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German property bank PBB gives bleak assessment of real estate market

By Reuters News

FRANKFURT, Nov 12 (Reuters) - Deutsche Pfandbriefbank PBBG.DE (PBB), one of Germany's top property financiers, on Thursday gave a bleak assessment of the real estate market alongside its third quarter results, warning it "does not anticipate a short-term improvement."

  • Net profit in the third quarter was €12 million ($13.29 million), a decline from €15 million a year earlier.

  • "Due to the ongoing turmoil on the markets and a noticeable rise in interest rates, particularly in the third quarter of this year, the real estate markets are recovering more slowly and cautiously than had been expected at the start of the year," said CEO Kay Wolf.

  • Wolf added: "Many market participants are postponing transaction decisions until a later date."

  • Commercial property sale volumes in Europe fell to €43 billion in the third ⁠quarter, the lowest quarterly total in three years, MSCI data showed last month.

    https://www.reuters.com/graphics/EUROPE-REALESTATE/zgvoddnnbpd/chart.png

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