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Property Report Investment Market Germany 2012

Report

Reihe: BNPPRE Property Report

Anbieter: BNP Paribas Real Estate (BNPPRE)

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  • Berichtszeitraum: Januar 2012
  • Seiten : 40 Seiten
  • Datei-Typ : PDF-Datei
  • Größe : 2,91 MB
  • Sprache(n) : Englisch, Englisch

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Inhalt

Investment turnover climbs by 20 % to 23.5 bn €

The German investment markets were in excellent form in 2011. At 23.52 bn €, investment turnover was more than 20 % higher than the year before.


Retail properties take first place


  • Retail properties remain unchallenged in the top slot and actually succeeded in stepping up their prior-year share of all commercial real estate investment by a considerable margin, contributing almost 46 % to the total.
  • But sales of office buildings also picked up in the course of the year and they generated a share of around 30 % of the transaction volume. Core office properties in particular continue to attract great interest on the part of investors.
  • The next place in the ranking was taken by logistics complexes, with a share of 5 %, but with a moderate decline of 6 % in total turnover. Investment in hotels, on the other hand, rose by 12 %, and only just failed to achieve a transaction volume of one billion to generate a 4 % share of aggregate turnover.

Investments in single properties predominate

  • Sales of single properties were the clear-cut focus of market activity in 2011.The volume of investment in single deals totalled 19.85 bn €, exceeding the already good prior-year result by 30 %.
  • Contrary to the general trend, portfolios attracted less investment in 2011 than they had the year before. At 3.67 bn €, the aggregate result was around 14 % down on the prioryear figure. The chief reason for this is that only few of the portfolios on offer were of the consistently good quality needed to meet the requirements of the mainly core-oriented investors.

Yields largely stable in second half

  • After reaching their peak for this market cycle in the second half of 2009, they have steadily eased since then.
  • Up to the middle of 2011, this trend continued. But in the second half of the year, prime yields in Germany – with just a few exceptions – then stabilized.
  • Now, the trend fundamentally points in the direction of further stabilization. However, given the tough competition for some prime properties, the possibility that they may ease slightly in isolated cases cannot be excluded.

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