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Germany investment markets - Q3 2014

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The transaction volume in the commercial property market for the first three quarters totalled €25.4bn, representing an increase of 31% compared to the same period last year.

Investments in the residential portfolio market totalled approx. €9.07bn, equating to an increase of 4% year on year. In contrast with the commercial sector, residential investment has lost momentum over the course of the year.

In both the residential and commercial sectors, activity is increasingly shifting to cities and regions outside of the top locations. With the exception of Berlin, A cities have played almost no part in the residential portfolio market during the year to date. In the commercial property market, the transaction volume outside of the A cities has risen by 51% year on year; significantly more than in the A cities themselves, where investment has risen by just 13%.

While the extreme core focus of recent years is no longer evident, price sensitivity in the non-core segment remains high. Consequently, initial yields on non-core properties, as well as those in the prime segment, have tightened only moderately.

While the fourth quarter in the commercial sector is likely to see extremely high levels of investment, the transaction volume in the residential portfolio market is expected to remain at the level of the two previous quarters (approx. €2bn).

Source : Savills

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Mots-clés : Savills