german property prices up last quarter according to latest index from gpg
News Posted On: 26 November 2009
German property prices rose 0.93% on a quarterly basis in Q3, according to the global house price index recently released by the Global Property Guide. The annual picture is not so bright however, with prices down 2.78% on last year, which is only a moderate slow from the contraction of 2.93% in the 12 months ending Q3 last year.
That said, German property prices are in nowhere near as bad a shape as some. Slovakia property prices were down over 15% in the same period, compared to a rise of 14%+ over the same period last year, and Latvia prices fell by almost 60% in the 3 months ending the third quarter of this year.
The quarterly rise is indicative of the rise in activity in the German property market, as investment funds get into the commercial sector, brining about rising demand in the residential sector. According to recent analysis private German investors have invested 1.9Billion euros in residential property in Germany so far this year. Analysts are also expecting a rise in foreign demand in the final part of the year.
The landscape in Germany's property market is pretty much unchanged. German property prices never grew spectacularly when times were good because the government restricts rental rates, therefore the current fall of below 10% whichever index you read, is probably about all the market will bear.
German property is perfect for the current wave of investors, who are looking for solid rental income. In Germany only 46% of people own their own homes; less than in many developing nations, so demand for rental property is constantly solid.
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