Real estate plays an important role in every industrialized country as people spend the major part of their lives within buildings. Regarding the German market, the value of all premises combined, which people either own, use, or both represents the largest of all asset classes. The economic importance of real estate as an asset and the real estate industry can be demonstrated for the German market by its share of 84 per cent of overall gross assets (residential and commercial real estate combined) and its share of about 20 per cent of the German gross value added (Statistisches Bundesamt, 2013). Furthermore, it hosts approximately one fifth of all German corporations, which employ about one tenth of the overall working population (Rottke, 2011a).
KeywordsIncome Resi Nomad Oates Baumol
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