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☆ Vonovia falls 6% after its biggest ever loss shines light on Germany's property crisis
▼ + stars: | 2024-03-15 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Shares of German property giant Vonovia fell as much as 7% on Friday, shining a light on a deepening real estate crisis in Europe's largest economy. The residential real estate company on Thursday reported an annual loss of 6.76 billion euros ($7.37 billion) for 2023, citing a decreasing valuation trend that "significantly weakened" over the course of the year. In the 2023 fiscal year, Vonovia said it had taken total value adjustments of around 10.7 billion euros across its portfolio of more than 500,000 properties. The company added that the value of its properties at the end of last year, when adjusted to reflect investments, had fallen to around 81.1 billion euros. "The collapse of valuations is the worst we have ever seen," Vonovia CEO Rolf Buch told reporters on Thursday evening, according to Reuters.

Persons: Vonovia, Rolf Buch Organizations: Reuters Locations: Huerth, Germany, Europe's, London

And while the local government says Berlin has sufficient space to build over 100,000 apartments, there is no sign the housing crisis gripping the city will ease. But as Europe's largest economy teeters near recession, economists warn that high rents will feed inflation and reduce household consumption. In Berlin, local opposition has frustrated plans to build, while regulation creates a two-tier rental market that is cheap for some long-term tenants and expensive for new renters. Rising property demand saw private companies develop luxury apartments that offered a higher yield - in part, Buch said, because government permissioning for more affordable housing projects was so slow. OPPOSITIONSome building projects have since faced local opposition while a recent attempt to curb rent increases backfired.

Persons: Lisi Niesner, Rolf Buch, Buch, you've, Konstantin Kholodilin, Marwa, Monika Neugebauer, Goldman Sachs, Neugebauer, Gesa Crockford, Martin Pallgen, Anna Hohnrath, Hohnrath, Matthias Inverardi, Matthias Williams, Catherine Evans Organizations: Berlin, REUTERS, Rights, Vonovia, Reuters, DIVISION, International Union of Tenants, European, West, Foreigners, Thomson Locations: Berlin, Germany, San Francisco, California, City, Tempelhof, Valencia, Spain

FILE PHOTO-A logo of German real estate company Vonovia, is pictured during a news conference in Duesseldorf, Germany, March 6, 2018. After a decade-long property boom, Germany is undergoing a sharp reversal of fortune after an era of cheap money ended. Germany's real estate sector is mired in its worst crisis in decades, marked by insolvencies, fizzling transactions, falling prices and a stagnation in construction jobs. Vonovia, which went public in 2013 at the start of the property boom and took over its biggest rival in 2021, serves as a bellwether for Germany's property sector. Vonovia affirmed full-year guidance for its key profit metric - so-called funds from operation - of 1.75 billion euros to 1.95 billion euros, down from 2.04 billion in 2022.

Persons: Thilo, Vonovia, Chancellor Olaf Scholz, Rolf Buch, Matthias Inverardi, Tom Sims, Miranda Murray, Friederike Heine, Kim Coghill, Alexander Smith Organizations: REUTERS, Reuters Graphics, Stifel, Thomson Locations: Duesseldorf, Germany

☆ Germany's largest landlord maintains right to evict even as energy bills explode
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

The new headquarters of German real estate company Vonovia is pictured in Bochum, Germany, April 24, 2018. Vonovia Chief Executive Rolf Buch has said that he expects rising energy prices to cost tenants up to two months' rental fees per year. "If a tenant has problems and contacts us, we will find a solution," said Buch, adding that Vonovia supported an eviction moratorium that is under discussion. Vonovia, Germany's largest residential landlord with around 490,000 apartments, has 55% of its heating system supplied by gas. The company said in July that it would reduce heating in many of its apartments at night to save gas.

☆ Curtea Constituţională a Germaniei a anulat plafonarea chiriilor în Berlin. La cât era stabilită chiria maximă
▼ + stars: | 2021-04-15 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +3 min

Curtea Constituţională a Germaniei a decis joi că legea care impune un plafon pentru chiriile apartamentelor din Berlin este neconstituțională, informează Reuters, potrivit Agerpres. Plafonarea chiriilor a intrat în vigoare în luna februarie 2020 şi a obligat proprietarii să reducă chiriile pentru mai mult de 300.000 de chiriaşi şi să le îngheţe la noul nivel timp de cinci ani. În decizia de joi, Curtea Constituţională a Germaniei a subliniat că Guvernul federal este responsabil pentru astfel de decizii. „Niciun locatar al Deutsche Wohnen nu îşi va pierde locuinţa din cauza acestei decizii”, a informat compania într-un comunicat de presă. „Decizia Curţii Constituţionale este logică şi plafonarea chiriilor nu a fost o modalitate adecvată pentru a rezolva problemele de pe piaţa imobiliară din Berlin.

Persons: Plafonarea, Curţii, Chiriaşii, Rolf Buch Organizations: Agerpres, Deutsche Locations: Germaniei, Berlin, german, Karlsruhe, Europa, Immowelt

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