ARE THE REAL STATES IN GERMANY – Are any special events for waters off?
As a general note, it is not only the real estate market in Germany that has its special characteristics but also the related evaluation market.
Ludwig L+P Helge
Because the term evaluator is not currently covered by copyright, it is also essential to find a qualified evaluator. Official land assessment panels in Germany analyze the demand for local authorities, collect market data and generate real estate evaluations. Usually, self-appointed evaluators are uncertified and uncontrolled. Chartered surveyors, on the other hand, may be very familiar – particularly to foreign customers – but have no reputation with German authorities. Certified evaluators normally prepare financial assessments. The "publicly appointed and inaugurated assessor" is, by comparison, an especially German term among global immovable experts. The standards of public sector authorities protect their frequently well above-average skills. villa
The publicly appointed and initiated assessor is generally involved on behalf of private citizens, local authorities and, in particular, as expert witness to the courts, equipped with this degree of confidence. Despite the possibility of different qualification forms, publicly appointed and inaugurated assessors still have a special role in Germany. For example, for data protection purposes notarial sales and purchasing agreements analyzed by the Public Land Assessment Boards in Germany are not openly available. The German Building Code (BauGB) stipulates that the access to data from purchase price compilations must have a "lawful interest." Publicly nominated and inaugurated evaluators are generally believed to have a valid reason. This means that publicly designated and opened evaluators, usually often represented on these committees, have exclusive access to this form of valuable data. With tax advisors and accountants, publicly appointed and opened appraisers are often the first calling point for matters of immovable assessment, for example where a tax authority demands that the purchase price be divided into different components for land and buildings.
We currently employ five opened and publicly appointed assessors and more than ten MRICS/FRICS (Chartered Surveyors) as well as a RICS-registered company. The 10 assessors on our team are certified in accordance with globally recognized mortgage assessment criteria, so we are able to support those assessments.
German and American economies – how similar are they and how different are they?
Unlike the US, the German market is less dominated by consumers for the first, second and repeat periods. Due to the lower degree of engagement with a single building and the increased mobility level in the United States, real estate transactions are more of an American's daily life than they do in Germany. Immobilization is an exception to the German law, not least because of the substantial increase in sales rates, which even in fair funding conditions are increasingly unaffordable. In Germany, approximately 45% of residential real estate is owned compared with about 65% in the States (German Federal Bank Study Report January 2020). Looking at both markets' geographical structure, there are some characteristics they have in common: population density across conurbations, counties, regional communities and towns with populations of more than 100,000. Both economies are extremely heterogeneous and both markets are marked by a lack of openness, but in Germany the latter is considerably more difficult than in the United States.
As a result, real estate evaluators and their business expertise have a special role that helps to remove asymmetries with regard to information availability. Market reports are written only irregularly and usually apply to major urban areas and major classes of use, such as office and retail. The usability of market reports also depends on the accuracy of the data used and analyzed therein and is not generally comparable. For this purpose, L+P has compiled its own internal database over several years and for all of its assessments it is in a position to use this sort of property-specific and location data. We frequently provide interested parties with our extensive knowledge of niche markets such as logistics and care facilities on our website www.lplusp.com. Providing information and sharing our experience are an important part of L+P's corporate philosophy. And the very positive reviews from the many investment and growth decision makers have shown that this is the best path forward.
In Germany, approximately 45% of residential real estate is owned compared with about 65% in the States (German Federal Bank Study Report January 2020).