How much does it cost to split my apartment block into condos?

Many owners of apartment buildings in Germany are contemplating a title split for their property. There are various reasons why property owners might want to divide a property into separate legal units and this is not limited to apartment buildings. However, the purpose of this article is to cast a light on the steps involved and their cost based on an “average” building in an average location.

Profile of our “average” building:

• The rental area is 1,660 m².
• There are 20 apartments.
• The monthly rent is 6.00 €/m² resulting in an annual rent of 115,000 €.
• The fair market value is 115,000 € annual rent x multiplier 25 = ca 2.9 MM €
• The gross floor space is 2,000 m² (including ca. 17% construction and traffic area).

As-Built Measurements

The single largest cost is producing exact plans and measurements if not readily available. This will mostly be the case with pre-war buildings. The first step would be checking the archives, including the local council’s archives for building permits. If plans and measurements are not available there is no way of getting around having a surveyor take every measurement of the building and drawing up new plans. There are different cost models for this type of work; a widely used one refers to the actual measured gross floor space.

Photo by Lorenzo Cafaro from Pexels

In the case of our “average” building, this could be 6.00 €/m² gross floor space = 12,000 € plus VAT = 14,280 €.
As all apartments need to be accessed by the surveyor there is a great coordination requirement with the tenants by the property manager which he might well want to charge for but this is not included in this calculation.



The next cost items are incurred in any case, independent of the origin of the plans and measurements.

Plans and Certification

A set of plans including the land surveyor plan of the plot have to be prepared according to specifically defined requirements issued by the local council. The cost for the production and submission of the application for the certification of the partition plan (ger. Abgeschlossenheitsbescheinigung) will in our example be about 2,000 €.
The charges levied by the local council for issuing the certificate for the partition plan depends on the level of complication, for our “average” building I am estimating 10 € per unit = 2,000 €.

Declaration of Division

The declaration of division (ger.Teilungserklärung) is a notarized document based on the plans as certified by the local council which also includes statutes of the owners association. It refers in most parts to the code of the Wohnungseigentumsgesetz (WEG). An English translation of the code is available here: https://www.gesetze-im-internet.de/englisch_woeigg/index.html
The draft of the declaration of division should be done by an experienced lawyer/notary in conjunction with someone knowing the strategy for the property. e.g. planned rooftop development, expansion of an existing building or a separate new building on the plot, parking lot spaces, garages etc..

The fee scale for the notary (assuming he produces the draft) is based on the fair market value of the property, in the case of our “average” building it would be ca. 6,200 € incl. VAT and sundries.
The execution of the title split in the register is also value based and would be 2,450 € in our example case.

Project Management

I strongly suggest engaging a project manager experienced in this field to manage the process if you are not in the position to confidently deliver the task yourself. Poor concepts for the declaration of division can create big problems, are costly to rectify and in some cases irreparable once only one unit is sold to an external owner. ANY change to the Declaration of Division or the statutes needs 100% votes. A new co-owner might demand payments to agree to the changes. Even if changes can still be made, it will produce further, unnecessary cost.
In the case of our “average” building the project management cost is estimated at 3,800 € incl. VAT.

Cost Summary

Notary	6,200.00	Based on value incl. VAT and sundries
Register	2,450.00	Based on value
As built measurements and plans	14,280.00	6 € per m² gross floor space
Producing split plans for the property register	2,000.00	Time fee and reproduction and submission of application at local authorities
Certified Partition Plan by local authorities	2,000.00	Ca. 100 € per unit, depending on the level of complication
Property Management for access coordination with tenants	?	Depends on contract and relationship with the property manager
Management of the project	3,800.00	Estimated 4 days at a daily rate 800.00 plus VAT
Estimated total cost	30,730.00	With new measurements and plans

Conclusions

The cost of the conversion of your apartment block into a condo building is roughly 1 % of the value. This is not a formula for the estimation just the outcome for our “average” building but it provides an idea of scale to “plug in” your preliminary business plan. As mentioned at the outset, the motivation for the process and the timescale are central elements to the decision.
Further considerations
There are areas in big cities in Germany where title splits are blocked to prevent “gentrification”. However, this block can be avoided when the strategy for the property is long term. More information about the legal block: http://germanproperties.blogspot.com/2018/03/thinking-about-dividing-apartmentblock.html. Please contact me if you are interested in long-term strategies as the level of detail would go far beyond this article.

