"I am worried because we are in a deep real estate crisis.
And the real estate crisis needs clear, structured and downright radical steps to fix it," Mattner said.
For years, Germany's property market has been seen as a safe haven, becoming a major draw for foreign investors.
Recent data shows the stress the property sector is facing as the European Central Bank hikes interest rates, with little respite in sight.
The fall is "catastrophic," said Andreas Beulich, head of the Federal Association of Independent Real Estate and Housing Companies.
Persons:
Kai Pfaffenbach, Chancellor Olaf Scholz, Andreas Mattner, Mattner, Tim, Oliver Mueller, Mueller, Scholz, Danyal, Andreas Beulich, Mathias Duesterdick, ”, Andreas Naujoks, Simone Zapke, Emma, Victoria Farr, Matthias Inverardi, Sharon Singleton
Organizations:
REUTERS, German Property Federation, German Construction Industry Federation, Reuters Graphics, European Central Bank, Federal Association of Independent, Housing Companies, Centrum Group, ECB, Thomson
Locations:
Frankfurt, Germany, Germany's, Europe's, Kai Pfaffenbach FRANKFURT, Baden, United States, Sweden