http://www.theglobeandmail.com/report-on-business/germans-invest-their-wealth-into-property/article4256340/
Looking for the ideal shelter from the euro zone crisis? Germans think they know where to find it: a thatched beachfront house on the North Sea island of Sylt.
The most coveted streets on the 100 square kilometre island have emerged as Germany’s most expensive addresses, in a survey of luxury property that reveals how the frantic search for safe investments by the country’s wealthiest people has fuelled dramatic price rises at the top end of the housing market.
Dismal returns from many assets during the financial crisis, and growing doubts over promises by politicians and central bankers to maintain the euro as a cast-iron store of value, are pushing many more of Germany's 800,000-odd millionaires to protect their wealth by buying property, according to a report by Engel & Völkers, a German property agency.
“People have had terrible experiences with other investments - mutual funds or shares. They want something tangible,” said Kai Enders, Engel & Völkers’ board member for residential property. “Prices are rising faster at the luxury end than in the rest of the market. People perceive that the better the location is, the safer the investment is.”
Prices for waterfront properties in Hamburg, the Bavarian Alps and other beach resorts have risen up to 60 per cent in the past three years. Prices in big cities such as Berlin and Munich are also rising quickly: Berlin, where top properties rarely fetched more than €5,000 per square metre before the financial crisis, now has property developments selling for up to €15,000 per sq m, according to the report.
The incipient boom contrasts with the situation in Germany before the financial crisis, when property prices barely budged even as bubbles developed in many other countries including the U.S., U.K. and Spain.
Apart from Berlin, where Mr. Enders says a few Spanish and Greek residents are buying property to try to protect their wealth amid fears of a possible euro zone exit, the German housing market is largely driven by domestic money. Sylt, where prices have reached €35,000 per sq m, has long been a playground for the German elite but is barely known outside the country.
With the Germany economy outperforming the rest of the euro zone, interest in buying property is unlikely to abate. The Bundesbank on Tuesday raised its forecast for economic growth this year and said the upturn should continue in 2013, with another decline in an unemployment rate that is already at a post-reunification low.
German property prices have a long way to go before they reach levels seen in the spots most favoured by the world’s wealthiest. Prices in Sylt, for example, are less than half those at the top of the London market.
“There is still a great deal of upward scope if one considers top locations abroad - be it in New York, London or Paris, the Côte d’Azur, on the upmarket ski resorts of the Alps,” Mr. Enders said.
Frankfurt — Financial Times
Published
在100平方公里長的島嶼上的最令人垂涎??的街道已經出現了德國昂貴的豪宅的調查，揭示了如何在該國最富有的人的安全投資，上升高端的住房市場。 在金融危機期間，越來越大的政治家和央行行長承諾，是推動許多德國的百萬富翁更多保護自己的財富, 通過購買物業, 根據一家德國物業代理恩格爾的報告。
“人們有不好的經歷，尤其其他投資 - 共同基金或股票。 他們想要的有形的東西，說：“啟恩德斯，恩格爾”住宅物業的董事會成員。 “豪宅價格上升較快，比其餘的市場。 人們感知位置，更好，更安全的投資。“
在漢堡的海濱物業的價格，巴伐利亞阿爾卑斯山和其他 的海灘度假勝地已上升到60％，在過去三年。 在柏林和慕尼黑等大城市的價格也迅速上升：柏林，超過2008前的每平方米超過€5,000，現柏林最好的物業，高達每平方米15000歐元，根據報告。
德國地產初期的繁榮對比在金融危機之前，樓價幾乎上升，但在其他許多國家，包括美國，英國和西班牙的發展物業氣泡繁榮，現在都破了。
不單在柏林，恩德斯說，一些西班牙和希臘居民購買物業中的一個可能的歐元區出口的擔憂，設法保護自己的財富，德國的住房市場主要是由國內支持。
隨著德國經濟表現優於其他歐元區，在購買房產的興趣是不可能減少。 上週二央行上調今年對經濟增長的預測，並說好轉，應繼續與另一個已經是在回歸後低失業率的下降，在2013年。
“人們有不好的經歷，尤其其他投資 - 共同基金或股票。 他們想要的有形的東西，說：“啟恩德斯，恩格爾”住宅物業的董事會成員。 “豪宅價格上升較快，比其餘的市場。 人們感知位置，更好，更安全的投資。“
在漢堡的海濱物業的價格，巴伐利亞阿爾卑斯山和其他 的海灘度假勝地已上升到60％，在過去三年。 在柏林和慕尼黑等大城市的價格也迅速上升：柏林，超過2008前的每平方米超過€5,000，現柏林最好的物業，高達每平方米15000歐元，根據報告。
德國地產初期的繁榮對比在金融危機之前，樓價幾乎上升，但在其他許多國家，包括美國，英國和西班牙的發展物業氣泡繁榮，現在都破了。
不單在柏林，恩德斯說，一些西班牙和希臘居民購買物業中的一個可能的歐元區出口的擔憂，設法保護自己的財富，德國的住房市場主要是由國內支持。
隨著德國經濟表現優於其他歐元區，在購買房產的興趣是不可能減少。 上週二央行上調今年對經濟增長的預測，並說好轉，應繼續與另一個已經是在回歸後低失業率的下降，在2013年。
Looking for the ideal shelter from the euro zone crisis? Germans think they know where to find it: a thatched beachfront house on the North Sea island of Sylt.
The most coveted streets on the 100 square kilometre island have emerged as Germany’s most expensive addresses, in a survey of luxury property that reveals how the frantic search for safe investments by the country’s wealthiest people has fuelled dramatic price rises at the top end of the housing market.
Dismal returns from many assets during the financial crisis, and growing doubts over promises by politicians and central bankers to maintain the euro as a cast-iron store of value, are pushing many more of Germany's 800,000-odd millionaires to protect their wealth by buying property, according to a report by Engel & Völkers, a German property agency.
“People have had terrible experiences with other investments - mutual funds or shares. They want something tangible,” said Kai Enders, Engel & Völkers’ board member for residential property. “Prices are rising faster at the luxury end than in the rest of the market. People perceive that the better the location is, the safer the investment is.”
Prices for waterfront properties in Hamburg, the Bavarian Alps and other beach resorts have risen up to 60 per cent in the past three years. Prices in big cities such as Berlin and Munich are also rising quickly: Berlin, where top properties rarely fetched more than €5,000 per square metre before the financial crisis, now has property developments selling for up to €15,000 per sq m, according to the report.
The incipient boom contrasts with the situation in Germany before the financial crisis, when property prices barely budged even as bubbles developed in many other countries including the U.S., U.K. and Spain.
Apart from Berlin, where Mr. Enders says a few Spanish and Greek residents are buying property to try to protect their wealth amid fears of a possible euro zone exit, the German housing market is largely driven by domestic money. Sylt, where prices have reached €35,000 per sq m, has long been a playground for the German elite but is barely known outside the country.
With the Germany economy outperforming the rest of the euro zone, interest in buying property is unlikely to abate. The Bundesbank on Tuesday raised its forecast for economic growth this year and said the upturn should continue in 2013, with another decline in an unemployment rate that is already at a post-reunification low.
German property prices have a long way to go before they reach levels seen in the spots most favoured by the world’s wealthiest. Prices in Sylt, for example, are less than half those at the top of the London market.
“There is still a great deal of upward scope if one considers top locations abroad - be it in New York, London or Paris, the Côte d’Azur, on the upmarket ski resorts of the Alps,” Mr. Enders said.
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