Glossary

Here are further terms describing the process of dividing a property into individual, legally tradeable independent units

• declaration of division
• declaration of apportionment and the apportionment plan
• statement of partition
• title split
• Teilungserklärung (ger.)

How much does it cost to split my apartment block into condos?

Eastern Germany Property Market Report and Investment Opportunities

The Berlin Residential Property Market has been on the forefront of the German property boom of the last 2 years and signs are pointing at a continuation of this trend. With increasing rents, purchase prices are rising as well and lately faster than the rent level. See Rent levels in the German Big 7.

As a reaction, investors are looking for alternative locations with similar prospects for the future but lower price levels. One of the obvious choices could be East Germany with a generally still lower price level. But caution is required: Some of the regions have been losing population while others have (re-)gained workplaces and inhabitants.

Research on alternative locations is complex and wrong decisions can be costly. To help your assessments for informed decision making we enclose the link to this report at the bottom of this message.

Through our Network we can provide 3 investment opportunities in this region

1. Multi-tenant home Leipzig with development potential, balconies
04179 Leipzig
asking price € 930k€
642.31 m²
33,807.72€ net rent p.a.
potential for increase

2. Multi-tenant home Leipzig with balconies
04177 Leipzig
asking price € 1,270k
581 m²
38,200.08€ net rent p.a.
potential for increase

3. Multi-tenant home in attractive location in Halle
06110 Halle
asking price € 650k
571 m²
34,619.64€ net rent p.a.
at its current potential

For more information on these properties, please contact me directly
uwe.falkenberg@falkenberg-solutions.com
_________________________________

Download the Report

Eastern Germany Property Market Report and Investment Opportunities

International Property Handbook - Trends 2017

The International Property Handbook from Deloitte’s Global Real Estate & Construction group tracks real estate capital flow, and provides a view of investment trends and key deals in the most active international markets. It reflects back on 2016 analyzing economic data and real estate investment in 21 countries around the world to provide insights on potential trends in 2017.
Key trends include:

• Overall economic outlook is stronger, and there’s a significant increase in cross-border investments, especially in Europe.
• While the total investment volume remains stable, countries with positive investment volume growth are those in which investors expect growth due to macroeconomic indicators, expectations of rental growth, and yield compression.
  
• Offices continue to be the preference for investors.
• Private and unlisted funds are the most active net investors, followed by institutional funds.
• The capital raised continues to increase and investors are exploring new alternative markets.

Download the handbook to learn about the trends in the market.

International Property Handbook - Trends 2017

Global Real Estate Market Perspective August 2017 As Seen by JLL

Renewed momentum extends real estate cycle

Global economic growth has invigorated real estate markets worldwide. Leasing demand remains steady, while investors continue to allocate a larger portion of their capital to real estate. Deal flows so far are in line with what we saw in 2016.

2017 Prospects

Capital Values 6% Increasing

Rents 3% Increasing

Development 28% Peaking

Vacancy Rate 12.1% Rising

Leasing 39 m sqm Stable

Investment US$ 650bn Firm

Leasing, vacancy, development, rents and capital values relate to the office sector. Full-year 2017 forecast values. Capital values, rents and development figures refer to percentage change. Global vacancy rate - percentage value, leasing volumes in million square metres, investment volumes in US$ billions. Source: JLL, August 2017

There is a wealth of analytic information in the most recent report and we will look at it especially as it applies to Germany and compares to other reports. One item that sticks out when looking at residential investment in Europe is the JLL clock:

After all the persistent talk about aproperty bubble in Germany JLL research does not seem to confirm this for Berlin.

Some more headlines from the report:

• Office rental growth quickens
• Western Europe leads as most dynamic leasing market (office)
• Global retail markets facing unprecedented structural changes
• Logistics rents surging

Here is the linkk to the full report: https://goo.gl/RERdk6

Global Real Estate Market Perspective August 2017 As Seen by JLL

Deutsche Bundesbank: There is no property bubble in Germany

There are always those predicting doom and if they just keep doing so long enough they might be right one day and nobody counts the false alarms - they hope. The Deutsche Bundesbank (German Central Bank) does not belong in this category but is known for being very cautious about price developments, especially when they have an impact in banks lending policies for properties.

