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Development of Residential Property

In: Understanding German Real Estate Markets

Author

Listed:
  • Marcus Cieleback

    (PATRIZIA Immobilien AG)

Abstract

The German residential market has been in the focus of numerous (opportunistic) international investors in the last decade. In their view the market was undervalued offering significant potential to benefit from rising prices and a rising home-ownership rate, as Germanys was amongst the lowest in Europe. The actual development proved the business plans, based on these assumptions, wrong, as they missed out, that more or less stagnation prices and the low home-ownership rate are the result of the structural framework and the changes during the reunification process that is still not completed yet. A detailed analysis of the development of the demand and supply side reveals this, but also shows that institutional investors are only playing a subordinate role in the German housing market as private owners and investors dominate the market. As construction activity in the multi-family sector is only slowly recovering from its low, this will change slow, supporting the stable performance of the German residential sector already seen in the past.

Suggested Citation

  • Marcus Cieleback, 2012. "Development of Residential Property," Management for Professionals, in: Tobias Just & Wolfgang Maennig (ed.), Understanding German Real Estate Markets, edition 127, pages 235-251, Springer.
  • Handle: RePEc:spr:mgmchp:978-3-642-23611-2_16
    DOI: 10.1007/978-3-642-23611-2_16
    as

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