Understanding German Real Estate Markets
Real estate is the biggest real asset class in an economy, and Germany is the biggest economy in Europe. This implies opportunities as well as specific risks for investors and policy makers. As the German real estate markets have by and large been spared
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Tobias Just Wolfgang Maennig Editors
Understanding German Real Estate Markets
Editors Tobias Just Deutsche Bank AG DB Research Taunusanlage 12 60325 Frankfurt IRE|BS Immobilienakademie at the University of Regensburg Germany [email protected]
Wolfgang Maennig Von-Melle-Park 5 20146 Hamburg University of Hamburg Department of Economics Germany [email protected]
ISBN 978-3-642-23610-5 e-ISBN 978-3-642-23611-2 DOI 10.1007/978-3-642-23611-2 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2011939487 # Springer-Verlag Berlin Heidelberg 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. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Foreword
The German economy is the largest economy in Europe and ranks fourth in the world. Property values in Germany reflect that importance: the net fixed assets currently amount to approximately 8 trillion euros, of which approximately 60% is residential property, 25% is commercial and 15% is public real estate and infrastructural construction. This market size ensures liquidity, market access and relevance to investors, analysts and university graduates. I am convinced that international investors, project developers, financial auditors, bankers, lawyers, tax experts and, last but not least, scientists find it exciting to study German real estate markets, as they are unique in some respects and have changed considerably during the last two decades. At the forefront of this change was the German reunification, which led to investments of trillions of euros. Within 10 years, the real estate markets in the New La¨nder (Eastern Germany) were integrated into the free market economy system of the Old La¨nder (Western Germany). This rather difficult integration process is continuing and will have an impact on future developments, e.g., the ongoing decline of the number of residents in Eastern Germany. The experiences gained from the changes in the German real estate sector are of interest to regions in Europe and throughout the world that will be facing similar demographic problems in the next few decades. It is important to point out that the property markets in Germany were able to escape the problems
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