Payed 200k for a 2 room in Berlin 2015, now its close to 300k worth. Why do Germans hate money so much and only rent from big corporations, that's just money down the drain
We Scandinavians has been trained to see real estate opportunities, I basically paid 50% with profits from my Copenhagen apartment I sold before, now slowly gentrifing hip areas with artisanal coffe shops
Other urls found in this thread:
dw.com
en.wikipedia.org
qz.com
businessinsider.com
twitter.com
I thought they were selling out their property to Turkish real estate investment conglomerates
that too, or Luxembourg ones. Or Danish pension funds
At least they are not selling to their own citizens, who don't want to buy and is afraid of mortgages dw.com
Germans know that Germany only was allowed to exist so others can profit. Thats why they transcended the blood and soil mentality as much of their soil is lost anyways, so they invest in rural areas or buy properties in southern europe where it is actually nice to live, no shlomo to give dime, no özcan as a neighbour.
get out of my LEBENSRAUM nordcuck
>now its close to 300k worth
kekekekekek then try to sell it Grundbesitzsteuer cuck
tax free if you lived in an apartment after 2 years, or 10 if rented out
The point is, that all -literally all- houses, flats or other estates are ridiculously overpriced ATM. Old and (((broken))) houses with a medium sized portion of property to it were worth sth. like 120k€ 5-6 years ago -affordable. Now they call 300k€ for the same garbage which you need to basically rebuild again from the inside for another 100k€ to make it a worth living in. That leads to roughly 400k€ and another +20% on top of that for all the regulatory stuff so that every thing is done according to the books. So roughly
460k€ -almost half a fucking million € for a shithole in a unpopulated area without almost any infrastructure or jobs near to it that you need to pay off for the rest of your life. Germany is know to be one of the countries that pays the lowest wages. Something like 1600€ after taxes and all other deductions is the median salary here. It's impossible to get such a high loan for that income. Denmark or scandinavia countries are known for the opposite situation in income. That's why they are able to expand into a bubble like the one which is growing in Germany's estate market. Since I am also looking for a house here for my family I am in talks with some agents. Everyone of them is shaking their heads around and they are telling me that the prices lost track to reality. The other problem is, that most people who do take a loan right now simply can't afford it but the banks are calculating it just to make it a perfect fit. It's basically like it was 2008 in the US when a fucking table dancing bitch got 3 luxury houses and a approved positive rating to her name and no problem to get a loan for all the houses. Alot of the agents are expecting a collapse within the next 5-10 years when people will be unable to pay their rates back -a simple raise in interest rate will trigger first waves of sell offs. That's the time when people like me will strike to get a house for it's TRUE value again -at least I hope so.
but my point was exactly that, native germans in their 20s or 30s LIVING in Munich or Berlin, failed to buy cheap apartment in their own countries. Now people from Nordics and UK are buying up a lot of stuff, with their own inflated home value as collateral , I actually pay less mortgage + fees than when I rented. I currently bring in around 75k as React Dev, beating most germans on their own job + housing market.
How can they be so bad financially educated?
because they're trying to exit the housing market bubble, not time the top you short sighted fuck.
You're making a lot of generalizations. You're acting as if NO German has bought property and EVERY Nordic is buying property in Germany instead.
That's just not true. There are people who have bought and people who haven't. Keep in mind that a lot of people simply cannot afford buying or just do not want to take the risk.
Mostly because of the golden times that Germany had like in the early 80-90's.(thats also fitting to the age you are mentionung) The rules were pretty simple. Keep your money in the bank, leave it there and interest rates will help you to grow your fortune. This is how all the people which are now at he age of 60-75 made it possible to get a house here. Also "simple" work at an assembly-line earned you alot of money (compared to today) 5000 -6000 DM were pretty common. Another strike to the germans were the implementation of the EURO which basically halved everyones fortune and everyday expanses rose back to Deutsche Markt levels for example rentals. All that decimated the average German Joe and kept him small till present time. People are slowly getting it that you need to put your money into something to make it work for you but Germany is like 20 years to late to it.
of course I make some broad assumptions, but at my work there are people earning a lot of money in their 40s and they still rent in prenzlauer berg or whatever ? WTF why do they hate money so much
Well historically they would just round up people who exploited them like this and work them to death in concentration camps and make them into bars of soap.
So really its swings and roundabouts.
Berlin unemployment is lowest recored since wall came down, economy growing a lot to and inflow of 50k population per year
At the same time no one wants to build more or taller. Renting out an apartment there to some IT NEET from US making 100k+ for remote work is quite a non-risk investment
yep that's my point, it's a bit sad they are left behind. In Sweden for example no big companies can buy up flats since the home ownership rate is so high
>How can they be so bad financially educated?
Because nobody educates them about it. nobody ever teaches you here how to budget or even basic stuff like how the stock market works.
you only get an idea how all of this works when you study into that direction.
How high is the rate for such a ownership? Germany definitely needs to adapt to the markets from a political standpoint. But that will most probably not work because of strong and wealthy lobbying...
en.wikipedia.org
I have not bought anything because I don't want to take a loan. If you're gonna tell me that the loan is gonna pay itself from rent: I have no guarantee that people will keep flocking to the same cities and rents will keep rising the way they have been.
All markets are the same: A point will be reached when people will stop paying the insanely high rents because they just won't be able to afford it anymore. At that point the overvalued property prices will stop rising and come down. You don't know when that will happen, I don't know either. But it will happen and when it will, whoever bought last will be out of luck. I don't want to be that person.
the rents in SF, NYC or London would like a word with you businessinsider.com
You're comparing German cities with inflated prices with the most sought after cities in the world. That's not a good comparison, you have no reason to believe that Munich, Hamburg or even Berlin can come close to the attractiveness of SF, New York or London.
Anyone seeing this the next 2008 crash from this bank ?
Germany could we turn into a shit place economy wise...
did you try to rent a place in those cities lately? You know its 50 people lining up with fucking letters with photos right?
housing bubble in germany will unlikely burst as in other countries. know why? Because krauts like don't like extreme changes as baguettes (french revolution) do.
example: a german school cafeteria had the same food supplier for many many many years. but this supplier sold their low quality food at highest market price and german schools aren't well financed. Nobody there bothered to take care of it until recently. although everybody complained about quality and cost.
what I want to say is even if you double the rents the germans still would pay it but under non violent protest and never go block the autobahn (frenchy yellow vest reference)
Rents are getting higher than their incomes. They'll be forced to give up and move somewhere else. Once that becomes the trendy thing to do the prices will stop rising. You can't rent it if you can't afford it.
Shit will hit the fan once global downturn hits and many German companies go belly up. Especially their car sector is going to get raped. Also, many companies just survive and are able to employ people because interest rates are so low. The minute the second interest rates rise many companies and jobs will be kill. Also eventually the low end of their rental market will become shit. Right now all the landlords are getting easy bucks from the low end because fugees and unemployed peoples rents are guaranteed and payed by the state. This will eventually stop once the consense to finance the payments fades and government finance deteriorate because tax base shrinks.
You should have been there in the early 90 literally most real estate investors in Berlin got raped so bad its not even funny.
What’s going to happen to crypto when it happens ?
Same situation in Canada. Rents are skyrocketing cause the government is paying rent for the millions of refugees we've taken in the last 4-5 years. They also get set up with new cars, laptops and hotels and treated like kings. The government denies it too which is pissing everyone off. I predict things are going to start coming to a head soon. We're already seeing the beginnings of it with the stock market turmoil lately.