Resilient Berlin real estate

This morning the New York times has an interesting article on real estate in our favorite city….”Berlin Real Estate holding firm”.

The banking crisis has left some wealthy Germans worried about leaving large amounts of money in their accounts or investing in stocks and shares. They have turned instead to bricks and mortar and a result has been increased sales to locals. This is a real change in a city where fewer than 15 percent of the 3.4 million residents own their homes.

Mr. Frank says he has noticed a change in the foreigners now coming to Berlin: “There are more entrepreneur types arriving, more people setting up businesses, especially Internet start-ups.”

Still, most large corporations have not relocated to Berlin from Munich, Hamburg and other cities, much to the disappointment of the capital’s administration.

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