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Property investors encouraged to look at Germany's secondary markets

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Property investors encouraged to look at Germany's secondary markets

Germany's secondary markets could offer some good opportunities for overseas property investors at the moment, experts have suggested.

According to ProVenture Property, real estate in Berlin has become "overpriced" in the last few years.

Indeed, the cost of a single apartment in Berlin was said to have doubled to €50,000 (£42,000) since 2008.

Munich was flagged up as another area where overseas property investors might have to pay a premium price, along with Hamburg and Frankfurt.

As a result, prospective buyers who are looking at Germany have been encouraged to consider alternative locations before arranging a money transfer and making a purchase.

Mat Littlecott, a partner at ProVenture Property, identified Bremerhaven as one good option for foreign property buyers to look at.

"[It] is very good value at the moment and is really taking off," he observed.

"There is massive employment and people moving into the area. There you can find apartments from €20,000."

Mr Littlecott also pointed aspiring investors towards Leipzig, as it is a fast-developing and attractive city. Indeed, he said it resembles the Czech capital Prague.

"We would advise that if you are looking at Germany to look at secondary markets," he commented.

"The markets in the west of Germany are very expensive."

While the continuing debt crisis in the eurozone has dented confidence in the region among some investors, others may find Germany represents one of the continent's bright spots at the moment.

ProVenture Property recently noted that much of Europe has enjoyed a "torrid" time throughout the last five years, with the credit crunch impacting heavily on many countries.

However, the group said conditions in Germany are relatively favourable, especially when compared with places such as Spain, France and the Republic of Ireland.

Mr Littlecott added that the country has been able to weather the global economic crisis very well.

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