Only in May of this year Dr. Andreas Dombre, a board of directors member at the Deutsche Bundesbank warned about a price bubble building up in the German property market and the fact that you can't predict the actual "pop" only acknowledge when it happened.
Speech transcript in German:  https://www.bundesbank.de/Redaktion/DE/Reden/2017/2017_05_04_dombret.html#doc398274bodyText2

Photo by Markus Spiske on Unsplash

Asked about the topic at a press conference on 30.08.2017 introducing "Results of the 2017 low-interest-rate survey" Dombre stated that the Deutsche Bundesbank currently does not see a property bubble but fears a tendency that financial institutions are considering taking higher risks in residential property financing. Press release: https://www.bundesbank.de/Redaktion/EN/Pressemitteilungen/BBK/2017/2017_08_30_joint_press_release.html

 

Especially in the Berlin housing market, we are successfully sourcing off-market investment opportunities for private investors in the popular segment between 1 and 2 million Euros as well as high-end private homes and villas. For more information please contact us at: http://www.berlin-portfolio.com/feedback.html

 

 

Deutsche Bundesbank: There is no property bubble in Germany

Trend Barometer for the Property Investment Market in Germany 2017

The EY Trend Barometer for the Property Investment Market in Germany 2017 predicts a moderate decline for the second year in a row due to lack of offers:

Demand for German real estate will remain high through 2017, led by the search for good office space in Berlin, Stuttgart, Hamburg and Munich – while in the residential sector, Frankfurt will see the strongest demand, according to the latest Real Estate Trend Barometer published at the beginning of the year by EY Real Estate.

EY partner Christian Schulz-Wulkow comments in the survey that "all the lights are still showing green in Germany", with real estate valued at between €60bn and €65 billion expected to change hands this year, still well ahead of the average of the last 10 years (€44.3 billion), but down on the €79bn seen in the peak year of 2015 and down marginally on last year.
However, the EY researchers add the proviso that much of this is dependent on the political climate, both in an election-filled year in Europe, and in the United States after the advent of Trump.
For one thing, interest rates in the US are expected to rise faster than in Europe making the US more attractive – important for Germany, given that 43% of all commercial real estate transactions last year were made by foreign investors. The EY consultants are recommending to their clients to boost their liquidity reserves, in case interest rates rise faster than expected, resources are withdrawn from the market, or tenants experience problems.
The Brexit effect is most clearly to be seen in Frankfurt, where the residential market shows little sign of cooling down. Schulz-Wulkow comments in the report that this has to do with the narrowness of the market, with the office market not quite as sensitive, given both available vacancy and the attraction of alternative centers such as Paris or Dublin.
Co-author of the study Paul von Drygalski comments that despite the danger of overheating in certain segments, the German market has lost little of its attraction for international investors. If anything, Germany is still seen as economically and politically stable, with real estate benefiting from the low interest-rate environment, which 98% of respondents viewed as unlikely to change noticeably in 2017.
Another factor causing optimism among German investors is the likely smaller transactional size expected in 2017. Here, 91% of respondents agreed this could be an advantage for German investors, as the big Asian competitors tended to focus on very large transactions – for example, the purchase of the Commerzbank Tower in Frankfurt by Samsung in 2016 for €660 million and the takeover of the BGP residential portfolio from the biggest Chinese sovereign fund CIC for €1.118 million.
Leading the drive among investors are the insurance companies and pension funds, among whom the survey found that 96% rated the German market 'attractive' or 'very attractive'. However, high demand is being met with constrained supply, meaning deal size is getting smaller. The most sought after assets are parking houses, healthcare properties, student apartments and micro apartments, in addition to the classical hotels, retail properties, offices and residential apartments. Offices and residential in the better locations are expected to get even more expensive particularly in cities like Berlin, which is still benefiting from the dynamism of its startup sector.
Germany's recent real estate boom reached its zenith in 2015, when real estate volume of €79 billion was transacted. This compares with the €13.4 billion transacted in 2009, after the onset of the financial crisis, and the €65.7 billion transacted in 2016, where the figures were flattered slightly by giant takeovers such as Blackstone's taeover of OfficeFirst and Vonovia's takeover of Convert.

