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German real estate investment volumes in 2012 are expected to match last year鈥檚 levels despite the risk of an escalation in the eurozone sovereign debt crisis and its knock-on effect for the economy, according to IVG鈥檚 latest Market Tracker report for Germany.

While some economic recovery is expected after the temporary recession at the turn of 2011/2012, a deepening eurozone debt crisis would affect the German economy, causing a drop in exports and another credit crunch, IVG warns.

Like last year, investors will remain firmly focused on prime properties let on a long-term basis. Prime yields will remain stable, with upward pressure due to weakening rental growth expectations being balanced by downward pressure arising from the large yield gap with government bonds, the report says.

Prices for secondary properties will be squeezed as they are shunned by both investors and creditors. Investment activity overall will be limited by credit constraints, IVG predicts.
The investment market remained liquid in the final quarter of 2011 with a transaction volume of around EUR 6 bn, bringing the full-year total to EUR 23.5 bn.

鈥楩rom a European perspective, Germany is starting into this new year of 2012 from 鈥減ole position鈥�, driven by positive sentiment while perfectly aware of various challenges looming,鈥� says Thomas Beyerle, head of CS and Research at IVG. However, the combination of the financial and debt crisis, slowed domestic economy, and upcoming lease renewals 鈥榟as not yet heralded anything like a serious dip鈥�, he notes.