2012年6月11日 星期一
柏林分區一覽
也許，柏林是德國最國際化最具魅力的城市。覆蓋近 341 平方英里的柏林，你會發現它具有獨特的景觀。因為許多公園、 湖泊和與林區的存在，叫人有時很容易忘記柏林就是德國的首都。許多年來，因為這座城市獨特的歷史，吸引來自世界各地的遊客。據估計近 80%的柏林被毀在第二次世界大戰期間。柏林的最著名的地標之一，或許就是已倒塌的柏林牆，在1961 年至 1989 年之間美國蘇聯冷戰使這座偉大城市分成兩半。即使是現在，十多年來，在柏林牆倒塌後東西柏林之間的差異是仍是可見的。
柏林是德國最大的城市，有大約 3,500,000 居民。城市由十二個不同的地區組成，這些不同地區的每個人都有自己的個人魅力。各區在下文詳細介紹。
Mitte中央大區
勃蘭登堡大門是柏林的最著名的標誌性象徵。Unter Den Linden菩提樹下大道，是柏林最著名的大道，從這裡通向 Schlossbrücke 橋和每個沿著它建築物都有它自己的故事。洪堡大學、 國家歌劇院、皇家槍械庫和王儲宮是其最著名的景點中的幾個。氣勢宏偉的古典建築 — 柏林博物館島建築群已被指定為聯合國教科文組織世界文化遺產。令人印象深刻的高樓層建築仍然是集中在東柏林，由 365 米高的電視塔主導的區域中心。優雅的弗雷德里克街有大量名店，高檔商場，是購物和流覽的最好地方。個性設計師商店、 別致的雞尾酒酒吧、 波希米亞的庭院使人群一起在 Hackesche Höfe集中。
重建的 Nikolaiviertel小區保留了 18 世紀的小鎮的魅力。Gendarmenmarkt廣場與它的音樂廳，由 Schinkel 設計，並認為是在歐洲和德國最美麗的廣場之。其他和法國大教堂，靠近突出的圓頂建築 聖海德大教堂。波茨坦廣場在柏林的核心區橫跨中央和和泰爾花園區。 中央區就是柏林的CBD德國首都的心臟地帶。這是你投資德柏林房產市場很好的選擇。
Kreuzberg克羅伊茨貝格區
近年來，Kreuzberg克羅伊茨貝格 已經成為流行時尚領域，但沒有失去其波希米亞小資的感覺。Kreuzberg克羅伊茨貝格 的多元文化生活是因為柏林是一個不同民族的大熔爐。柏林牆倒下時, 該地區突然發現自己與重新統一的柏林市中心位置很靠近，帶來時尚餐館和酒吧大量開設。因其離中央區最近，地價長期看漲。這是你投資柏林房產市場很好的選 擇。
Prenzlauer Berg般斯來堡區
在 19 世紀，Prenzlauer Berg般斯來堡是傳統的工薪階層區，大部份建築群為五層高出租公寓大樓。東德政權衰落時，成為自由運動的焦點地區。1989 年柏林牆倒下時，市民在其教堂舉行眾多抗議示威集及和平守夜。近年來，般斯來堡已代替Kreuzberg克羅伊茨貝格作為自由主義中心。 Schönhauser Allee尚豪斯大道是其主要通道和購物街，水塔周圍地區是漫步和放鬆的地方。最近已成為最受歡迎的新興小區。這是你投資德國柏林房產市場很好的選擇。
Charlottenburg夏洛滕堡區
夏洛滕堡區位于柏林市西高級購物區最有名的Kurfürstendamm候選帝大街北面，在柏林被分割的年代，已是西方發達國家地區主要購物區。夏洛滕堡 區有許多著名的地標，或許最知名的就是夏洛滕堡皇宮，由蘇菲.夏洛特皇后 於1695 建成。柏林的這一部分也是一些品味書店、 酒吧和餐館的集中地，主要是圍繞 Savignyplatz一帶，是老傳統富人區。離市中心很近。這是你投資柏林房地產市場很好的選擇。
柏林房地產與其他德國及歐洲城市比較
目前德國柏林地產價格比慕尼黑的低近四成40%，與其他國際城市比較後你將會發現柏林房地產，真的是一種很好的投資。柏林全新豪華房，在CBD中央黃金地點，很好的位置，每平米約售2600 歐元/m2 。比較這個與倫敦、 都柏林或巴黎中央地點新房的每平米售價超過10000 歐元/m2，在倫敦的Mayfair, Saint James 頂尖地區甚至超過三萬30000歐元每平米。現在你可以看到柏林房產的投資潛力。德國柏林房地產價格甚至低於布達佩斯、 華沙和布拉格等東歐新興國家城市。現在只有12%的柏林居民擁有他們的房子，這代表將有充足供應的租戶支付你的柏林房子租金。整體德國人有43%是買房子的，這代表在柏林將會買房的人多的是。
德柏林像一個剛睡醒的巨人，快要重振以前的領導地位。旅客從 2004 年到現在增加很多。近年來又加建大量的豪華酒店客房。英國旅客僅在 2006 年已上升 22%。新柏林國際機場目前正在施工，將在2012 年7 月全面運作，好事陸續有來。
德國柏林已回世界舞台前列，現在就是絕好機會，投資柏林房產物業，將會有很好回報。
德柏林像一個剛睡醒的巨人，快要重振以前的領導地位。旅客從 2004 年到現在增加很多。近年來又加建大量的豪華酒店客房。英國旅客僅在 2006 年已上升 22%。新柏林國際機場目前正在施工，將在2012 年7 月全面運作，好事陸續有來。
德國柏林已回世界舞台前列，現在就是絕好機會，投資柏林房產物業，將會有很好回報。
TP基金在歐洲尋找物業投資 (尤其倫敦及柏林) TR Property goes bargain hunting in battered Europe
http://citywire.co.uk/money/tr-property-goes-bargain-hunting-in-battered-europe/a594803
High volatility and shifting sentiment towards European equities was a prime reason for the high turnover of assets in the TR Property Investment Trust this year, says manager Marcus Phayre-Mudge.
Over the year to the end of March nearly a third of the investments in the Citywire Selection fund (29%) were turned over, with property not immune to fallout from the sovereign debt crisis. Phayre-Mudge described the year as a 'rollercoaster' for European property companies.
