Less British capital for German propertiesAs Colliers Trombello Kölbel Immobilienconsulting GmbH heard in discussions at MIPIM with British investors, they will concentrate more this year on their capital city. The situation in the London property market is providing them with new opportunities. Vacancy during the last year has dropped considerably: by 6.5% in the city of London, by 4.3% in the West End and by 4.1% on Docklands. The vacancy rate has thus reached its lowest level since 2001. Rents have increased, particularly in the top locations. In the West End rents are the most expensive in Europe, with a top rent of 146.08 €/m²/month in 2007 according to Colliers International Research. The City follows with 82.17 €/m²/month and Docklands with 57.82 €/m²/month.
It may astonish some that purchase prices have fallen drastically in some places in view of the good letting and rent situation. In the West End purchasers have now paid up to a third less towards the end of last year, in the City prices were even 58% lower than in 2006. In parallel, yields rose in the last twelve months between 50 and 150 basis points. At present they range between 5.25 % and 5.75 %. The reason for the drop in prices lies in the short-term financing which has historic causes in England. These forced a series of owners whose investments are heavily financed by borrowings to react immediately in view of revaluations connected with the US mortgage crisis and changes in interest rates which have happened. Sales below price were thus no exception in the last few months Investors declared. And this trend is continuing. “With this attractive price situation for purchasers in London we will see fewer British investors on a buying spree in Germany this year. Within the next few months we will see, who will fill the gap,” is therefore the assessment of Ignaz Trombello, managing partner of Colliers Trombello Kölbel Immobilienconsulting GmbH.
Trombello Kölbel Immobilienconsulting GmbH
Telephone +49 (0)211-8 620 62 48
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About Colliers Trombello Kölbel:
Colliers Trombello Kölbel Immobilienconsulting GmbH is a real estate consultancy operating on a national and international level. The company offers the following services: Leasing of office and commercial space, acquisition and disposition of commercial property, strategic and conceptional advisory service regarding real estate, transaction advice and extensive market research. Joining the property association Colliers PropertyPartners Trombello Kölbel is a legal entity and member of Colliers International. This global affiliation of legally independent property services companies is represented with over 10,000 employees in around 260 offices in more than 50 countries.
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