The Bundesbank has warned that apartment prices in Germany’s biggest cities could be overvalued by as much as 20 per cent stepping up its concern about a real estate boom in the powerhouse of the European economy.
The warning will feed into German concern that the European Central Bank’s monetary policy is far too loose for the country. The bank’s main refinancing rate is 0.5 per cent, a record low.
It adds to signs that international investors are fuelling global property prices. The trend reflects the lack of opportunities investors regard as havens and low returns for asset classes such as bonds and stocks.
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