In the German residential and office sector in 2016, German buyers were the dominant force. Of survey respondents, 80% expect rising prices in residential, as well as in logistics and hotels. Yields in the office segment have fallen to 3.3% in Berlin and Munich. Banks are becoming more generous in providing financing, with loans of 80 to 90% of the purchase price no longer an exception – well up from the 60% of only fairly recently.
The EY survey shows that 90% of respondents view project developers to be the likely main winners from the current market situation. Likewise, 90% believe that investors are increasingly likely in the future to secure properties via forward deals – in contrast to three or four years ago, where German institutional investors such as insurance companies shunned any involvement with project developments. Now, given the shortage of available product, investors are prepared to take on higher risk and to expand into other geographical territories that offer higher yields.
When questioned which investor groups were most likely to be on the selling side in 2017 respondents were of the majority opinion that opportunity and private equity funds along with other international funds would be among the most active sellers. They are selling for profit-taking and for portfolio optimization. According to Schulz-Wulkow, "it is now a market for exiting, with many opportunity funds having already sold."
However, with 1/3 of all respondents saying they plan no exit this year, even from individual assets, supply is likely to remain very tight for primarily insurance companies and pension funds as well as open-ended funds and family offices most looking to buy.
Adding to the shortage of supply, unrealistic price expectations and the reassessment of risk exposure are acting as brakes on transactions. EY cite the example of asbestos, which in the past would have led to the immediate break-off of discussions, but now it might be accepted at an appropriate discount. A further example of how sellers at the moment have the upper hand, the report suggests.
Respondents expect retail properties to show a sideways price tendency at best, even in fairly prime locations. 62% of respondents believe that office property will be the hottest segment and the preferred asset class, up from 49% believing that last year. Berlin property is particularly in demand, while overall residential is falling out of favor with investors, down to 28% from last year's 65%. The key reason for this is what is viewed as excessive political regulation, with 94% of respondents expecting even tighter rental constraints.

The report is in German and available at this link.

For our local support services in Germany please refer to our website www.berlin-portfolio.com

Trend Barometer for the Property Investment Market in Germany 2017

South China Morning Post: Berlin Offers Opportunity and Frankfurt, Stability

When looking at your home market it is sometimes useful to hear what others are saying. Especially Berlin seems to be everybody's darling in the forecast for 2017 and there are good reasons for it ... and bad ones.

Here are some quotes from the South China Morning Post (link to full article):

When considering Berlin property, affordability springs to mind – homes are a fraction of the price compared to London and Paris. First time buyers and investors – who may feel intimidated by prices in first-tier cities, but still want a foothold in Europe – are looking to the German capital, where there is good investment potential.

Unfortunately, this reminds of advertisements 10 years ago like: "Buy an apartment in Berlin for the price of a parking garage in London". It did not mention that the rent for the apartments in question was the same as those of a parking space in the top parking zones in London. Why? Let's not go there, you know the Ferraris I'm talking about.

Next quote:

These are exciting times for Berlin. Formerly run-down neighbourhoods have been transformed into fashionable, hip hangouts. Infrastructure development is rolling out, from a new international airport with connections to the Berlin S-Bahn and the wider regional and national railway grid, to new international hotels and retail sites rising up around the city. A large regeneration area directly behind the central train station will bring Berlin another centre of commerce, with integrated retail sites and mid- to high-end residential properties.

The development of so-called "run-down" neighbourhoods has a name, it's called "gentrification". This comment is not about the social impact on the locals but about the fact that apparently investors looking at affordability are lured into regions where there is very likely strong resistance to rents promises in the sales documents and no established environment for high rent tenants. People who look for affordability are not the right trailblazers, especially if they are investing their life savings.

But then Berlin has a lot to offer for investors, international and local - but not the "mid to high end" developments popping up in "no man's land" around Chausseestrasse or around Ostbahnhof. Our recommendation is looking for a single existing property in a mature neighbourhood with social infrastructure, shops and people. It will definitely require more effort than picking "apartment 138" from a glossy brochure that does not exist yet and certainly does not have a tenant paying a net rent of 15 Euros per square meter per month - but then belief is everything in the religion of real estate.

Here is the "I thought so...": We provide support for finding the right property investment in Berlin - but we are not agents, or only in very few cases. Investors can rely on our impartial professionality. We don't only know about the sales process but also a lot about running a property to make it perform at its best potential.

