The turnaround in interest rates is causing problems for real estate brokers.
(Photo: Imago, Getty Images [M])
Frankfurt, Cologne Nicole Reise can now grasp the uncertainty with her hands. The Hamburg real estate agent with the blond hair combed back and the neat white blouse has to do a lot more convincing to persuade prospective buyers to make a purchase.
“The buyers are taking their time, they no longer feel any pressure, and the number of applicants has fallen significantly,” says the managing director of Frank Hoffmann Immobilien in the Hanseatic city. If the price was too high, nothing would happen when it was sold.
Many brokers in Germany are doing the same as Reise. The trend reversal on the German real estate market has brought the long-booming business of brokers to an abrupt halt – and has triggered concerns for the future in many of those affected in the industry. Because suddenly the old laws no longer apply.
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