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Frankfurt am Main (DPA) – Strong economy, political stability, legal certainty: apartments and houses in Germany are investors around the world as a safe haven – much to the chagrin of tenants and real estate buyers.
In some cities of the country, the housing shortage is serious and the property becomes unaffordable for many people. But given the high prices, some big investors are turning away now, as shown by an badysis of the consulting firm PwC.
As a result, real estate investments in Germany have fallen from 3 billion to 65 billion euros in the last twelve months. Although big investors appreciate the apartments and houses in the local cities, because they put a lot of importance for the security, indicates the newspaper, which is the German press agency. "Still be BerlinFrankfurt, Hamburg and Munich are considered by many investors to be too expensive, "says Susanne Eikermann-Riepe, partner at PwC.
Interviewed by more than 800 real estate professionals, house prices are very athletic in major German cities as well as in other European cities. "Near the top", "very advanced" or "too expensive" is often their verdict.
For some investors, it was apparently too colorful. In their favor, it is no longer Germany, but Europe BritainThe island has invested 68 billion euros in real estate from the last quarter of 2017 to the end of the third quarter of this year. Germany has too few targets, and these are too expensive, says Eikermann-Riepe. "For this reason, Britain could pbad despite the next Brexit."
In recent years, American, British and Chinese investors have bought large-scale apartments and houses in German cities. According to the Association of German Banks Pfandbrief, more than one euro out of two came from foreign investors for more than ten million euros in 2017. The valuation of large investors has so weight.
The study also proves that the real estate cycle in Germany, which lasts for a decade, has now reached an advanced stage. The Bundesbank has warned repeatedly against price exaggerations in metropolitan areas. It records overvaluations of up to 30%, but not yet a national bubble.
In Germany, it is now also the 2019 planned United Kingdom and Gibraltar European Union membership referendum remarkable, shows the PwC study. In Frankfurt, which attracts many London bankers, real estate investments have increased rapidly: 8 billion euros have been invested in apartments and houses, an increase of 12.5% in one year. Thus, Frankfurt catches the Berlin volume. The two German leaders rank third in Europe, behind Paris and London.
The Helaba Landesbank expects the number of bank employees in Frankfurt to increase by at least 8,000 in the medium term. The relocation of banks to London after Brexit will help "ensure that housing prices and rents remain at least at similar rates," she said.
According to the PwC study, not only Frankfurt, but also other large German cities remain in demand, despite the skepticism caused by high housing prices. Asked about the best prospects for major European cities, surveyed professionals ranked four German cities among the top ten: Berlin (2), Frankfurt (5), Hamburg (7) and Munich (10).
Even with the expected rent increases, the authors of the study give no details. This should also lead to surcharges in Frankfurt and Hamburg, and more specifically in Berlin. The capital is considered the most lucrative in Europe. "The relationship of real estate with Berlin should continue in 2019," they said. "Everyone wants to be here and the rents are exorbitant."
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