But despite the high volatility and turnover, the manager's views are unchanged from six months ago: ‘Our outlook comments made at the half year remain valid, namely maintaining our focus on good-quality, well-financed property companies exposed to, where possible, selected sub-markets across Europe with the best demand and supply fundamentals,’ he said.
Such is the situation in Europe that performance has become increasingly disparate, with returns varying wildly from city to city. Phayre-Mudge has been keen to avoid areas where he harbours concerns such as UK regions further from the capital, and parts of eastern Germany.
The same is true across the continent, and in particular in Germany. They remain bullish on residential properties in Berlin and across western and southern Germany cities, while avoiding what they call ‘depressed’ eastern Germany, which continues to suffer from depopulation.
Germany now accounts for 10% of the trust, having been increased this year after a holding in GSW was increased following the exit of its private equity investors in October of last year.
Over the past five years the trust has fallen 28.5% while the FTSE EPRA/NAREIT Developed Europe index has fallen 34.6%.
The discount on this trust widened significantly towards the end of 2011 and remains attractive at 13%. The focus is on primary rental markets in core European cities, such as Paris, London, Stockholm, Oslo, Brussels and Berlin. More economically sensitive secondary and tertiary industries, such as manufacturing and supply chains, are avoided. In the UK it has a stake in British Land and a small holding in direct property, and the managers are confident of their market knowledge.
High volatility and shifting sentiment towards European equities was a prime reason for the high turnover of assets in the TR Property Investment Trust this year, says manager Marcus Phayre-Mudge.
Over the year to the end of March nearly a third of the investments in the Citywire Selection fund (29%) were turned over, with property not immune to fallout from the sovereign debt crisis. Phayre-Mudge described the year as a 'rollercoaster' for European property companies.
But despite the high volatility and turnover, the manager's views are unchanged from six months ago: ‘Our outlook comments made at the half year remain valid, namely maintaining our focus on good-quality, well-financed property companies exposed to, where possible, selected sub-markets across Europe with the best demand and supply fundamentals,’ he said.
