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Development of Residential Property

In: Understanding German Real Estate Markets

Author

Listed:
  • Marcus Cieleback

    (PATRIZIA Immobilien AG)

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.

Suggested Citation

  • Marcus Cieleback, 2017. "Development of Residential Property," Management for Professionals, in: Tobias Just & Wolfgang Maennig (ed.), Understanding German Real Estate Markets, edition 2, pages 353-369, Springer.
  • Handle: RePEc:spr:mgmchp:978-3-319-32031-1_23
    DOI: 10.1007/978-3-319-32031-1_23
    as

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