German properties bid farewell in increased auctions
A recent report indicates that the volume of German property sold at auction due to forced conditions are on the increase, leading many industry experts and players to the conclusion that the global bite has now reached the country.
The real estate market in Germany has seemingly been less hammered by the economic downturn as there has been far less emphasis within the country on home ownership compared to the UK.
But the recession is impacting now upon home owners who are increasingly becoming jobless and mortgage defaults are growing.
The figures show that foreclosed properties for sale in Germany will have increased from 55 000 in 2008 to 64 000 in 2009, but it would appear that there are plenty of investors attracted by all this activity.
55% of polled investors opted for property as a preferential investment vehicle in view of banking uncertainty & instability. With prices reduced to their current level there is no end of interest at these auctions and bargains are to be had.