For years, low interest rates fuelled a global boom, igniting interest in German property, seen as safe and stable as the country. The health of Germany's property sector - Europe's biggest property investment market outside of Britain - is critical, making up roughly a fifth of output and providing one in 10 jobs. Late last year, Hoeglmaier put his penthouse on the market, and Euroboden closed its Frankfurt office. In 2020, as the property market heated up, the Bundesbank warned the country's banks, for whom property accounted for about 70% of all domestic loans, of the risks. The 380-square meter (4,090 square foot) penthouse, which occupies the fifth through seventh floors and includes a rooftop terrace, originally listed for just under 13 million euros.

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Persons: Leonhard Simon, Stefan Hoeglmaier, Chancellor Olaf Scholz, Tillmann Peeters, Hoeglmaier, Oscar Loya –, –, Euroboden, Daniel Bauer ,, Oliver Schartl, Loya, Christoph Niering, Matthias Inverardi, Tomasz Janowski Organizations: REUTERS, Rights, FalkenSteg, European Central Bank, Reuters, Facebook, Garden, Graphics, Thomson Locations: Munich, Germany, Europe's, Britain, Berlin, Frankfurt, Ukraine, Sweden, Europe, homebuilders, China, Evergrande