Contact: http://www.berlin-portfolio.com/feedback.html

South China Morning Post: Berlin Offers Opportunity and Frankfurt, Stability

Berlin is Globally Ranking Fourth For Foreign Real Estate Investment

Despite moderate concerns about the impact of higher interest rates, 64% of respondents to the 24th annual survey taken among the members of the Association of Foreign Investors in Real Estate (AFIRE) and released today say they expect to have modest or major increases in their investment in US real estate in 2016.  Another 31% say they expect to maintain or reinvest their investments. No one plans a major decrease.

For the second consecutive year, New York outranked London as the top global city for foreign real estate investment. Berlin, ranking fourth, became the first German city to be named among the top five global cities:

Click the image to enlarge

These are some of the findings of the Association of Foreign Investors in Real Estate (AFIRE)
More details in their press release:
http://afire.membershipsoftware.org//Files/2016_Survey/Public/2016_Survey_Press_Release.docx

For detailed information about the Berlin Property Market also visit our website.

Berlin is Globally Ranking Fourth For Foreign Real Estate Investment

Residential Investment Opportunities and Risks in 50 German Cities

The German business journal Wirtschafts Woche has published an article "Wo Vermieter noch gut verdienen" comparing cities and regions assessing the risks and opportunities of investing in residential properties.
http://www.wiwo.de/finanzen/immobilien/wohnungsmarkt-wo-vermieter-noch-gut-verdienen/11771098.html
The article is in German and cotains a table that compares investment data for the 50 biggest German cities. The survey contains these data sets:

• Gross starting yield
• Average Purchase Price per m²
• Net rent per m² per month
• Price development
• Price prognosis
• Net Rent Development
• Share of properties with more than 5% yield
• Vacancy in %
• Vacancy prognosis

Wirtschafts Woche comes to the conclusion that in the chase for better yields some investors are taking bigger risks, some without actual knowledge of the facts.
This table contains the above data with a color coded ranking for each criterion.

Click the table for a larger view

For property assessments of planned or existing investments feel free to contact me.

Residential Investment Opportunities and Risks in 50 German Cities

Property Health Check for Rented Apartment Blocks in Germany

In many dicussion with our clients we were asked to offer "just a quick status" and not the full service spectrum. At first we were reluctant as we felt that we would be taking a risk but then we realized that it actually is a smart approach. So we created and are still creating a set of "Health Checks" to "feel the pulse" of a property in order to identify possible problem areas to then determine with our client what could be achieved dealing with them.

The health of a property is determined by many factors, from structural status of the building to financial figures like yield or profit before interest. Even the financing structure can be a subject for a health check.
However all these factors influence some key measurements or Key Performance Indicators (KPI) that can be used as a starting point for a health check of a property. We have developed quick assessment processes to identify any possible problem areas in a property using e.g. rent level or utilities charges as KPIs and benchmark them against the market.


These are the initial services at an introductory price level:
- Rent Level Benchmark
- Utilities Charges Benchmark
- "Ready for Selling" Audit

The links will take you to the details of the individual services.

Survey

 

Help us improve your results by taking our short survey. Receive one of our Property Health Check Benchmark Services FREE (actual price 49.00 € but value could be thousands).   

Click to take the survey and claim your reward

Property Health Check for Rented Apartment Blocks in Germany

Increase of residential building permits by 5.4% in 2014

As reported by the Federal Statistical Office (Destatis), the construction of a total of 284,900 dwellings was permitted in Germany in 2014. Compared with the corresponding period of 2013, this is an increase of 5.4% or 14,500.
Link to the Destatis Website

The positive trend since 2010 was sustained but much weaker than 2013 with an increase of 12.9%. For multi-tenanted buildings the increase of 8.8% was the lowest since 2010.

These numbers are still not keeping up with growing demand and  dropping out of "not fit" housing accomodations. The pressure on rent increases will remain despite the measures take by the government to cap further rent increases in metropolitan areas.

Germany will remain an attractive destination for international Residential Property Investment.

Increase of residential building permits by 5.4% in 2014

Yield vs. Multiplyer (Faktor) and how to Monitor your Property Manager

In this short article I will define the difference between the terms "Faktor" and yield in Property investment in Germany and how you can use the Faktor as a tool to manage your property management and monitor the value development of your property without having to get an expensive valuation.

Receiving property offers from Germany you most likely will come across the term "Faktor" meaning multiplier. It describes the rental income of a property (net rent without ancillary cost like heating) through the purchase price divided by the annual net rent. 

 purchase price
annual net rent

Often you will also get the figure for "Rendite" which is a percentage figure and the word for yield. However this term can lead to misunderstandings between parties: Is it calculated before or after purchase cost like property sales tax, is it before or after property management charges etc.? The definition should always be clarified before discussions.