Such is the situation in Europe that performance has become increasingly disparate, with returns varying wildly from city to city. Phayre-Mudge has been keen to avoid areas where he harbours concerns such as UK regions further from the capital, and parts of eastern Germany.
Still bullish on London and Berlin
The managers of the fund continue to be bullish on the prospect of rental yields in Greater London relative to the rest of the UK, but they are increasingly pessimistic on the prospects for traditional office spaces and retail sites outside the capital.The same is true across the continent, and in particular in Germany. They remain bullish on residential properties in Berlin and across western and southern Germany cities, while avoiding what they call ‘depressed’ eastern Germany, which continues to suffer from depopulation.
Germany now accounts for 10% of the trust, having been increased this year after a holding in GSW was increased following the exit of its private equity investors in October of last year.
Picking up bargains
The managers have also used the volatility to add to holdings while prices are low. Italy-listed Beni Stabili, which derives 58% of its income from Telecom Italia, was among positions added to on recent weakness. The company endured a 28% fall in November despite having half its property book in prime locations in Milan, Rome and Turin.Over the past five years the trust has fallen 28.5% while the FTSE EPRA/NAREIT Developed Europe index has fallen 34.6%.
Citywire Selection verdict:
Despite a good three years European listed property has experienced a difficult period relative to markets in the US and Asia, and this trust has also given back much of its gains. However, should sentiment return I’ve no doubt its mix of listed property throughout the continent and physical assets in the UK will perform well.The discount on this trust widened significantly towards the end of 2011 and remains attractive at 13%. The focus is on primary rental markets in core European cities, such as Paris, London, Stockholm, Oslo, Brussels and Berlin. More economically sensitive secondary and tertiary industries, such as manufacturing and supply chains, are avoided. In the UK it has a stake in British Land and a small holding in direct property, and the managers are confident of their market knowledge.
2012年6月10日 星期日
German chancellor rejects US-British demands for “immediate response” to the euro crisis
http://www.wsws.org/articles/2012/jun2012/germ-j09.shtml#
By Stefan Steinberg
German Chancellor Angela Merkel delivered a clear rebuff to US and British demands for immediate action to deal with the rapidly worsening European financial crisis in discussions Thursday in Berlin with British Prime Minister David Cameron. After consulting with US President Barack Obama, the UK leader had traveled to Berlin to put pressure on the German government to agree to a plan to bail out European banks.
Merkel responded by declaring “there is no magic bullet” to solve the crisis. She also hinted that Germany was prepared to consider the break-up of Europe into competing economic groups.
The US and British governments are urging Germany to support a fresh injection of funds into the European banking system by either the European Central Bank (ECB) or the European Stability Mechanism (ESM), the European Union’s bailout fund. In the longer term, London and Washington are calling for the introduction of a pan-European finance mechanism, so-called euro bonds, to underpin the continent’s banking system.
All of these measures would require a huge transfer of funds from Germany to the continent’s weaker economies and banks—a step that is opposed by the government, the central bank and broad layers of the business community. Rather than concede to the demands of the US and Britain, which are supported by beleaguered European economies such as Italy and Spain, Merkel made clear that Germany is prepared to forge ahead with a smaller core of countries in a “two-speed” Europe.
Thursday morning, prior to Cameron’s arrival, Merkel gave an interview on German television in which she declared that in response to the crisis, nations “in a currency union have to move closer together.” She continued, “We cannot just stop (the process) because one or the other doesn’t want to join in yet.”
While she did not name Britain, the target of her remarks was clear. Britain has not joined the euro zone and, at the start of this year, refused to agree to the strict fiscal rules drawn up by Berlin to be implemented across Europe. Merkel has repeatedly insisted that any acceptance of euro bonds by Germany is conditional on full acceptance of its fiscal pact. Her remarks were aimed at warning Britain that Germany did not depend on its cooperation in determining future European policy.
The German government also has differences with Britain and the US over the implementation of a nominal European tax on the banks that would create a modest pool of funds over the next few years. On Wednesday, the coalition headed by Merkel’s Christian Democratic Union (CDU) struck a deal with the opposition Social Democrats, who have made support for the government’s EU fiscal pact dependent on moving towards such a financial tax. For their part, the UK and the US reject any measures that might impinge on the leading role of the City of London and Wall Street in international financial markets.
