Table of contents

  1. Front Matter
    Pages i-xxi
  2. Macro Environment

    1. Front Matter
      Pages 1-1
    2. Michael Voigtländer
      Pages 3-17
    3. Christine Lemaitre
      Pages 43-56
    4. Guido Spars, Inès-Caroline Naismith
      Pages 57-72
  3. Judicial Framework

    1. Front Matter
      Pages 73-73
    2. Dietmar Meister, Kerstin Dressel
      Pages 99-111
    3. Wolfgang Usinger
      Pages 113-126
    4. Petra Lau
      Pages 127-146
  4. Tax and Subsidy Framework

  5. Financing

    1. Front Matter
      Pages 193-193
  6. Asset Classes

    1. Front Matter
      Pages 233-233
    2. Marcus Cieleback
      Pages 235-251
    3. Andreas Schulten, Ulrich Denk
      Pages 253-267
    4. Olaf Petersen
      Pages 269-282
    5. Martina Fidlschuster, Christine Mayer
      Pages 283-300
    6. Steffen Sebastian, Till Strohsal
      Pages 301-313
    7. Helmut Knepel
      Pages 315-330
    8. Wolfgang Schäfers, Kai-Magnus Schulte
      Pages 331-348
    9. Daniel Piazolo
      Pages 349-361
  7. Public Real Estate

    1. Front Matter
      Pages 375-375
    2. Eleonore Pöll
      Pages 375-386
    3. Hans Wilhelm Alfen, Sven Barckhahn
      Pages 387-403

About this book


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.


German real estate markets Legal and tax environment Real estate finance and M&A Real estate investment vehicles (funds; REITs) Real estate valuation

Editors and affiliations

  • Tobias Just
    • 1
  • Wolfgang Maennig
    • 2
  1. 1., DB ResearchDeutsche Bank AGFrankfurtGermany
  2. 2.HamburgGermany

Bibliographic information

Industry Sectors
Finance, Business & Banking