Germany property market safe as houses

As the UK housing market experiences continuous falls in property prices, the value of German property is comparatively solid, an industry expert has said.

Denis Madden, managing director of Germen Property Centre, has suggested that the German market is operating under "strong fundamentals" such as low unemployment.

Although Germany has seen a decrease in the volume of sales, price falls are not as significant as those seen in other markets, according to the German estate agent.

Mr Madden said: "Right across the spectrum we've been seeing huge interest in the last two years and now what we've seen is a general slowdown in that level of investment, but not the price falls that have been registered in other markets."

The resilience in the prices of German property are set against a background of growth in employment, with "over one million jobs" created in the country over the last year.

A recent report by the Association of Foreign Investors in Real Estate (AFIRE) found that Germany was the second most stable and secure country for real estate investment.

Overseas Property News posted on 04/06/2008 16:20:15