The extent of the differences between Germany and the axis of London and Washington was revealed in an exchange between the chief economic columnist of the Financial Times, Martin Wolf, and Ludger Schuknecht, a leading official in the German Finance Ministry.
In a reply to a recent article in which Wolf criticized Berlin for over-emphasizing austerity and failing to take measures to prevent the collapse of the euro, Schuknecht rejected any “short-term measures.” He went on to rule out the creation of euro bonds, saying they would only make the situation worse.
Wolf, in turn, published a scathing rejoinder, warning: “It is often forgotten, not least in Germany, that the rise of Adolf Hitler to power was preceded not by the great inflation, which occurred a decade before, but by the great depression and the austerity of Heinrich Brüning, in response.” Wolf concluded by accusing Schuknecht of ignoring the dangers of the type of economic malaise that is enveloping Europe.
Merkel’s rebuff to Cameron and her airing of a two-track Europe reflect growing sentiments within the German financial and corporate elite. The Friday edition of Handelsblatt devotes six pages to an article complaining of the costs of European integration for Germany. The newspaper’s editor, Gabor Steingart, defends the German chancellor’s “cautious approach” to the crisis and urges her to take heart from the fact that she is not as isolated as it appears.
Steingart goes on to reject a Europe that lives at the expense of Germany and declares that proposals to use Germany’s tax reserves and the savings of its citizens (nearly 2 trillion euros) to bail out other countries constitute “a notion that can only harm Europe.”
In its page one lead article, the newspaper writes that the current crisis throws up “issues of historical importance,” and continues: “Should we rescue ourselves to death? Are the costs of rescuing the euro fair in relation to the costs involved in a possible reduction of the currency union to a healthy core?”
Merkel’s comments raising the possibility of a two-track Europe are similar to proposals put forward by Jörg Asmussen, the German board member of the European Central Bank. In a speech two weeks ago, he called for an accelerated process for integrating euro zone countries in a “banking union, fiscal union and political union.” In order to focus on this project, Asmussen proposed that the EU put on hold its expansion plans in the Balkans and Turkey.
While much attention is currently focused on the immediate problems of Spanish banks, they are just the tip of a much bigger iceberg. An editorial in the Guardian on Wednesday pointed out that the real issue is not merely insolvent banks in Spain or Ireland, but all of the financial markets of peripheral Europe, plus the major banks (of Germany, France and Austria) that lent to them. The editorial declared: “Forget austerity, fiscal unions, and inflation regimes at the ECB… the euro meltdown is primarily about how governments handle the wreckage in their financial sectors.”
Against the background of a financial meltdown requiring hundreds of billions in new bailout funds, influential business and financial circles in Germany are warning that the time has come to pull the ripcord. Berlin, they argue, must cease to be the paymaster of Europe and prepare for the breakup of Europe into a small core of northern nations dominated by Germany, with the rest left to their fate.
The fact that such a proposition is now being publicly discussed in Germany is an expression of the profound political crisis in Europe. Such a breakup, which could commence with the exit of Greece from the euro zone, would revive longstanding and unresolved historical issues. Where, for example, would France position itself in a divided Europe?
The proposals being aired by Berlin would, if carried out, immensely exacerbate tensions between Europe’s national elites, raising the danger of a Balkanisation of the continent and new military conflicts.
The working class of Europe must be mobilized on the basis of its own independent, international perspective to overthrow the reactionary institutions of the EU and the various national governments and replace them with the United Socialist States of Europe.
By Stefan Steinberg
9 June 2012
German Chancellor Angela Merkel delivered a clear rebuff to US and British demands for immediate action to deal with the rapidly worsening European financial crisis in discussions Thursday in Berlin with British Prime Minister David Cameron. After consulting with US President Barack Obama, the UK leader had traveled to Berlin to put pressure on the German government to agree to a plan to bail out European banks.
Merkel responded by declaring “there is no magic bullet” to solve the crisis. She also hinted that Germany was prepared to consider the break-up of Europe into competing economic groups.
