COVID-19 crisis has not hurt German resi markets
The COVID-19 crisis has not created a major dent in demand for residential accommodation within cities in Germany, as urbanization continues to attract people to major conurbations.
Fears that the pandemic would drive people out of cities for the long term have not materialized, with research from d.i.i. Group showing no discernible evidence that people have left German cities due to the crisis or the working-from-home phenomenon.
Frank Wojtalewicz, CEO of d.i.i. Deutsche Invest Immobilien AG, says that the company's detailed market research has shown demand for micro-living space in Germany's big cities had cooled somewhat until about March of this year. Since then, however, the market has been booming across the country. The manager and developer transacted properties with a total value of approximately €460 million in the first three quarters of 2021 and expects to finish the year with a total transaction volume of around €800 million.
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