The President of the German Savings Banks and Giro Association is calling for a drastic reduction in real estate transfer tax for owner-occupied residential property.
(Photo: Marc-Steffen Unger for Handelsblatt)
Frankfurt The boom in mortgage lending at German savings banks has come to an abrupt end. “Demand has collapsed from one day to the next, many projects in the planning stage are being cancelled,” said Sparkasse President Helmut Schleweis in an interview with the Handelsblatt. Schleweis attributes this to the uncertainty caused by the various crises. Because of the disrupted supply chains and the high inflation, the calculation security for builders and real estate buyers is missing. The savings banks are market leaders in business with private customers.
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