The US and British governments are urging Germany to support a fresh injection of funds into the European banking system by either the European Central Bank (ECB) or the European Stability Mechanism (ESM), the European Union’s bailout fund. In the longer term, London and Washington are calling for the introduction of a pan-European finance mechanism, so-called euro bonds, to underpin the continent’s banking system.
All of these measures would require a huge transfer of funds from Germany to the continent’s weaker economies and banks—a step that is opposed by the government, the central bank and broad layers of the business community. Rather than concede to the demands of the US and Britain, which are supported by beleaguered European economies such as Italy and Spain, Merkel made clear that Germany is prepared to forge ahead with a smaller core of countries in a “two-speed” Europe.
Thursday morning, prior to Cameron’s arrival, Merkel gave an interview on German television in which she declared that in response to the crisis, nations “in a currency union have to move closer together.” She continued, “We cannot just stop (the process) because one or the other doesn’t want to join in yet.”
While she did not name Britain, the target of her remarks was clear. Britain has not joined the euro zone and, at the start of this year, refused to agree to the strict fiscal rules drawn up by Berlin to be implemented across Europe. Merkel has repeatedly insisted that any acceptance of euro bonds by Germany is conditional on full acceptance of its fiscal pact. Her remarks were aimed at warning Britain that Germany did not depend on its cooperation in determining future European policy.
The German government also has differences with Britain and the US over the implementation of a nominal European tax on the banks that would create a modest pool of funds over the next few years. On Wednesday, the coalition headed by Merkel’s Christian Democratic Union (CDU) struck a deal with the opposition Social Democrats, who have made support for the government’s EU fiscal pact dependent on moving towards such a financial tax. For their part, the UK and the US reject any measures that might impinge on the leading role of the City of London and Wall Street in international financial markets.
The extent of the differences between Germany and the axis of London and Washington was revealed in an exchange between the chief economic columnist of the Financial Times, Martin Wolf, and Ludger Schuknecht, a leading official in the German Finance Ministry.
In a reply to a recent article in which Wolf criticized Berlin for over-emphasizing austerity and failing to take measures to prevent the collapse of the euro, Schuknecht rejected any “short-term measures.” He went on to rule out the creation of euro bonds, saying they would only make the situation worse.
Wolf, in turn, published a scathing rejoinder, warning: “It is often forgotten, not least in Germany, that the rise of Adolf Hitler to power was preceded not by the great inflation, which occurred a decade before, but by the great depression and the austerity of Heinrich Brüning, in response.” Wolf concluded by accusing Schuknecht of ignoring the dangers of the type of economic malaise that is enveloping Europe.
Merkel’s rebuff to Cameron and her airing of a two-track Europe reflect growing sentiments within the German financial and corporate elite. The Friday edition of Handelsblatt devotes six pages to an article complaining of the costs of European integration for Germany. The newspaper’s editor, Gabor Steingart, defends the German chancellor’s “cautious approach” to the crisis and urges her to take heart from the fact that she is not as isolated as it appears.
Steingart goes on to reject a Europe that lives at the expense of Germany and declares that proposals to use Germany’s tax reserves and the savings of its citizens (nearly 2 trillion euros) to bail out other countries constitute “a notion that can only harm Europe.”
In its page one lead article, the newspaper writes that the current crisis throws up “issues of historical importance,” and continues: “Should we rescue ourselves to death? Are the costs of rescuing the euro fair in relation to the costs involved in a possible reduction of the currency union to a healthy core?”
Merkel’s comments raising the possibility of a two-track Europe are similar to proposals put forward by Jörg Asmussen, the German board member of the European Central Bank. In a speech two weeks ago, he called for an accelerated process for integrating euro zone countries in a “banking union, fiscal union and political union.” In order to focus on this project, Asmussen proposed that the EU put on hold its expansion plans in the Balkans and Turkey.
While much attention is currently focused on the immediate problems of Spanish banks, they are just the tip of a much bigger iceberg. An editorial in the Guardian on Wednesday pointed out that the real issue is not merely insolvent banks in Spain or Ireland, but all of the financial markets of peripheral Europe, plus the major banks (of Germany, France and Austria) that lent to them. The editorial declared: “Forget austerity, fiscal unions, and inflation regimes at the ECB… the euro meltdown is primarily about how governments handle the wreckage in their financial sectors.”
