultimo algunos lo hacen coincidir <b style=\"mso-bidi-font-weight: normal;\">con el<br \/>\nplazo de recuperaci\u00f3n de la inversi\u00f3n<\/b>, es decir si el periodo considerado<br \/>\nson a\u00f1os:<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.55pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;\">\n<span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><b style=\"mso-bidi-font-weight: normal;\">Coste del edificio<\/b><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.55pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\">N = <span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;<\/span>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/b><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.55pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span>Renta inicial anual<\/b><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nEn cuanto al <b style=\"mso-bidi-font-weight: normal;\">valor residual<\/b>, l\u00f3gicamente depender\u00e1 del plazo que se considere<br \/>\npara el an\u00e1lisis del TIR y, si <b style=\"mso-bidi-font-weight: normal;\">este plazo<br \/>\nes muy amplio se suele considerar el edificio con valor cero<\/b>, considerando<br \/>\nsolo como <b style=\"mso-bidi-font-weight: normal;\">valor residual, el del solar,<\/b><br \/>\npara el que algunos utilizan su precio de adquisici\u00f3n actualizado por el IPC.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nEl c\u00e1lculo de esta rentabilidad<br \/>\ndin\u00e1mica, ya no es tan simple como en el caso primero y requiere herramientas<br \/>\nmatem\u00e1ticas y manejo de hoja de calculo<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\">El programa Gestinmo de An\u00e1lisis de Viabilidad, en su modulo de<br \/>\nalquiler, desarrolla estas herramientas y permite calcular la TIR de la<br \/>\noperaci\u00f3n e, igualmente, la rentabilidad del accionista<\/b><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Para calcular la rentabilidad de una promoci\u00f3n inmobiliaria en alquiler,&nbsp; la formula mas usada tiene su origen en el concepto de renta perpetua, de la matem\u00e1tica financiera, y tiene una\u2026 <a class=\"continue-reading-link\" href=\"https:\/\/prayde.com\/empresa\/rentabilidad-de-las-promociones-en\/\">Continue leyendo<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[26,42,23,15],"class_list":["post-1683","post","type-post","status-publish","format-standard","hentry","category-sin-categoria","tag-alquiler","tag-analisis","tag-costes-y-riesgos","tag-gestinmo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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