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Alternative Agenda: German Property - Desperate times call for forward thinking.
(From Professional Wealth Management (PWM))
Byline: Roxane McMeeken
Just when it seemed things couldn't get worse for the German property market, a wave of scandals has hit the country's real estate business. The market had already been suffering heavily from a glut of buildings with no one to move into them for several years. Then late last year, news broke of property developers bribing fund managers to buy their buildings at inflated prices.
Despite the doom and gloom, now might be the perfect time to enter the German property market: real estate is at rock bottom prices, domestic developers and fund managers are selling off swathes of stock and the long awaited economic recovery is expected to pick up speed in 2007.
Confidence in the German property industry has undoubtedly suffered a blow this year. The German financial regulator BaFin is investigating around 80 people accused of taking bribes from property developers. The backhanders are understood to total E20m and they surround 30 property deals worth about E4bn. Those under investigation are believed to include high-ranking staff at Germany's second largest fund management group DekaBank and Deutsche Bank's London-based subsidiary Deutsch Real Estate.
The fallout has already begun at DekaBank, where Axel Weber, chairman of the management board, and three senior real estate executives have resigned over the issue.
Cleaning-up time
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