Against the background of a financial meltdown requiring hundreds of billions in new bailout funds, influential business and financial circles in Germany are warning that the time has come to pull the ripcord. Berlin, they argue, must cease to be the paymaster of Europe and prepare for the breakup of Europe into a small core of northern nations dominated by Germany, with the rest left to their fate.
The fact that such a proposition is now being publicly discussed in Germany is an expression of the profound political crisis in Europe. Such a breakup, which could commence with the exit of Greece from the euro zone, would revive longstanding and unresolved historical issues. Where, for example, would France position itself in a divided Europe?
The proposals being aired by Berlin would, if carried out, immensely exacerbate tensions between Europe’s national elites, raising the danger of a Balkanisation of the continent and new military conflicts.
The working class of Europe must be mobilized on the basis of its own independent, international perspective to overthrow the reactionary institutions of the EU and the various national governments and replace them with the United Socialist States of Europe.
2012年6月8日 星期五
德国物业被视作抗衡通涨的最佳投资?
http://www.ft.com/cms/s/0/fb64d98c-9f66-11e1-a255-00144feabdc0.html#axzz1xGONN0s1
June 8, 2012 3:17 pm http://www.ft.com Financial Times
Property: Desirable homes seen as haven against feared inflation rises
An advert on a lamppost in Frankfurt’s highly
sought-after Westend district offers a fairly chunky financial reward to
anyone who can help a family to find a flat to buy in the
neighbourhood.
Such tactics would probably be irrelevant in most of Europe, where property prices are falling and demand is lacklustre. But Germany’s market has been at odds with wider international trends for years. Prices flatlined even as bubbles inflated in countries such as Ireland, Spain and the UK.
Now, however, they are rising strongly in many parts of the country, propelled by low interest rates, a healthy jobs market and the faith of German nationals in bricks and mortar as a store of value if inflation takes off, which many believe it surely will.
The price rises were put at an average of about 5.5 per cent last year in Germany’s 125 largest towns and cities. But the Bundesbank, Germany’s central bank, has cast doubt on the sustainability of some of the increases.
The headline national rise masks stark regional differences. In some less economically successful areas of the country, including many towns in the one-time communist east, prices for property are expected to fall, exacerbated by Germany’s population decline. By contrast places such as Frankfurt are expected to see growth and continued demand for homes.
A recent report by Savill’s, the property consultancy, which considered investment risk in more than 120 German cities based on economic and socio-demographic factors, gave Frankfurt a favourable score. The city was ranked fourth as a low-risk investment location, behind three southern cities – Munich, Regensburg and Stuttgart – and scored best marks in some categories measuring economic performance, such as the city’s tax revenues and number of companies being formed.
Stefan Niedermeier, managing partner of the Frankfurt office of Engel & Völkers, an estate agency, says the city’s rental market is one of the most robust in Germany, with prices above €20 per square metre for flats in the best locations.
“Frankfurt is so small and the top areas are small in number, and yet there is a whole lot of purchasing power,” he explains.
Another explanation is that the city, arguably Germany’s most cosmopolitan and international, has a relatively large transient population that helps to drive demand in the rental market. “There are always people coming and going, more than anywhere else in Germany,” Mr Niedermeier says.
F+B, a property consultancy, says Frankfurt has the 13th-highest average sale price per square metre in Germany, and the fourth-highest average rents.
Tobias Just, professor at the International Real Estate Business School at Regensburg university, says price rises in some of Frankfurt’s most sought-after areas are eye-catching.
“They have not been echoed across the board in the city, in spite of the fact that all market segments should be benefiting from economic conditions including low interest rates and a strong labour market,” says Mr Just. “What seems to be happening is that investors are nervous and want to put their money into areas where they are taking as little risk as possible. That means properties in core areas at the top end of the market.”
Westend, where high-ceilinged old buildings stand on tree-lined streets within a short walk of the city’s banking district, as well near as its largest green spaces, remains a much
sought-after location. Houses near here can fetch €8,500 per sq m, says Mr Niedermeier, while flats of a desirable size and with the right amenities, such as a parking space, can cost more than €6,000 per sq m.
