Development of Residential Property

Marcus Cieleback ()
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Marcus Cieleback: PATRIZIA Immobilien AG

A chapter in Understanding German Real Estate Markets, 2017, pp 353-369 from Springer

Abstract: 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 Germany’s was amongst the lowest in Europe. The actual development proved the business plans, based on these assumptions, by and large wrong. The investors missed out, that more or less stagnating prices and the low home-ownership rate are the result of the structural framework. 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 recovering from its low, the importance of institutional investors is increasing, supporting the stable performance of the German residential sector already seen in the past.

Keywords: House prices; Housing completions; Rental market; Home ownership (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:mgmchp:978-3-319-32031-1_23

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DOI: 10.1007/978-3-319-32031-1_23

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