When a British property analyst was asked to give a market forecast in a German panel discussion in spring 2009, he was astonished. “Crisis? What crisis? There is no crisis in Germany,” he explained, shaking his head in disbelief. Hardly surprising. At that time, London’s property market was on a rollercoaster ride and affected by falling rent levels and high vacancy rates, whereas in Chancellor Merkel’s Germany everything seemed to be as normal.

Sales did slump in the investment markets between the North Sea and the Alps because banks were unable to extend loans. And because of the lack of trust. However, the rental markets remained strong. What had already been observed in previous crises was confirmed once again: the five to six largest German property markets proved far less volatile than the prime locations in Europe’s major cities. Anyone invested in property “Made in Germany” who was not forced to sell lost no money in the crisis