HelveticaNeue-Heavy uuid:36b9c656-070e-47de-abd7-770eeaf859fa How to ensure we don’t revert to old, bad habits. Founded in the UK in 1855, Savills is one of the world's leading property agents. Our annual reports and investor updates can be found online. Firstly, current projections suggest a sustained high level of employment and, secondly, fiscal measures such as a higher income threshold for parental maintenance from January 2020 and the partial removal of the solidarity contribution from 2021 will stimulate consumption. In markets with favourable fundamental data, we consider similar yield compression to that seen in recent years as realistic. Against this background, the intensity of regulation in the German apartment market, which has already increased sharply in recent years, can be expected to increase going forward. PostScript WarnockPro-It HelveticaNeue Adobe PDF Library 15.0 In view of the strong risk aversion, which could intensify even further in view of the weakening rental growth (see “Commercial lettings markets” section), top properties in prime and up-and-coming locations in the top markets will remain in the spotlight. Consequently, 487748448 The reality is particularly far removed from this in the fastest growing cities and their commuter belts. Now showing at a screen very near you indeed. The objective specified by politicians of building more affordable housing will also be missed. Savills plc is a holding company, some of whose subsidiaries are authorised and regulated by the Financial Conduct Authority (FCA), and some of whose subsidiaries are regulated by the Royal Institute of Chartered Surveyors (RICS). Firstly, the fundamental data favours (further) investments in the German apartment market. With the exception of a few prime locations and local supplies, therefore, rents will remain under pressure. 26 August 2020. We also expect continued diversification into anything that promises stable cash flows.Commercial lettings markets – growth in demand for space to slow in a weaker economic environmentThe German economy has enjoyed an incredible prolonged boom, which has also benefited the lettings markets in the form of sustained high demand for space. The German property market is one of the most stable in the world. Part of this 115 money is likely to flow into the German real estate market. Amid the conflicting forces of the cancelled reversal in interest rate policy and dampening of the economy, we are bullish on the German real estate investment market and cautiously optimistic on the lettings markets. HelveticaNeue-Bold 2019-12-11T14:53:45+01:00 The structural growth of online retail will continue to dominate, which will result in an overall decline in demand for space and a focus on demand in the best locations. Helvetica Neue 487748448 Microsoft Word - 20200505_German property market outlook 2020_SA.docx Author: Jochen M�bert , Jochen Moebert , Marc Schattenberg , Marc Schattenberg Keywords: Immobilien , Macroeconomics , Makro�konomie , Real estate Created Date: 5/5/2020 12:42:47 PM As a result, the supercycle will also continue in 2020. Consequently, bonds are transforming from fixed-interest securities into non-interest-bearing securities as can be seen from the coupons of 10-year Bunds currently in circulation (see graph below). We even consider it possible that the supercycle is far from over, at least in the financial markets. 2650880824 Office properties will continue to be the preferred choice going forward. We assume that a backlog in demand has built up in recent years in the form of over-occupied office space, which will dissipate with an increasing supply. endstream endobj 12 0 obj <> endobj 3 0 obj <> endobj 5 0 obj <>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/TrimBox[8.50394 8.50394 603.78 850.394]/Type/Page>> endobj 6 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[8.50394 8.50394 603.78 850.394]/Type/Page>> endobj 7 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[8.50394 8.50394 603.78 850.394]/Type/Page>> endobj 8 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[8.50394 8.50394 603.78 850.394]/Type/Page>> endobj 9 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[8.50394 8.50394 603.78 850.394]/Type/Page>> endobj 10 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[8.50394 8.50394 603.78 850.394]/Type/Page>> endobj 11 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC/ImageI]/XObject<>>>/TrimBox[8.50394 8.50394 603.78 850.394]/Type/Page>> endobj 15 0 obj <>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/TrimBox[8.50394 8.50394 603.78 850.394]/Type/Page>> endobj 67 0 obj [69 0 R 70 0 R 71 0 R 72 0 R 73 0 R 74 0 R] endobj 68 0 obj <>stream