Another popular area, Westhafen, has a very different feel, with modern apartments overlooking the river Main and a lively nightlife. Flats costing €4,000 per sq metre a few years ago are now sold for more than €7,000 per sq m, Mr Niedermeier says.
An indication of how things can change for the worse, however, is given by the developments in Frankfurt’s once popular Sachsenhausen neighbourhood, south of the river Main. It is on the flight path of aircraft using Frankfurt’s expanding airport and prices have suffered accordingly.
What of the damage that might be caused by less tangible factors? Mr Just acknowledges that tougher regulation looms over the banking and asset management industries, which drive much of Frankfurt’s economy and hence demand for property.
“But there are many other facets of the city’s financial and professional services that continue to be in high demand, while the city also has a broader industrial base than many people realise,” he says. “So I think the long-term future for the city’s housing market is positive.”
Mr Niedermeier of Engel & Völkers says: “It stayed stable during the financial crisis. There was always demand for property in good areas. There is not so much of a bubble effect here.”
Such tactics would probably be irrelevant in most of Europe, where property prices are falling and demand is lacklustre. But Germany’s market has been at odds with wider international trends for years. Prices flatlined even as bubbles inflated in countries such as Ireland, Spain and the UK.
Now, however, they are rising strongly in many parts of the country, propelled by low interest rates, a healthy jobs market and the faith of German nationals in bricks and mortar as a store of value if inflation takes off, which many believe it surely will.
The price rises were put at an average of about 5.5 per cent last year in Germany’s 125 largest towns and cities. But the Bundesbank, Germany’s central bank, has cast doubt on the sustainability of some of the increases.
The headline national rise masks stark regional differences. In some less economically successful areas of the country, including many towns in the one-time communist east, prices for property are expected to fall, exacerbated by Germany’s population decline. By contrast places such as Frankfurt are expected to see growth and continued demand for homes.
A recent report by Savill’s, the property consultancy, which considered investment risk in more than 120 German cities based on economic and socio-demographic factors, gave Frankfurt a favourable score. The city was ranked fourth as a low-risk investment location, behind three southern cities – Munich, Regensburg and Stuttgart – and scored best marks in some categories measuring economic performance, such as the city’s tax revenues and number of companies being formed.
Stefan Niedermeier, managing partner of the Frankfurt office of Engel & Völkers, an estate agency, says the city’s rental market is one of the most robust in Germany, with prices above €20 per square metre for flats in the best locations.
“Frankfurt is so small and the top areas are small in number, and yet there is a whole lot of purchasing power,” he explains.
Another explanation is that the city, arguably Germany’s most cosmopolitan and international, has a relatively large transient population that helps to drive demand in the rental market. “There are always people coming and going, more than anywhere else in Germany,” Mr Niedermeier says.
F+B, a property consultancy, says Frankfurt has the 13th-highest average sale price per square metre in Germany, and the fourth-highest average rents.
Tobias Just, professor at the International Real Estate Business School at Regensburg university, says price rises in some of Frankfurt’s most sought-after areas are eye-catching.
“They have not been echoed across the board in the city, in spite of the fact that all market segments should be benefiting from economic conditions including low interest rates and a strong labour market,” says Mr Just. “What seems to be happening is that investors are nervous and want to put their money into areas where they are taking as little risk as possible. That means properties in core areas at the top end of the market.”
Westend, where high-ceilinged old buildings stand on tree-lined streets within a short walk of the city’s banking district, as well near as its largest green spaces, remains a much
sought-after location. Houses near here can fetch €8,500 per sq m, says Mr Niedermeier, while flats of a desirable size and with the right amenities, such as a parking space, can cost more than €6,000 per sq m.
Another popular area, Westhafen, has a very different feel, with modern apartments overlooking the river Main and a lively nightlife. Flats costing €4,000 per sq metre a few years ago are now sold for more than €7,000 per sq m, Mr Niedermeier says.
An indication of how things can change for the worse, however, is given by the developments in Frankfurt’s once popular Sachsenhausen neighbourhood, south of the river Main. It is on the flight path of aircraft using Frankfurt’s expanding airport and prices have suffered accordingly.
