Understanding German Real Estate Markets
In this book, experts discuss how German real estate values have remained stable throughout the financial crisis, even though transaction volumes have been very volatile since 2005. Consequently, risk-averse national and international investors have start
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Tobias Just Wolfgang Maennig Editors
Understanding German Real Estate Markets Second Edition
Management for Professionals
More information about this series at http://www.springer.com/series/10101
Tobias Just • Wolfgang Maennig Editors
Understanding German Real Estate Markets
Second Edition
Editors Tobias Just International Real Estate Business School (IRE|BS) University of Regensburg Regensburg, Germany
Wolfgang Maennig University of Hamburg Hamburg, Germany
ISSN 2192-8096 ISSN 2192-810X (electronic) Management for Professionals ISBN 978-3-319-32030-4 ISBN 978-3-319-32031-1 (eBook) DOI 10.1007/978-3-319-32031-1 Library of Congress Control Number: 2016954195 # Springer International Publishing Switzerland 2017 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, 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. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer International Publishing AG Switzerland
Foreword
The German real estate markets are highly attractive to investors worldwide. With an estimated volume of over 50 billion euros in 2015, Germany represents one of the largest investment markets in the world. Many investors see the German real estate market as a “safe haven,” thanks to the stable economic outlook, the relatively low volatility of real estate yields and rents, and also thanks to the low interest rates. The German real estate industry in particular benefits from this reputation—with positive consequences for the entire German economy. The real estate industry’s gross value added increased by nearly 3 % from 2013 to 2014, compared to the total German GDP, which increased by only 1.6 % in the same period. The German real estate industry represents nearly 20 % of Germany’s GDP and provides 3.8 million jobs (10 %). For all these reasons, it is important to integrate representatives of all segments of the real estate industry, and from the entire real estate value chain in the German Property Federation (ZIA), and to work together with
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