Real Estate Investments in Germany Transactions and Development
The real estate market in Germany has recovered remarkably well from 2008/09 crisis. Portfolio transactions, infrastructure projects as well as investments in commercial and residential real estate are on the rise. This publication provides investors, pro
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Michael Mütze · Thomas Senff · Jutta C. Möller Editors
Real Estate Investments in Germany Transactions and Development 2nd Edition
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Editors Dr. Michael Mütze Mütze Korsch Rechtsanwaltsgesellschaft mbH Trinkausstraße 7 40213 Düsseldorf [email protected]
Dr. Jutta C. Möller BBORS Kreuznacht Rechtsanwälte Immermannstraße 40 40210 Düsseldorf [email protected]
Dr. Thomas Senff Mütze Korsch Rechtsanwaltsgesellschaft mbH Trinkausstraße 7 40213 Düsseldorf [email protected]
ISBN 978-3-642-19099-5 e-ISBN 978-3-642-19100-8 DOI 10.1007/978-3-642-19100-8 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2011944175 © Springer-Verlag Berlin Heidelberg 2007, 2012 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: eStudio Calamar S.L. Printed on acid-free paper Springer is part of Springer Science + Business Media (www.springer.com)
Preface
After the leading German economic research institutes had published their forecasts for economic growth in Germany in 2010 and 2011 last autumn, there was reason to hope that the consequences of the global financial market crisis would be overcome more quickly in Germany than expected. This hope was justified and, at the latest at the “Mipim” real estate fair in Cannes this March, it could be seen that the recovery has now also impacted on the market for real estate investments and that Germany is once again of great interest to foreign investors as a target market. These circumstances and the fact that numerous laws and statutory regulations have changed since this book appeared in 2007 were reason enough for us to publish the 2nd edition of this book as a practical guide for foreign investors. April 2011 Düsseldorf
Michael Mütze Thomas Senff Jutta C. Möller
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Preface to the First Edition
International real estate investors are shaping events on the German real estate market to an ever greater extent. The reason for the increasing interest of foreign investors in the German real estate market is primarily the property prices which are still low by international comparison and promise above-average returns. The proportion of foreign investors in the transaction volume on the German real estate market suddenly jumped to over 50% in 2
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