What of the damage that might be caused by less tangible factors? Mr Just acknowledges that tougher regulation looms over the banking and asset management industries, which drive much of Frankfurt’s economy and hence demand for property.
“But there are many other facets of the city’s financial and professional services that continue to be in high demand, while the city also has a broader industrial base than many people realise,” he says. “So I think the long-term future for the city’s housing market is positive.”
Mr Niedermeier of Engel & Völkers says: “It stayed stable during the financial crisis. There was always demand for property in good areas. There is not so much of a bubble effect here.”
德国商业银行看好房地产贷款业务Commerzbank Sees Growth in Real Estate Financing
ublished June 05, 2012
Read more: http://www.foxbusiness.com/news/2012/06/05/commerzbank-sees-growth-in-real-estate-financing-report/#ixzz1xGMwxRyX
Dow Jones Newswires
Germany's Commerzbank AG (CBK.XE) aims to expand its home
construction financing by 20% annually within the next few years, board
member Michael Mandel tells the daily Frankfurter Allgemeine Zeitung in
Tuesday's edition.In 2011, this segment jumped to EUR4.7 billion, up 20% from a year earlier.
"I see good chances of maintaining this kind of growth in the coming years, considerably increasing our market share," Mr. Mandel is quoted as saying.
In December, the bank began a cooperation with online credit agency Interhyp. This has been so successful that it will be extended to all 1,200 branches of the bank in August, the article says. With the agency, Commerzbank can also offer real estate financing products from external sources, receiving a fee from rival banks for delivering customers.
Newspaper website: www.faz.net
Copyright © 2012 Dow Jones Newswires
"I see good chances of maintaining this kind of growth in the coming years, considerably increasing our market share," Mr. Mandel is quoted as saying.
In December, the bank began a cooperation with online credit agency Interhyp. This has been so successful that it will be extended to all 1,200 branches of the bank in August, the article says. With the agency, Commerzbank can also offer real estate financing products from external sources, receiving a fee from rival banks for delivering customers.
Newspaper website: www.faz.net
Copyright © 2012 Dow Jones Newswires
Read more: http://www.foxbusiness.com/news/2012/06/05/commerzbank-sees-growth-in-real-estate-financing-report/#ixzz1xGMwxRyX
DUNDEE 基金投入3亿欧元买入德国物业dundee-international-seeking-to-acquire-more-german-real-estat
http://www.businessweek.com/news/2012-06-08/dundee-international-seeking-to-acquire-more-german-real-estate
By Dalia Fahmy on June 08, 2012
Dundee International Real Estate
Investment Trust (DI-U), which made last year’s biggest German
commercial property acquisition, plans to spend about 300
million euros ($373 million) a year buying office buildings in
the country, President and Chief Executive Officer Jane Gavan
said.
Germany’s real-estate market is attractive because the
economy is robust and property buyers can borrow at low interest
rates, Gavan said in an interview yesterday. The Bundesbank
today raised its German gross domestic product growth forecast
for 2012, to 1 percent from 0.6 percent, citing a sturdy global
economy, cheap financing conditions and solid domestic spending. “We have a lot of confidence in the German economy,” Gavan said. “We’re seeing some really interesting product on the market.”
The Toronto-based REIT has invested all of its about C$1 billion ($970 million) in assets in Germany. Dundee is among non-German investors buying commercial properties from eight German real-estate mutual funds that have gone into liquidation in the past two years. Gavan said Dundee is exploring the funds’ holdings for buildings valued at less than 100 million euros.
Earlier this year, Dundee International purchased an office building in Nuremberg from mutual fund SEB ImmoInvest (SEBIMMO) for about 48 million euros and it acquired Deutsche Grammophon GmbH’s former headquarters in Hanover for about 26 million euros.
The REIT paid 740 million euros for 292 post offices in 2011, the year’s biggest commercial property purchase in Germany, according to Ernst & Young LLP. The deal followed Dundee International’s raising about C$410 million in an initial public offering.
To contact the reporter on this story: Dalia Fahmy in Berlin at dfahmy1@bloomberg.net.
To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.
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