Commercial property insiders tip germany to take off

The rapid recovery of Germany, Europe’s economic powerhouse, is boosting economies in Central and Eastern Europe, according to a top property economist.

“Though Southern Europe is having serious troubles, we are observing very strong growth in Germany and the Central and Eastern Europe [CEE] region,” said Peter Damesick, chief economist at property adviser CB Richard Ellis.

“Britain led the global property recovery in 2010. Now, investors are looking at where economic growth is stronger. And that’s Germany plus CEE,” Damesick told the Hürriyet Daily News & Economic Review during an interview earlier this month. 

However, it also has formidable rivals. “Poland emerges as a most attractive and interesting market, especially in retail property investments,” Damesick said. “The Czech Republic is offering lots of opportunities, while German growth also helps Russia in the property sector.” 

Source: Hurriyet Daily News