Understanding German Real Estate Markets

Description

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. Front Matter....Pages i-xxi Front Matter....Pages 1-1 Real Estate Data Sources in Germany....Pages 3-17 Size and Impact of Real Estate Sector and Its Role for Business Cycles and Growth....Pages 19-25 Demographic Outlook and the Implications for Real Estate Markets....Pages 27-41 Sustainable Buildings....Pages 43-56 The German City System....Pages 57-72 Front Matter....Pages 73-73 Regulations and Laws on Real Estate Agents, Notaries and Cadastres....Pages 75-86 Legal Framework for Real Estate Asset Classes....Pages 87-97 Valuation of Real Estate in Germany....Pages 99-111 Rental Law....Pages 113-126 Planning and Building Law....Pages 127-146 Front Matter....Pages 147-147 Tax Framework for Investing by Asset Classes....Pages 149-159 German Taxation of Real Estate Investments....Pages 161-180 Monument Protection and Zoning: Regulations and Public Support from an International Perspective....Pages 181-192 Front Matter....Pages 193-193 Commercial Property Financing After the Crisis....Pages 195-214 Going Public and M&A in the German Real Estate Market....Pages 215-232 Front Matter....Pages 233-233 Development of Residential Property....Pages 235-251 German Office Markets....Pages 253-267 Retail Property Markets....Pages 269-282 Hotel Market Germany....Pages 283-300 German Open-End Real Estate Funds....Pages 301-313 Front Matter....Pages 233-233 German Closed-End Funds....Pages 315-330 REOCs and REITs....Pages 331-348 Derivatives on Real Estate Indices....Pages 349-361 German Real Estate Returns in International Comparison....Pages 363-372 Front Matter....Pages 375-375 Public Real Estate....Pages 375-386 PPP and Infrastructure....Pages 387-403