[PDF] Ongoing Catch Up Potential For German Real Estate Returns eBook

Author : Daniel Piazolo
Publisher :
Page : 10 pages
File Size : 41,94 MB
Release : 2017
Category :
ISBN :

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Germany has attracted substantial real estate investments from abroad within the last years. Furthermore, German investors have also invested again a higher percentage of their capital earmarked for real estate at home. Therefore it has to be examined whether the German real estate returns have justified the investments. The answer is twofold: Yes and No. Yes, investments in German property have earned higher returns compared to other countries in some years. No, looking at the average return for almost two decades, the German market has not turned out to be a good investment. Compared to returns in other markets, German returns have been low. Yet they have proven to be less volatile in comparison to other markets. Consequently, one can argue that there is less risk involved at an investment within Germany - relative to other real estate markets. However, the investor has to consider that the German market is very diverse across sectors and across regions. To judge and benefit from regional developments and opportunities, investors are well advised to research the local markets rigorously. Overall, there are good arguments for the view of a still highly attractive German real estate markets - compared to other asset classes and compared to other countries.

Author : Tobias Just
Publisher : Springer
Page : 496 pages
File Size : 48,98 MB
Release : 2016-10-06
Category : Business & Economics
ISBN : 3319320319

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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 started to invest in virtually all German real estate asset classes. This book tries to answer what has made the German real estate markets more resilient to shocks than many European real estate markets by analyzing the economic, regulatory and demographic environment. In 30 well-structured chapters, experts from both the academic and professional world analyze structural and current issues of German real estate markets. Readers will get a deep understanding of what makes the German real estate market special and where potential opportunities and threats in Europe’s largest real estate market exist.

Author : Tobias Just
Publisher : Springer Science & Business Media
Page : 409 pages
File Size : 41,4 MB
Release : 2012-01-03
Category : Business & Economics
ISBN : 3642236111

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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 severe disruptions in the course of the economic crisis, many questions arise for investors and academics alike. What are the key institutional characteristics of the German real estate markets that make it different? What are the short and long-term drivers of demand and supply? Which regional and functional market segments are most likely to outperform in the next few years? What are the most important pitfalls for investors in Germany? This book gives answers to these and many more questions. The editors have invited a broad range of extensively knowledgeable practitioners and academics from across the relevant real estate spectrum, i.e. economic, legal, tax, planning and financing issues, to express their views. There is no better English publication that gives such a profound and simultaneously entertaining overview of Germany’s real estate markets.

Author : Florian Hackelberg
Publisher : Haufe-Lexware
Page : 423 pages
File Size : 10,96 MB
Release : 2021-02-02
Category : Business & Economics
ISBN : 3648146580

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Investing in one of the most promising real estate markets in Europe offers enormous opportunities. And as with every real estate market, in Germany too, the local framework conditions must be understood and their particularities must be adequately taken into account. The authors are renowned senior executives, real estate advisors and academics, who share here their extensive experience and real life insights from countless real estate investments, covering all aspects of a successful investment process in Germany. Includes: markets, the regulatory framework and investment guidelines. Contents: - Essentials for successful real estate investments in Germany - Macro-economic structure and dynamics of the German real estate market - Real estate investment, trends and strategies - Diverse submarkets: residential, offices, retail, hotel and nursing homes - Real estate legal, tax and audit frameworks - German REITS and ESG in real estate investments - Real estate M&A, financing, due diligence and valuations

Author : Florian Hackelberg
Publisher : Haufe-Lexware
Page : 382 pages
File Size : 26,78 MB
Release : 2021-02-03
Category : Business & Economics
ISBN : 3648146599

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Investing in one of the most promising real estate markets in Europe offers enormous opportunities. And as with every real estate market, in Germany too, the local framework conditions must be understood and their particularities must be adequately taken into account. The authors are renowned senior executives, real estate advisors and academics, who share here their extensive experience and real life insights from countless real estate investments, covering all aspects of a successful investment process in Germany. Includes: markets, the regulatory framework and investment guidelines. Contents: - Essentials for successful real estate investments in Germany - Macro-economic structure and dynamics of the German real estate market - Real estate investment, trends and strategies - Diverse submarkets: residential, offices, retail, hotel and nursing homes - Real estate legal, tax and audit frameworks - German REITS and ESG in real estate investments - Real estate M&A, financing, due diligence and valuations

