10:59AM BST 12 Jul 2012
Fast becoming Europe’s coolest metropolis, Germany’s new-look capital Berlin
is setting a precedent in more ways than one. Heightened real estate
activity there has spread across neighbouring states, with the former Iron
Curtain regions of Thuringia, Saxony and Saxony Anhalt all being seen as new
pockets of potential.
“Cities with a growing nucleus of ‘sunrise industries’, in innovative sectors
such as new technologies and renewable energy, are going from strength to
strength,” explains Ingo Arlt of Berlin-based estate agent GMBH.
“These medium-sized urban hubs not only have vibrant cultures and rapidly
growing labour markets; property prices also remain a good 30-40 per cent
below western German equivalents, with rent levels steadily gaining ground
attracting yield-focused investors.”
Leading European research and forecasting group FERI’s latest survey, which
ranks German cities by their economic potential, confirms this picture.
While Berlin remains a rising star, eastern hubs Potsdam and Jena are also
now faring better than West German cities such as Cologne, Hamburg and
Frankfurt.
“Cities like Dresden and Leipzig have potential for a range of investors,”
states Marco Haebold of agency City
Makler Dresden. “With finance rates around four to five per cent,
net yields of seven per cent or higher ensure a positive cash flow, plus
there’s a stable tenanted rental structure.”
Transaction costs, nevertheless, remain high compared to the UK, with 10-12
per cent as a rule of thumb to be budgeted for. The mortgage market has also
yet to fully mature, with overseas investors restricted to repayment
mortgages (typically 70 per cent LTV), which can stifle cash flow.
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