Real Estate Markets
»Real estate – Rental sector«
1. Real Estate Market in Germany:
The real estate industry is one of the largest sectors of the German economy. More than 700,000 German companies are active in the real estate industry and employ around 3.8 million people, comprising 22% share of all businesses and 10% of Germany’s workforce. The gross value added of the real estate economy totaled 406 billion € in 2007, which equals a share of 18.7% of Germany’s gross value added. Housing and residential buildings are a significant section of the real estate stock. In 2007, around 82 million people were living in almost 40 million residential units (Maeining, 2012).
A special characteristic of the German real estate market is its robust residential rental sector. More than 39 million people and around 57% of private households in Germany live in rented housing; more than in almost any other European country.
During the recent global economic crisis the real estate sector in Germany served a stabilizing role. Residential rents rose by about 1% as in previous years and real estate prices decreased slightly. (Maening, 2012) 2. Real Estate Market in Slovenia
Slovenian real estate market has been developing only since the early nineties. To this day, it has developed relatively well, however there are still certain features.
The Slovenian real estate market does not offer many rental apartments. There are a large number of ownership apartments, which is the result of bargains or construction of the real estate during the period of the former Yugoslavia. In addition to this, when Slovenia became independent, the so called »Jazbinškov« law came into force. It allowed the apartment-renters to buy the social apartments for an extremely low, non-market price.
The rental sector has changed and decreased enormously due to privatization. The Slovenian housing policy did not develop the rental housing market due to discouraging rentals and small rented accommodation demand.
1. Real Estate Market in Germany:
The real estate industry is one of the largest sectors of the German economy. More than 700,000 German companies are active in the real estate industry and employ around 3.8 million people, comprising 22% share of all businesses and 10% of Germany’s workforce. The gross value added of the real estate economy totaled 406 billion € in 2007, which equals a share of 18.7% of Germany’s gross value added. Housing and residential buildings are a significant section of the real estate stock. In 2007, around 82 million people were living in almost 40 million residential units (Maeining, 2012).
A special characteristic of the German real estate market is its robust residential rental sector. More than 39 million people and around 57% of private households in Germany live in rented housing; more than in almost any other European country.
During the recent global economic crisis the real estate sector in Germany served a stabilizing role. Residential rents rose by about 1% as in previous years and real estate prices decreased slightly. (Maening, 2012) 2. Real Estate Market in Slovenia
Slovenian real estate market has been developing only since the early nineties. To this day, it has developed relatively well, however there are still certain features.
The Slovenian real estate market does not offer many rental apartments. There are a large number of ownership apartments, which is the result of bargains or construction of the real estate during the period of the former Yugoslavia. In addition to this, when Slovenia became independent, the so called »Jazbinškov« law came into force. It allowed the apartment-renters to buy the social apartments for an extremely low, non-market price.
The rental sector has changed and decreased enormously due to privatization. The Slovenian housing policy did not develop the rental housing market due to discouraging rentals and small rented accommodation demand.