In the year of 2013, Germany's real estate market showed a considerable growth in the respect of both prices and the number of transactions as reported by ee24.com. It was inspired by the country's stable economy, large numbers of wealthy foreign purchasers and lack of high-quality supply.
In 2012, the total sum of all real estate transactions in Germany was €10.5 billion while in 2013 this sum is likely to reach the amount of €12 billion.
A lot of countries, such as Spain, experienced constant decrease of real estate prices, whereas in Germany they only grew higher every month. Within a year (third quarter of 2012 - third quarter of 2013) the growth of housing prices in Germany was 11.2% which is the second highest rate in Europe after Turkey. During the passing year of 2013, the average housing price for one square meter in Berlin was €2,333, in Hamburg €2,850 and in Munich €3,053.
It is not without reason that Munich has taken the lead among Germany's big cities and its prices keep growing steadily. In 2013, the experts of ee24.com news portal named the capital of Bavaria one of the safest European cities for real estate investment. Russian investors have also shown growth of their interest towards housing and commercial property of Southern Germany lately.
Opinions of ee24.com experts
Vitaly Chupin, managing partner of Campus Consulting GbR, said:
"Within last two years the price of apartments in Munich have grown about 30% and our forecast says such tendency is going to continue. I consider Germany's real estate market to be very stable and there is no question of over-estimating real estate in Germany... The market is overflowing with assets.
Today purchasing real estate in Germany gains popularity within Russian investors. Only five or six years ago they would not invest into Germany's commercial property referring to it as having unknown returns. But now this market has changed considerably and people have become interested".
Konstantin Zelenyuk, director of Schaber GmbH Immobilien, along with growing interest notes growing competence of Russian investors. He said:
"The Russians have already had enough of large cottages, apartments, Mercedes and Rolls Royce cars. Those who are good at making money now differentiate their earnings. Such kind of investment as the second house, for example, is widely spread. Very wealthy investors can introduce portfolios in Germany with hotels, commercial apartment buildings, industrial objects and warehouse premises".