An active property management will have to look to raising the rent in an appropriate way which is legally sound and does not scare away the tenants you want to keep. One of the mostly used references are rent tables which are published by local authorities for big cities. If your property manager is not keeping the rent for your property at least at the level of the rent table they are throwing away your money. Most likely they will come up with lots of reasons why it is hard to get the rent you could expect according to the rent table. If the reasons are based on the state of the property the reasons need addressing. Otherwise you can show the damage the property manager is causing using the "Faktor" mathematics. An example:

• A 100 m² apartment is rented for 5.50 €/m² per month.
• The rent table states an average for the building age and location of 6.50 €/m².
• The "Faktor" when you bought the building was say 18.
• The "damage" caused by the property manager is calculated as the difference between the actual rent and the table rent 1.00 €/m² times the rental area 100 m² times 12 months = 1,200 € -- quite a figure already. But to arrive at the value you multiply this annual figure by the "Faktor" and arrive at a damage of 21,600 € just from 1.00 €/m² in one apartment.

If you were to sell your property now you could get 21,600 € more without any discussion or any investment while it certainly would be nice to have the monthly income in the first place. These facts will change your position in the discussions with your property manager
The view above is on existing rental contracts only. For new rentals the impact of underselling by the management company can be much greater. In our experience the new rental price is determined by the rental agent the property management is "associated" with. The driver of this process is usually more for an easy rent and a quick commission rather than the best result for the owner.

This "Faktor" method also allows you to assess easily the likely market value of your property by applying the "Faktor" and the annual net rent.This will give you an idea if your location value has not changed significantly, e.g. closing of an airport nearby or major improvement or decay of your property itself.

I have shown how the "Faktor" compares to yield and how it is calculated. Furthermore I have shown how it can be utilized to monitor the performance of your property manager as well as the value development of your property. However "the devil is in the detail", you still need to get all the information and it would most likely be more reliable if you don't have to ask you property manager for it, only the actual figures need to come from him.

Reserve your seat

We will shortly run a webinar on how to get your information from the Berlin Rent Table even without knowledge of the German language. If you subscribe to this blog at the bottom of the right hand column of this page you will not miss the announcement, you will not receive any other mail from us other than the blog updates, unless you sign up for one of our mailing lists.



For support in the assessment of the performance of your property and your property manager please visit our website at www.berlin-portfolio.com. Please use this link to the contact facilities provided there to place any requests .
Uwe Falkenberg

Yield vs. Multiplyer (Faktor) and how to Monitor your Property Manager

Rise in Porperty Prices and Rents Flattens Out in Q2 / 2013

The much scrutinised rise in property prices and rents over the last months is taking a breath in the second quarter of 2013. This is the result of a regular study performed by Empirica  (click for full report in German) looking at advertised offers.

Investment Apartments

For condominiums, prices went up by 0.1% compared to the previous quarter 2013 but up by 5.1% for the German average compared to the second quarter 2012 (YTD). For the big cities this YTD figure is even 6.7%.

click to enlarge
 

Interestingly the Berlin market for condos does not appear in the top 10, yet neighbouring Potsdam made it. Common view is that Berlin will catch up soon and at high speed. Berlin being traditionally a city of renters (more than 80% are renting) there is a high influx of international money looking for investment after the stock markets are getting more and more volatile due to uncertainty about the duration of cheap money from the Federal Reserve in the US.

The demand of international investors is mainly targeted at buy to let apartments in preferred locations in Berlin.

Rents

There was virtually no change in rents compared to the previous quarter detected by Empirica. Compared to last year the average rise in Germany was  3.3%.

click to enlarge

The graph shows Munich ranking in No.1 as has been for years now. The Berlin Rental Market is still behind but the catch-up over the last years has been enormous.

For support in the identification of the right investment targets please visit our website at www.berlin-portfolio.com. Especially for international Private Investors and Property Funds we provide a task force service for quick reaction to interesting opportunities. We provide independent support for the property search including foreclosure or auction properties and their valuation or appraisal. (Also see our free property market Research Service) Please use this link to the contact facilities provided there to place any requests .
Uwe Falkenberg

Rise in Porperty Prices and Rents Flattens Out in Q2 / 2013