Author : Valonita Berisha
Publisher : GRIN Verlag
Page : 58 pages
File Size : 23,32 MB
Release : 2020-03-02
Category : Business & Economics
ISBN : 3346123200

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Bachelor Thesis from the year 2019 in the subject Economics - Macro-economics, general, grade: 1,7, University of Applied Sciences Frankfurt am Main, language: English, abstract: The main question which results through the theme is: “Are German real estates overvalued or can the development on the market be explained by macro-economic factors?” To be able to answer this question it is necessary to firstly define what a bubble is and further analyze general criteria which can lead to it. After that an analyzation of possible indicators which are linked to the two largest housing bubbles: the The Subprime Crisis in in the USA of the former decade and the housing bubble in Japan in the middle of the 90s will be done and a comparison of those crises will be given. Based on those findings the development of the current real estate situation of Germany and an overall evaluation of possible legal and political instruments which are supposed to protect from a pricing bubble will be done. The findings are based on literature review and include an empirical part with expert interviews when it comes to the risk of having a housing bubble specifically in Germany.

Author : Michael Stein
Publisher :
Page : 35 pages
File Size : 35,75 MB
Release : 2013
Category :
ISBN :

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Since 2008, the German open-ended real estate fund (GOEREF) industry has experienced a critical phase of suspensions of redemption of fund shares, announced fund terminations and, eventually, introduction of a new regulation. With assets under management of over EUR 80 billion, GOEREFs are the dominant indirect real estate investment vehicle in Germany. Thus, it is extremely important to study the effects of this crisis on the risk and return characteristics of the respective funds. Both net asset values (NAVs) and potential secondary market prices of the shares of funds with suspended redemptions are used. The resulting total return patterns are analysed on an index basis for fund groups that best represent the most important investor groups for GOEREFs. Groups that comprised a higher number of funds with suspended redemptions were considerably worse off and less attractive in an asset allocation context than the others given the often much lower secondary market prices. However, changes in return and risk must also be considered in terms of NAVs. The fund group comprising co-operative savings banks' funds was virtually unaffected by the liquidity crisis and continued to be deliver stable and non-volatile returns, while the other fund groups exhibited a clear shift in their respective return profiles.

Author : Michael Mütze
Publisher : Springer Science & Business Media
Page : 353 pages
File Size : 48,83 MB
Release : 2012-01-05
Category : Law
ISBN : 3642191002

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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, property developers and advisers with a practical guideline to the legal, tax and commercial framework for real estate investments in Germany.

Author : Michael Mütze
Publisher : Springer Science & Business Media
Page : 376 pages
File Size : 19,22 MB
Release : 2008-09-10
Category : Law
ISBN : 3540721789

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The German real estate market is in motion. Single real estates as well as parts of real estate portfolios are still projected and brought to the market to a great extent. In addition, the ownerships of big real estate portfolios are changing. In the light of this situation, this book guides foreign investors and project developers through the legal, tax and economical requirements for real estate investments in Germany in a practical manner.

Author : Christopher Yvo Oertel
Publisher : Springer
Page : 121 pages
File Size : 21,80 MB
Release : 2015-11-17
Category : Business & Economics
ISBN : 365811553X

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Christopher Oertel studies the impact of public policy measures on the German real estate market and confirms the assumptions, which imply that a city can influence its economic position in relation to nearby cities in the short run by making use of this tax instrument. His analyses begin with an examination of the German residential real estate market from a consumption good perspective. The findings indicate that the home-ownership allowance had a distorting effect by capitalizing into residential real estate prices, although at lower than expected rates. Then the author studies the German residential real estate market from an investment good perspective. Investigating an important amendment of the German tenancy legislation, there is a positive, yet insignificant relationship between the tenancy law reform act and the development of the cap rate. The analysis is completed by focussing on the German office market and investigating how its rental levels and gross purchase prices are affected by changes in the municipal trade tax multiplier.